Monthly Archives: May 2019

30 05, 2019

How to finance a new business

By |2019-05-30T11:18:58+00:00May 30th, 2019|Business planning, Tax|

Having a great business idea is just the first step to setting up a viable business and one of the biggest barriers is how to get business finance for your great business idea. In this article, we provide the main revenue streams to consider to help finance new businesses in the UK as, let’s face it, it won’t be cheap and you may well have to incur a large upfront cost [...]

28 05, 2019

Working from home: what expenses can I claim?

By |2019-05-28T11:06:37+00:00May 28th, 2019|Business planning, Tax|

If you are self-employed and work from home there are expenses that you can claim for, although the rules set out by HMRC are complex and detailed and therefore each claim should be given due consideration and being very careful to keep within HMRC rules. In this article, we look at the key expenses where it is possible to claim as an allowable expense whilst working from home. As this [...]

22 05, 2019

Why pay your corporation tax bill early?

By |2019-05-23T08:11:10+00:00May 22nd, 2019|Business planning, Tax|

As a business owner of a limited company you will be working hard to grow and be profitable, whilst being aware of tax reliefs available to you and the tax charges liable by you personally and your business. All profits you make in your limited company are subject to a corporation tax rate of 19% in the current 2019/20 tax year.  If you want to pay your corporation tax bill [...]

21 05, 2019

Limited company structure: is it time to move?

By |2019-05-21T06:29:29+00:00May 21st, 2019|Business planning, Personal tax, Tax|

There are many advantages of having a sole trader structure for your business with the main one being the simplicity of business administration versus a limited company set-up.  However, as your business thrives and grows, the potential next step to limited company status can provide credibility and attractiveness as an established business to your customers, whilst also very importantly providing an opportunity to review your tax position. There is a [...]

16 05, 2019

What is output and input VAT?

By |2019-05-20T19:43:48+00:00May 16th, 2019|Business planning, Tax, VAT|

Mirandus Accountants can help businesses with all aspects of Value Added Tax (“VAT”), including the concepts of VAT input and output relevant for trading companies who opt to be VAT registered. Here, we take a closer look at what being VAT registered means for your business. What is output VAT? Output VAT is the tax that is calculated and charged on the sale of goods and services from your business, [...]

14 05, 2019

Tax free bonuses to your employees

By |2019-05-16T19:34:02+00:00May 14th, 2019|Business planning, Tax, VAT|

If you are a business owner and are keen to reward your employees with bonuses, but would rather not have tax on bonuses, you do have the option to set up an Employee-Ownership Trust (EOT) which allows founding shareholders or owners of the company to give shares to employees tax efficiently as well as gift employees a tax-free bonus to a certain level per annum which is not subject to [...]

9 05, 2019

How to file dormant accounts

By |2019-05-20T20:31:36+00:00May 9th, 2019|Business planning, Tax|

A company that has no transactions and therefore receives no income in a given accounting period is considered a dormant or an inactive company by HMRC, at least for the accounting period under question.  A dormant company is nonetheless required to file dormant accounts to formally inform HMRC of the inactive status of the company on an annual basis. The process of filing dormant accounts is straightforward as only a [...]

7 05, 2019

How to claim employment allowance

By |2019-05-07T09:04:48+00:00May 7th, 2019|Business planning, Tax|

On occasion, HMRC provides one-off exemptions to UK companies, for example, tax-exempt staff Christmas parties, whereas the Employment Allowance is just that – an annual allowance to eligible employers of up to £3,000 in a given tax year via a reduction of Class 1 Employer National Insurance Contributions (NICs). The Employment Allowance was introduced in 2014 to encourage recruitment by UK firms and specifically for small businesses, to stimulate economic [...]

2 05, 2019

Tax planning for small businesses

By |2019-05-02T09:16:45+00:00May 2nd, 2019|Business planning, Inheritance Tax, Personal tax, Tax|

As we embark on the start of a new tax year, we consider the various tax savings options available to you as an individual and for your small business to keep your profitable and enjoy good cash flow management.  Pensions First up are pension contributions.  As an individual you are entitled up to £40,000 annual pension allowance per year, tax free.  Furthermore, any unused annual pension allowance not used in [...]