Personal tax

19 11, 2019

Can I claim entertainment as a business expense on my tax return?

By |2019-11-19T09:06:03+00:00November 19th, 2019|Business planning, Personal tax, Sole trader, Tax|

Business entertaining when you are self-employed or a small business could very well be a major part of your business development, helping to establish and grow your business relationships to help your small business grow and thrive.  Claiming tax relief on your entertainment is a complex and grey area, read on to find out more. […]

8 10, 2019

Will Tax Change after Brexit?

By |2019-10-08T09:20:27+00:00October 8th, 2019|Brexit, Business planning, Inheritance Tax, Personal tax, Tax|

In the run up to the Brexit deadline of 31 October, we look at frequently asked questions we hear from clients and provide answers when looking at potential tax changes after Brexit affecting your personal and business income.   Question: I work abroad, will I be taxed twice on my income after Brexit? Whether you are a UK national working currently in the EU or an EU national working in [...]

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 [...]

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 [...]

23 07, 2019

Limited Companies: The Top Ten Expenses you should be claiming now

By |2019-07-23T07:34:29+00:00July 23rd, 2019|Business planning, Cloud, limited company, Personal tax, Tax|

As a director of a limited company, you will likely be well versed in the basics of business allowable expenses; that is, you can only claim expenses which are "wholly and exclusively" related to your limited company activities. But are you really making the most of the tax reliefs available to you? As a start off, here are the top ten expenses you should be claiming as a director of [...]

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 [...]

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 [...]

12 03, 2019

Final days to get ready for VAT filing changes on 1 April 2019

By |2019-05-20T21:05:57+00:00March 12th, 2019|Business planning, MTD, Personal tax, Sole trader, Start-ups, Tax, VAT|

The deadline for the introduction of VAT filing changes is now just weeks away. For VAT returns periods starting on or after 1 April 2019, some 1 million businesses with a turnover above the VAT threshold (currently £85,000) will be required to start keeping their records digitally (for VAT purposes only) and provide their VAT return information to HMRC by using compatible software. HMRC has published a press release to [...]

4 02, 2019

Can you benefit from Tax Relief when working from home?

By |2019-05-20T21:06:55+00:00February 4th, 2019|Business planning, Personal tax, Sole trader, Start-ups, Tax, VAT|

Flexible working, including working from home, is becoming increasingly common in the workplace, as we are starting to see larger corporate organisations rolling out their formal flexible working policies.  There are, however, many employees who work from home and incur costs but do not proactively receive reimbursement from their employer and are not aware of the possible tax relief available to them.  The relevant legislation states that an employee can only claim [...]