OUR BLOG

Considering Investing in Plant or Equipment?
25 Jan 2017

Considering Investing in Plant or Equipment?

Business owners may be considering their options for investment in new equipment especially if their trading year end is March, as is often the case. There are a number of considerations:

Director Disqualified for Seven Years
19 Jan 2017

Director Disqualified for Seven Years

Directors have a responsibility to maintain, preserve and deliver up records that are adequate to explain the financial position of their company. If they fail to do so, they run the risk of being disqualified from acting as a director.

Storm Damage and Tax Effects
23 Jan 2017

Storm Damage and Tax Effects

Costs that businesses incur to clean up after the recent storms, that affected the north and east coasts in particular, need to meet the usual qualifying criteria that they are incurred “wholly and exclusively” for business purposes in order to be a legitimate write-off for tax purposes.

Rental Properties and Mortgage Interest Relief
19 Dec 2016

Rental Properties and Mortgage Interest Relief

A Summary of the Rules/Issues and Planning Suggestions for BTL Landlords.

Marriage Allowance
11 Jan 2017

Marriage Allowance

If you are married or in a civil partnership, you may be able to claim the 'marriage allowance'. This is not a separate allowance, but a reallocation of 10% of the personal allowance from the partner with lower income to the other partner.

Salary Sacrifice
10 Jan 2017

Salary Sacrifice

Many employers allow employees to pick and choose from a range of benefits such as extra holiday, company car or health insurance. Each employee may be able to sacrifice a part of their salary to receive the benefit, which often results in NIC savings for both parties and a tax reduction for the employee.

Topping up your State Pension
09 Jan 2017

Topping up your State Pension

To receive the full amount of the new state pension you need to pay national insurance contributions (NIC) for 35 complete tax years. If you were contracted out of the second state pension, or SERPS, for any part for your working life you may receive less pension than you were expecting.

How your Savings are Taxed
03 Jan 2017

How your Savings are Taxed

For many years banks have deducted tax from interest they paid to savers, un-less the particular account was designated as tax-free, such as an ISA. That default position has changed from 6 April 2016.

Quarterly Reporting for Agencies
27 Dec 2016

Quarterly Reporting for Agencies

Employment agencies are required to report to HMRC the payments they make to workers they place with third parties, if those workers are not paid under PAYE. This requirement covers any organisation who finds work for an individual, which can include many agencies or intermediaries. One-man companies who only find work for their sole director are, however, exempt.

Flat Rate VAT Scheme Skewered
20 Dec 2016

Flat Rate VAT Scheme Skewered

Many small businesses use the VAT flat rate scheme (FRS) to simplify VAT reporting and some gain a cash advantage from using the scheme.

Pension Recycling
12 Dec 2016

Pension Recycling

Anyone aged 55 or over can now access their pension savings built up in a money purchase (defined contribution) scheme. This access can be as a one-off lump sum payment, an annuity purchase or as flexi-access draw-down.

Preparing for Digital Business Records
07 Dec 2016

Preparing for Digital Business Records

Lost or forgotten

HMRC believe that a lot of small businesses don't pay the right amount of tax on their profits.

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