Stressed About Your Tax Return?

Top Four Tips to Complete Your Tax Return If you want to avoid the stress of your tax return, follow these four simple steps to prepare your business in advance. Tax season is one of the most stressful periods of the year for a business owner. With proper planning, however, you can change that. It’s […]

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How Accountants Can Save You a Fortune

Accounting is a crucial part of every business, from small boutiques to multinational corporations. You can’t ignore your accounts, and doing so for even a short period of time can damage your business. However, accounting is complicated, and mistakes can be costly. Hiring a professional will save you a huge amount of time and money, […]

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Using Pension Contributions to Reduce Corporation Tax

If you’re looking for ways to minimise your corporation tax bill, it’s worth considering if there are deductible expenses you can claim. One key area to think about is your director pension contributions, as these can be offset against your taxable profits. Pension contributions for directors of up to £40K per annum can be deducted […]

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Are You Paying Too Much on Your Tax Bill?

A typewriter with the paper containing the text "Tax Bill"

Paying your tax bill is an inevitable part of doing business. The more your income grows, the more tax you will have to pay. Unfortunately, you’re rewarded for your success with a bigger tax bill. While we don’t want our clients to avoid paying tax or evading HMRC. We do want our clients to pay […]

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Some good news for companies

There was some welcome news from Philip Hammond’s Autumn Statement for small and medium sized companies regarding the tax relief available if a company makes a loss. Historically, corporation tax loss reliefs have mirrored the principles upon which income tax loss reliefs have been based – if a loss is incurred in a trading business, […]

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Taxation of the Family

Individuals are subject to a system of independent taxation so husbands and wives are taxed separately. This can give rise to valuable tax planning opportunities. Furthermore, the tax position of any children is important. Marriage breakdowns can also have a considerable impact for tax purposes. We highlight below the main areas of importance where advance […]

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Travel and Subsistence for Directors and Employees

Travelling and subsistence expenditure incurred by or on behalf of employees gives rise to many problems. We highlight below the main areas to consider in deciding whether tax relief is available on travel and subsistence. Employees with a Permanent Workplace Many employees have a place of work which they regularly attend and make occasional trips […]

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Statutory Residence Test

The concept of residence in the United Kingdom is fundamental to the determination of UK tax liability for any individual. The Statutory Residence Test (SRT) provides, through a series of tests, a definitive process to determine the UK residence status of any individual. That status applies for income tax, capital gains tax and inheritance tax […]

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Personal Tax – Self Assessment

Under the self assessment regime an individual is responsible for ensuring that their tax liability is calculated and any tax owing is paid on time. The self assessment cycle Tax returns are issued shortly after the end of the fiscal year. The fiscal year runs from 6 April to the following 5 April (thanks to […]

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