24 10, 2019

Tax allowances to consider when completing your Self-Assessment Tax Return

By |2019-10-24T08:43:38+00:00October 24th, 2019|Sole trader, Start-ups, Tax|

When completing your Self Assessment Tax Return (SA) there are other things you will need to consider in addition to your profits from self-employment, including other income such as a pension, employment or savings. There are also tax allowances and tax reliefs which you may be entitled to which could reduce your tax bill.  Here are the main tax allowances you should consider when turning your attention to your [...]

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 [...]

16 04, 2019

SMEs: Can I use artificial intelligence to help my marketing?

By |2019-04-16T12:08:43+00:00April 16th, 2019|Business planning, Cloud, Start-ups|

We are told artificial intelligence (AI) and big data are the future of our working practices, but how accessible are AI tools to small and medium sized businesses (SMEs) who have limited resources versus larger competitors? The advent of affordable AI tools can already be seen in the market place from names we all know well and may work with already, including Adobe's Marketo and Salesforce’s Pardot, both of which [...]

1 04, 2019

Payments on account – update for 2019/2020 tax year

By |2019-05-20T21:02:56+00:00April 1st, 2019|Business planning, Sole trader, Start-ups, Tax|

When a person first becomes self-employed, the first tax bill can have an extra sting in it if they are required to make “payments on account”.  There is a lot of confusion about what these represent, and when they are due for payment, so we hope to make them a little clearer in this blog and look at how to reduce payment on account. Imagine an individual’s tax bill is [...]

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 [...]

22 01, 2019

Digital Tax is Coming – Be Prepared for the Change!

By |2019-06-06T13:23:09+00:00January 22nd, 2019|Business planning, Personal tax, Sole trader, Start-ups, Tax, VAT|

As you may already be aware, HMRC has issued plans to make businesses file quarterly information with them. How individuals and businesses interact with HMRC is therefore changing. Keeping your financial records will become increasingly digital and most businesses will need to use software or apps to keep business records – the days of manual record keeping will be over! There are exemptions, but for most businesses with turnover above [...]

16 07, 2018

Your Tax Bills: Are you ready for Limited Company status?

By |2019-04-16T13:34:16+00:00July 16th, 2018|Business planning, Personal tax, Sole trader, Start-ups, Tax, VAT|

Are you a growing start-up and wondering if it's time to take the next step to set your thriving business up as a limited company, whilst being as tax efficient as possible? There are many reasons why you may decide to set up as a limited company. If you are planning on growing your company or are growing rapidly and expect to continue to increase your revenue at a high turnover [...]