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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
08 Jun 2021
In this article, we set out an example of the calculations you need to make to find out how much you have saved on your tax bill. The savings apply to both profitable and loss-making companies and we have included examples for each.
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
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
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’.
Tax Advice
03 Jan 2021
With Brexit finally confirmed, the New Year will bring significant changes to VAT rules for your business if you import or export from the EU. The new rules apply from 1st January.
Tax Advice
15 Oct 2020
It's great news for many UK businesses. In a long-anticipated update, Chancellor Rishi Sunak announced an extension for companies that deferred their VAT because of the COVID-19 pandemic.
Tax Advice
27 Apr 2020
With the Coronavirus keeping consumers at home, high street businesses are feeling the hit while food delivery offerings and digital subscription services are seeing a surge in sales. Here, our top London accountants will explain these rules and exemptions to explain VAT charged on delivery and postage costs.
Tax Advice
Tax Advice
12 Nov 2019
There has been widespread growth among accountants in London and across the UK, especially in the past year. From the “big four” accountants to the new, innovative firms, the sector is seeing accelerated growth, which is possibly due to new regulations and economic uncertainty. Let's take a closer look.
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13 Nov 2018
Selling your business is exciting, but without proper planning there is a risk that after you die a large chunk of the proceeds will go to HMRC in the form of Inheritance Tax.
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Tax Advice
04 Sep 2017
We take a look at how to extract cash from your business in the most tax efficient manner and examine the income tax rates for the 2017-18 accounting year.
Tax Advice
14 Jul 2016
Calculating your tax bill at the end of your financial year can be scary, but there are easy ways to avoid the panic that comes with paying the taxman.
Tax Advice
16 Jun 2016
The singer Adele has been lumped with a rather large tax bill after miscalculating her dividend payments.
Tax Advice
15 Jun 2016
Tax surrounding food can be tricky, and some of our most beloved brands have taken on the battle against HMRC. Here are three cases that have given HMRC raised eye brows:
Tax Advice
13 Jun 2016
Finding out that you are getting a tax return from HMRC? Well, unfortunately it does not always mean good news. Here's what you need to know about how it affects your business:
Tax Advice
06 Jun 2016
What is the VAT Flat Rate Scheme, how does it differ from the standard rate scheme, and how can it help to simplify VAT reporting for small businesses?
Tax Advice
12 May 2016
Are company cars a bad idea for small businesses? If so, what's the best alternative?
Tax Advice
26 Apr 2016
96% of British SMEs that export are exporting to other EU countries, but the question is: how straightforward is VAT across EU borders?
Tax Advice
14 Apr 2016
From April 2017 public sector bodies such as local councils or government bodies will need to check that the individuals they employ through umbrella or personal service companies pay the right tax.
Tax Advice
07 Apr 2016
With the UK’s move towards tax devolution allowing Northern Ireland to mirror the 12.5% corporation tax rate in the Republic of Ireland, is the UK at risk of being branded a tax haven?
Tax Advice
28 Jan 2016
Chancellor George Osborne and HMRC have been criticised after letting Google get away with paying a settlement to cover £130million of tax dating back to 2005.
Tax Advice
03 Dec 2015
Get the right accounting and tax advice for your new business from dynamic, affordable accountants who understand you and your needs.
Tax Advice
21 May 2015
Your venture is growing and you haven’t had a weekend since you had the idea for the business. Perhaps it’s time to hire some staff, but do you know the legal and financial implications of becoming an employer? We explain your basic obligations in two short articles.
Tax Advice
Tax Advice
11 Sep 2014
VAT can be tricky to understand when you’re a start-up or even if you’ve been in business for a while. We’ve written this article to make it clear and to help you ensure that you have the most effective set up for your small business.
Tax Advice
25 Feb 2014
1966 was the year UK celebrities ran for their lives as the whopping 95% supertax rate was imposed by Harold Wilsons Labour Government. Mick Jagger fled to France and John Lennon legged it to the United States while his Beatles comrades penned a song entitled the Taxman to express their disgust at the sky high charge but even now with the UK’s top tax band being less than half of that the subject of tax still raises hot debates amongst UK citizens. Here we take a look to see if we really are moaning for a reason, are we really are amongst the worst off when it comes to the most taxed earners in the world?
Tax Advice
10 Dec 2013
In these challenging economic times, it makes sense for small business owners to make sure that they aren't overpaying corporation tax. We've put together some tips which we have found useful when trying to keep tax to a minimum.
Tax Advice
10 Jun 2013
Distributing cash to small business owners through dividends is classically much more tax efficient than taking the same amount through salary, but is there anything else to watch out for?
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
30 Aug 2021
Our tax accountants explain the process of charging and reporting VAT in different scenarios (such as paying someone who is not VAT-registered), and outline the steps you need to take to become VAT registered.
Tax Advice
17 Aug 2021
One of the most important decisions you can make when starting a new business is its legal structure. Should you operate as a sole trader or a limited company?
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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
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.
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.
Tax Advice
29 Nov 2020
People who have been self-employed for some time will be familiar with the procedures, but if you’re new to self-employment, it’s important to understand your filing and payment obligations so that you don’t incur fines from HMRC.
Tax Advice
21 May 2020
There is little doubt that the UK Government’s ‘Making Tax Digital’ programme is a bold one. In their words, “HMRC’s ambition is to become one of the most digitally advanced tax administrations in the world”. So, what is making tax digital, and what are the benefits?
Tax Advice
26 Feb 2020
Here, our team of expert tax accountants explain everything you need to know about VAT on business entertainment. We’ll include a breakdown of the tax treatment of entertaining clients and employees, the rules governing staff parties and taking potential clients out for lunch, and discuss if it’s better to pay for these things through the company or out of your own pocket.
Tax Advice
14 Nov 2019
Earlier this year, the Government revealed electric vehicles will be exempt from company car tax in the 2020/21 tax year. So, does it pay to go electric?
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04 Sep 2017
We look at the Option to Tax exploring when you should opt to reclaim input VAT on a building or development and how you can do so.
Tax Advice
25 Jul 2016
How can a small business owner reclaim the VAT paid on allowable business expenses clocked up while visiting other EU countries?
Tax Advice
22 Jun 2016
Following George Osborne’s decision to introduce a new 7.5% rate of dividend tax we consider whether dividends are still a tax-efficient option for small business owners.
Tax Advice
16 Jun 2016
HMRC has issued you with a tax refund - should you blow it all on a lavish holiday or reinvest it in your small business? Decisions, decisions...
Tax Advice
14 Jun 2016
With corporation tax set to fall to a record low of 17% by 2020, is now a good time to set up a limited company?
Tax Advice
08 Jun 2016
We know that keeping track of all tax rules can be hard, especially as we live in an increasingly global economy. Don't fear, that's why we're here. Your business could be hit by double taxation, make sure you are prepared.
Tax Advice
16 May 2016
The deadline for filing your self-assessment tax return may still be months away, but here are 5 reasons you should consider filing early.
Tax Advice
06 May 2016
Cost cuts have been made in the most recent budget by George Osborne, benefiting small businesses in the UK. But make sure you are aware of these stealth taxes.
Tax Advice
21 Apr 2016
What happens if a small business is unable to pay HM Revenue & Customs the money it owes?
Tax Advice
08 Apr 2016
New rules introduced in this tax year change the way tax on dividend is charged and could make it more expensive to trade as a limited company. How will it affect your business?
Tax Advice
10 Feb 2016
Valentine’s Day is round the corner so it’s time to stock up on your partner’s favourite chocolates and flowers. Sometimes a card is enough to say those three magic words, ‘I love you’, especially for married couples but if that just won't cut it and you're struggling to think of something orginal then you could turn to HMRC.
Tax Advice
05 Jan 2016
The festive season is over, the New Year fireworks have long since faded, so now it’s time for small business directors and sole traders to turn to the serious January business of the dreaded self-assessment tax return.
Tax Advice
23 Jul 2015
From October this year, HMRC is set to gain powers to take money directly from your bank account. While HMRC seemed to be amending legislation in line with public concerns, it now appears promised safeguards are not in place.
Tax Advice
28 Apr 2015
In the distant past, surplus company money was often used to buy expensive cars with which company owner-directors could have their fun, but tax on company cars soon became prohibitive. Is 2015 your only chance to save tax by buying a Porsche?
Tax Advice
25 Nov 2014
HMRC continue to be cracking down on travel and subsistence costs on personal tax returns for the self-employed. Here we have look at two particular example cases and their outcomes.
Tax Advice
14 May 2014
It might have taken a judge 147 pages to describe what Gary Barlow and his Take That cohorts did wrong but in the eyes of the law in fact none of the charges were criminal. So what's the difference between tax evasion and tax avoidance?
Tax Advice
05 Feb 2014
With its soft sponge base, thin chocolate topping and tangy orange centre it would be hard to find someone in the UK who didn’t like the humble Jaffa Cake, well, unless you ask around the HMRC office that is. In 1991 the powers that be at HMRC tried to reclassify Jaffa Cakes as biscuits which would have pushed up the price by 20%. There was an outcry. How could the Jaffa “Cake” which goes from soft hard when stale, as opposed to a biscuit which goes from hard to soft when off, be victimised like this?!
Tax Advice
10 Jun 2013
In these times of austerity, tax free employee benefits are an interesting alternative to pay increases and great for improving employee morale.