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18 Jan 2022
Put simply, a commercial lease agreement is a legally binding contract between a landlord and a business owner outlining the terms of renting a property. However, understanding what to look out for in a commercial lease agreement often requires a professional to ensure you’re making the best choice for your business.
Tax Advice
03 Jan 2022
In this guide to uniform tax, our accountants explain the criteria for tax-deductible staff clothing and workwear, the type of tax deductions that are available, and how your business and your employees can claim them.
Small Business Advice
22 Nov 2021
In an earlier article we compared the benefits of setting up a limited company with those of remaining a sole trader. Here, we consider the advantages and disadvantages of setting up a public limited company (PLC).
Small Business Advice
19 Oct 2021
If you’re a contractor in the construction industry, you need to be aware of your obligations under the Government’s Construction Industry Scheme (CIS). Essentially, this is a scheme similar to PAYE that requires contractors to withhold 20 or 30 percent of any payment due to a subcontractor and pay the deduction to HMRC.
Tax Advice
04 Oct 2021
An income tax loss can occur at any stage in your business whether you’re incurring initial costs to set up your business or hit trading problems at a later stage. And, the past couple of years, as we lived through the pandemic, showed just how vulnerable self-employed people and sole traders are to changes in economic conditions.
Tax Advice
21 Sep 2021
If you run a small business and you have employees who are working away from home - occasionally or regularly - it’s essential to understand HMRC’s rules on paying the expenses they incur for meals, overnight accommodation or other forms of subsistence.
Tax Advice
20 Aug 2021
Subsistence includes meals and any other necessary costs of travelling, for example parking charges, tolls, congestion charges or business phone calls.
Tax Advice
21 Jul 2021
Corporation Tax is payable on trading profits - in its simplest form, the income of the business after all allowable expenses have been deducted. The calculations for the final taxable profit figure are more complicated than that and it pays to take professional advice so that you can minimise your Corporation Tax liability.
Accounting Advice
27 Jun 2021
If you come across the term liquidity ratio, you might think it’s just a technical accounting term. In fact, it’s a financial measure that provides you with an important indication of the financial health of your business.
Accounting Advice
21 Jun 2021
Breaking even is a pretty straightforward concept to most business owners, but there’s a lot more to your break-even point than you may realise. On a rudimentary level, breaking even is when your total business costs are equal to the revenue you generate, but you can gain a lot more insight about your business from running a regular break-even analysis.
Tax Advice
18 May 2021
As of 1 July 2021, new rules will be introduced by the EU regarding VAT in e-commerce. The new rules will extend the Mini One Stop Shop (MOSS) that is currently available for B2C sales VAT accounting regarding Telecommunications, Broadcasting and Electronic Services (TBES), to all B2C service supplies.
Tax Advice
03 May 2021
The Chancellor announced a number of changes in the 2021 Spring Budget that will affect you if you are self-employed, work as a contractor through a limited company or run a small business. Some of the changes take effect immediately; others will impact your business in future tax years.
Tax Advice
11 Apr 2021
We have put together this article to ensure you have everything you need to understand how dividends are taxed in the UK in 2020/21.
Our News
15 Mar 2021
Here at Accounts & Legal, we’re delighted to announce that a valued member of our hard-working team was recognised earlier this month with one of the most prestigious accolades in the industry.
Small Business Advice
08 Mar 2021
The Spring Budget recognised that the impact of COVID on small business is not yet over. Various support schemes and loans for businesses and the self-employed continue, but, at the same time, the Chancellor has begun to claw back some of the costs of that support with an announcement of future tax rises.
Tax Advice
24 Feb 2021
It’s been a long time coming, but March 1st finally sees HMRC’s change to VAT rules for the construction industry come into operation - ‘VAT reverse charge on construction and building services’.
Small Business Advice
20 Jan 2022
The short answer to the question is yes, but only in certain circumstances. Generally, a small or large limited company can pay its directors a salary, but it must be paid net of Income Tax and National Insurance contributions.
Accounting Advice
04 Jan 2022
When you run a business, you must file company accounts – it is a legal requirement regardless of whether you make a profit, loss, or you are not trading or dormant.
Small Business Advice
03 Dec 2021
EMI is a government scheme that allows you to offer your team share options in a very tax-efficient way. And, the nature of the scheme makes EMIs a powerful incentive that motivates employees to add value to the business.
Tax Advice
25 Oct 2021
If you employ people in your business, you have a number of options for rewarding them in addition to paying wages or a salary. One of the most flexible options is to offer benefits-in-kind (BIKs), sometimes known as fringe benefits.
Small Business Advice
12 Oct 2021
In this article, we look at the requirements for working from home or running a business from home from both perspectives – tenant and landlord. We also set out the expenses anyone working or running a business from home can claim against their income tax assessment.
Tax Advice
21 Sep 2021
While a trading loss is never good news for any business, it’s important to use that loss efficiently to reduce the tax bill you may have paid in earlier years. If you are an early-stage business in your first three years of operation, you may also use the losses incurred before you started to trade to offset any initial trading profits.
Tax Advice
24 Aug 2021
In the eyes of HMRC, VAT errors are your responsibility to put it right. If you don’t correct the VAT error in the right way or at the right time, HMRC has a long list of conditions under which they can impose penalties, a process known as ‘The Penalties for Errors regime’.
Tax Advice
22 Jul 2021
If you use your own car for business travel, you are entitled to claim certain costs as an allowance against tax and that could reduce your tax bill. The way company car and mileage allowances are calculated in the UK is different for employees and self-employed people. In this article, we explain the allowances for employees.
Tax Advice
Accounting Advice
23 Jun 2021
A Statement of financial position is an important financial document that helps you run your business efficiently and profitably. It provides a guide to the financial health of your business, so it’s essential to understand its components and their significance.
Tax Advice
31 May 2021
Here, our small business accountants will walk you through how to calculate RDEC.
Small Business Advice
10 May 2021
In this brief guide, we’ll explain more about the recognised methods for taking money out of a business account for personal use, and provide guidelines for dealing with business payments for personal expenses.
Accounting Advice
16 Apr 2021
This article will explain the different aspects of R&D accounting in more detail. However, you may find it useful to take professional advice to ensure that you are claiming the correct level of expenditure for your specific R&D project.
Tax Advice
22 Mar 2021
For millions of self-employed people in the UK, there was relief that the Government’s support scheme is set to continue following announcements in the 2021 Spring Budget. The Self-Employment Income Support Scheme (SEISS) was set to close at the end of February 2021, but has been extended to cover two further phases that will run until the end of September this year.
Tax Advice
08 Mar 2021
With cryptocurrency transactions, tax rules can get slightly complicated, and you could incur several different liabilities, like income and corporation tax, stamp duties, and – depending on transaction types – VAT.
Tax Advice
25 Feb 2021
If you’re a contractor or sub-contractor in the construction industry, you need to be aware of your obligations under the Government’s Construction Industry Scheme (CIS).
Tax Advice
29 Jan 2021
After much pressure from professional bodies, HMRC has finally backtracked its threats to stick with a fast-approaching deadline for late filing penalties. Taxpayers will now get until the 28th of February to file their online returns before they face any fines.