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% [...]

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, [...]

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 [...]

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 [...]

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 [...]

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 [...]

Your Go-To Guide: Dividends

By |2019-05-20T20:36:35+00:00April 30th, 2019|Business planning, Tax|

As a company director of a profitable limited company, you will want to strike a balance in investing profit back into your business and taking funds out for personal use, all the while ensuring you do so in a tax efficient manner that works for you. You have two options to extract profit from your business [...]

5 Key Tax Saving Tips for Your Small Business

By |2019-05-20T20:48:25+00:00April 26th, 2019|Business planning, Tax|

Every penny counts when starting off in business, with cash flow management essential for small and medium sized businesses, including looking for ways to reduce your tax liability where possible. The government have many tax reliefs in place for businesses of all sizes, from sole traders to global organisations.  In this article we look at [...]

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