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Tax Advice
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.
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.
Tax Advice
31 May 2021
Here, our small business accountants will walk you through how to calculate RDEC.
Tax Advice
20 Apr 2021
In this article, we explain the most tax efficient ways to extract cash from your business, including the latest information available on tax rates and allowances.
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
01 Feb 2021
If you’re a business owner, you’ve probably been eagerly awaiting news from HMRC about the 2021/22 thresholds for income tax, statutory payments, and national insurance contributions (NIC).
Tax Advice
26 Dec 2020
If you’re self-employed in the UK then each year you’ll have to fill out a self-assessment tax return to HMRC, showing your income for the year and the income tax you are liable to pay based on that. Our team of tax accountants break down the self-employed allowable expenses.
Tax Advice
22 Jun 2020
2020 has been a tough and stressful year for employees and people who are self-employed. The government lockdown to reduce the spread of Coronavirus essentially meant that people should work from home wherever possible. But, for many self-employed people that was not an option.
Tax Advice
16 Mar 2020
With the Federation of Small Businesses calling it a “pro-small business Budget”, here’s a breakdown of the key points from the UK Budget 2020 related to small businesses, tax and finance.
Tax Advice
21 Dec 2019
Legislation changes to IR35 are taking effect on 6 April 2020. Here we’ll explain everything you need to know about the off-payroll changes, and how you’ll be affected.
Tax Advice
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Tax Advice
17 Jun 2019
VAT can be tricky to get your head around at the best of times but when it comes to the world of catering it’s a whole new kettle of fish.
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04 Sep 2017
With HMRC opening an ever increasing number of compliance reviews into the tax affairs of small business, Accounts and Legal now offer client a fixed fee Tax investigation Service. We look at why.
Tax Advice
09 Mar 2017
Here’s everything you need to know about National Insurance Contributions, the rates, the changes, who they affect and why.
Tax Advice
Tax Advice
16 Jun 2016
Every business owner has an obligation to ensure they pay the correct amount of tax to HM Revenue & Customs, but that doesn’t mean they should ignore legitimate tax breaks or fail to account for deductible business expenses.
Tax Advice
Tax Advice
09 Jun 2016
What can a small business do to reduce the risk of an HMRC tax investigation, and how can the business prepare in case the tax inspectors do come a-calling?
Tax Advice
26 May 2016
What is a dividend waiver, how is it used...and when should it not be used?
Tax Advice
11 May 2016
What is VAT and how do you register for it? Don't worry, we will tell you all you need to know.
Tax Advice
21 Apr 2016
From sandwiches to your home office, we reveal the ten top tax deductions for the owners of limited companies.
Tax Advice
08 Apr 2016
A lot of people have chosen to be self employed because of greater work life flexibility and the possibility for a quicker salary increase. But, is this trend changing?
Tax Advice
29 Mar 2016
Chancellor George Osborne has given the sharing economy a boost with a new tax allowance that could encourage more people to set up micro-businesses.
Tax Advice
18 Jan 2016
Which rate of Value Added Tax would a small business pay on Companies House charges?
Tax Advice
28 Oct 2015
Changes in the tax rules mean many landlords will see their profits decrease. So how can they mitigate the impact of the removal of mortgage interest relief?
Tax Advice
Tax Advice
01 Dec 2014
There is a massive change about to take place for VAT registered businesses who supply cross border EC supplies of digital services to consumers. Make sure you're ready.
Tax Advice
30 Jul 2014
Despite it being alleged that it’s the footballing megastar’s father who has control over the family’s finances, judges have confirmed that Lionel Messi will probably still be prosecuted for tax evasion in the Spanish courts.
Tax Advice
14 Feb 2014
The IR35 legislation was put in place in 2006, to determine whether or not (from a tax perspective) a contractor is in fact an employee.
Tax Advice
02 Aug 2013
In these times of strained government finances, maximising tax receipts has become a key priority for the Chancellor. Make sure you don't get caught out by an inspection.
Tax Advice
09 Apr 2013
Payroll reporting requirements are changing. Find out what needs to be done.