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HMRC have issued me with an EORI number, why do I need it?

By |2019-09-19T09:20:03+00:00September 19th, 2019|Uncategorized|

Are you a VAT registered business? If so, have you received a letter from HMRC allocating you an EORI number? HMRC is automatically providing 88,000 UK VAT registered businesses with economic operator registration and identification (EORI) numbers to assist with trade with the EU should the UK leave with no-deal. Some 72,000 UK companies have [...]

Small Businesses risk losing the Employment Allowance

By |2019-09-13T07:44:22+00:00September 13th, 2019|limited company, Personal tax, Sole trader, Tax|

Plans to remove the employment allowance from large employers could have an impact on small businesses too, according to research by the The Association of Taxation Technicians (ATT). From April 2020, the next tax year, the employment allowance, which currently gives employers a reduction in their National Insurance (NI) bill of £3,000 per annum, will [...]

Stamp Duty Tax: Buyer to Seller Tax Implications

By |2019-08-29T15:00:30+00:00August 29th, 2019|Property, Tax|

Just before becoming Prime Minister, Boris Johnson proposed Stamp Duty Land Tax (SDLT) should be liable by the buyer not the seller of a property.  We review this scenario in detail and consider who, if anyone bar the taxman, would benefit from such a change to the property market. Currently, where a property is purchased [...]

Landlords: Your Tax Position is changing

By |2019-08-27T09:07:12+00:00August 27th, 2019|Business planning, limited company, Property, Tax|

Building your business around owning and renting property can help build immediate cash flow as well as long-term a view to retirement.  These are the benefits of being a landlord but you should also consider your tax position as a landlord, as the tax rules around buy-to-let properties are changing.  Landlords, your tax position is [...]

The importance of budgeting in your small business

By |2019-08-20T08:08:50+00:00August 20th, 2019|Business planning|

The importance of budgeting in your small business cannot be underestimated.  Not only does budgeting provide a benchmark against your peers, it also allows for variance analysis and performance assessment, leading to improved sales.  Are you actively budgeting in your small business? Read on to learn more on budgeting processes that can help your small [...]

Understanding Capital Allowances for Self Employed and Limited Companies

By |2019-08-13T11:32:59+00:00August 13th, 2019|limited company, Personal tax, Tax|

Capital allowances are benefits to a business to help reduce your tax bill when you buy assets for your business, while most assets can be considered from equipment and research costs to expenses for building renovations.   Buildings themselves purchased for business use do not qualify for the allowance, but there are some components which may [...]