As a limited company, your business is liable to pay Corporation Tax on its annual profits. Fortunately, there are many different ways to reduce your tax bill, so it’s important to be aware of all the different types of tax relief available.

If you are starting a new business venture for the first time, you'll need to get your head around all things VAT. Here is a guide to help you get to grips with what VAT is, how it works, and what your obligations are as a business owner.

The end of the tax year in April 2023 may seem a long way away, but it’s never too early to start planning to minimise your tax liabilities for this current year.

If you’re a director or owner of a small business, you can pay yourself in a number of different ways to minimise your personal tax bill, as well as reducing liability to Corporation Tax.

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?

April 5th is a significant day for anyone liable to pay tax. That date marks the end of the tax year, and it provides an opportunity to finally minimise tax liabilities for the current year and plan ahead for reducing liabilities for the next tax year, which begins on 6th April.

In its simplest form, pension tax relief is a ‘top-up’ from the government on your pension contributions. The amount of top-up is based on your income tax rate. Here we'll explain pension tax relief and how can you claim it.

If you have been buying or selling cryptocurrency and have made significant gains, you should be aware that HMRC is now taking a greater interest in these types of transactions and considering the tax implications.

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.

If you remember the theme tune from ‘Only Fools and Horses’, you’ll know that Del Boy was a great advocate for ‘no income tax, no VAT’. In this article, we’re not recommending Del Boy’s practices, or suggesting you pay with a briefcase full of used fivers, but explaining how you can remain within HMRC’s rules while avoiding VAT on a commercial vehicle purchase.

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.

Max Whiteley, the head of accounts at our new Liverpool office, joined global accounting software firm Xero on stage at the Accountex Summit North. Together they gave some great advice and thoughts around the digitalisation of income tax and how to prepare for the new regime.

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.

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.