Blog
Sole Trader vs Limited Company 2023/24
Deciding between a sole trader and a limited company depends on several factors, such as your business goals, the level of control you want over your business, your personal financial situation, and the potential risks and liabilities of your business…
Online P11D, Expenses and Benefits reporting 2022/23
As we are approaching the reporting of expenses and benefits in kind for the 2022/23 tax year. We wanted to highlight an important employer development – the online P11D submission. For existing employers who already submit the P11D and P11D(b) returns online, there...
What is the most tax-efficient Director’s salary for 2023/24?
As a Director of a Limited Company, it's essential to pay yourself a salary and dividends in the most tax-efficient way possible. In the UK, tax rates and allowances are subject to change each financial year, making it crucial to stay up to date with the latest...
What are Capital Allowances?
When a business incurs expenses, it is either capital or revenue (trading) expenditure. Expenses which are classed as capital expenditure, normally have a lasting benefit for the business (at least longer than a year). Revenue expenses on the other hand, usually...
Do I need to register my business for VAT?
This is the question we are often asked by small business owners and if you have recently launched a new business, you might also wonder the same. So, let’s explore the ins and outs of this key area of tax legislation, including the essentials such as when you must...
Cars in Limited Companies
Many employers provide their employees with company cars if their job requires frequent travel. However, the concept of company cars has become less attractive over recent years as a result of numerous tax changes. So how exactly do the tax rules work when it comes to...
Guide to Credit Control for Small Business
Good credit control is invaluable to any business that wants to improve its cash flow. A carefully considered credit control policy not only boosts cash flow, but it can help to prevent business failure because of payment delays and increasing bad debt from customers....
Making Tax Digital for ITSA
Changes are coming for anyone that pays Income Tax via Self-Assessment. Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) will be a requirement for anyone with a business and/or property income of more than £50,000 per year, from April 2026.
Home-working Tax Relief Implications
For many employees the COVID-19 pandemic changed their working arrangements. Suddenly the ‘office’ took on a new meaning and location, namely their own homes. Here we discuss the tax implications that anyone working from home should consider. Choice or...
What is Capital Gains Tax?
If capital gains tax (CGT) is an area which is new to you or you’ve just encountered it following the sale of a property or other asset, then you may want to gain a better understanding of what it is, what it applies to and how you must report and pay for it. In this...
Employing a spouse or partner for tax efficiency
Many business owners opt to employ their spouse (or civil partner) in their business to benefit from tax savings. Chances are, that they would not otherwise be a taxpayer (or at least pay at a lower rate than the business owner) and therefore savings can be made by...
Autumn 2022 Statement
On 17 November, the Chancellor, Jeremy Hunt issued the Autumn Statement. It follows several dramatic changes in Government and fiscal announcements over the past couple of months, but it is hoped to be the last for a while. The key personal tax announcements included:...
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