limited company

22 10, 2019

Small businesses: do you have a Brexit clause?

By |2019-10-22T08:45:03+00:00October 22nd, 2019|Brexit, Business planning, limited company, Tax|

If you are small business owner and your company trades with the EU, are you prepared for Brexit?  With Brexit looming, you will need to position your small business to avoid the least disruption and damage to you and your customers or clients.  A Brexit Clause is something you may want to consider with your EU clients and suppliers to protect each other's interests and keep costs under scrutiny in [...]

26 09, 2019

Four ways to Qualify for R&D Tax Credits

By |2019-09-27T08:26:04+00:00September 26th, 2019|limited company, Tax, Trusted Adviser|

When people think of research and development (R&D), they often picture large corporations or specialist science or tech companies. This perhaps explains why, despite the Government’s efforts to encourage innovation for small and medium sized businesses through the introduction of R&D tax credits, only one in five businesses have claimed money back for their time developing new products or processes. One of the main reasons why the numbers for R&D [...]

19 09, 2019

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

By |2019-09-25T18:01:56+00:00September 19th, 2019|Brexit, limited company, Tax, VAT|

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 already registered for EORI numbers but now HMRC have taken the next step and issued [...]

13 09, 2019

Small Businesses risk losing the Employment Allowance

By |2019-09-25T18:50:00+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 no longer be available to large businesses.  The change in tax legislation means that this [...]

27 08, 2019

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 changing, read on to find out more. Perhaps the most obvious benefit of being a [...]

15 08, 2019

How best to make use of company trade losses

By |2019-08-15T09:43:35+00:00August 15th, 2019|limited company, Sole trader, Tax|

Did you know tax reliefs may be available to you if you experience losses in a given year in your business as a self employed individual or a limited company owner? Furthermore, any losses you make can be offset against total profits of the current or previous year's sales and can even be carried forward and set against future trading income, as long as it's the same trade. The rules [...]

13 08, 2019

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 qualify under 'integral features' such as lifts, water and heating systems.  Here we look at [...]

8 08, 2019

Taxation of Property & Property Income for Self-Employed and Limited Companies

By |2019-08-08T07:52:05+00:00August 8th, 2019|limited company, Start-ups|

The tax consequences of owning and letting a UK  property depends on a variety of factors with the  tax implications being determined by how the property is held, either by an individual, a trust or a limited company. In terms of purchasing a rental property, we are all well aware of the Stamp Duty Land Tax (SDLT) that is charged when we buy a residential property in the UK, otherwise [...]

6 08, 2019

Business Expenses that are NOT Tax Deductible

By |2019-08-06T11:43:33+00:00August 6th, 2019|limited company, Start-ups|

When compiling your end of year expenses, or even when you are contemplating business expenditure ready to report at year-end to HMRC in the hope of reducing your tax bill, you will likely be familiar with the expenses you are allowed to deduct related to your business activities.  But are you familiar with the business expenses you are not allowed to claim for?  Rather than get into hot water with [...]