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.

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.

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.

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’.

Subsistence includes meals and any other necessary costs of travelling, for example parking charges, tolls, congestion charges or business phone calls.

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?

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.

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.

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.

Here, our small business accountants will walk you through how to calculate RDEC.

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.

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.

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.

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.

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.

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.

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).

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’.

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).