Tax and the Company Car

One of the most frequently asked questions we receive is in relation to the use of cars for business purposes and how this will affect the tax liability. Here, we will look at the various options available for business owners when it comes to work transport. The current system of tax relief and benefits in […]

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Upcoming IR35 changes for contractors

The recent Autumn statement confirmed some major changes to the way that IR35 will be applied, in particular to the public sector. Here we will remind you what IR35 is about, what is changing and why there is a fear that the new reforms will leave a critical skill shortage of contractors in this sector. […]

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What tax is payable on dividends?

If you run a limited company, you are probably already aware that the most tax efficient way to extract funds is by using a combination of low salary with the remainder as dividends. Significant changes took place from April 16 whereby the old 10% tax credit was abolished and all dividends in excess of £5k […]

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Avoid these common business mistakes

Starting a business can be a dream come true and very exciting! There are however, many areas you will suddenly need to be involved in which may not be your core area of interest or expertise. Knowing when to delegate and outsource could save your business and your sanity. […]

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Get control of your business – accounting software in the cloud!

So you may have heard the headlines in the recent budget about the death of tax returns. Don’t start celebrating just yet – this target has a deadline of 2020 and crucially relies on businesses and tax payers moving to online accounting software. Sounds like a big step ? Over a third of our existing client […]

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That’s entertainment !

What is entertainment? Business entertainment includes hospitality which is provided free of charge to the recipient. In general, no form of business entertainment is allowable for tax purposes regardless of whether you personally think there is a purpose specifically related to your business UNLESS you are entertaining employees for the purpose of reward and motivation. […]

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Using the cash basis to prepare your tax return – coming soon!

Preparing your accounts for income tax purposes – the cash basis You may have heard that the Government has been considering whether to allow some small businesses to compute taxable profits for the purposes of income tax on a cash basis rather than the usual accruals basis. The Finance Act 2013 now allows this option. […]

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High Income Benefit Charge

With effect from January 2013, those receiving child benefit and with net adjusted income of £50k or more will be taxed such that all the benefit is reduced to zero at £60k. […]

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Pension – update on forthcoming changes

The biggest change in years is around auto enrolment.  Under this, companies will be required to have a company pension scheme available to all employees and for employers to make contributions. […]

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Selling on Ebay ? – Is it a hobby or a business?

HMRC do monitor ebay shops for traders who have failed to register their business with them. When you start a business, you need to register with HMRC within 3 months – see our reference page and useful numbers for the telephone number to do this. There is a big difference in selling unwanted personal items and selling as a […]

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