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Cash ISA’s – What’s the point?
  • Cash ISA’s – What’s the point?

With the introduction of the Personal Savings Allowance in April 2016, many people stopped seeing the point in keeping their savings in Cash ISA’s, as after all, they won’t be taxed right? True in many cases, but that doesn’t mean that they can’t benefit you. If you don’t know, the Personal Savings Allowance means that…Read More

Posted in: Allowance | Helpful Tips | Tax

Starting a business? Remember to claim relief for pre-trading expenses
  • Starting a business? Remember to claim relief for pre-trading expenses

When starting a business, whether as a sole trader, a company or in partnership, there is inevitably a preparatory period before trading commences during which expenditure is incurred in setting up the business. Depending on the nature of the business, the set-up period can be long and complex and the expenditure incurred during this phase…Read More

Posted in: Companies | Helpful Tips | Tax

Capital Gains Tax Update:
  • Capital Gains Tax Update:

Higgins vs HMRC The court of appeal has declared that for a homeowner, the period of ownership begins at the date of completion. In the recent case of Higgins vs HMRC, Higgins had entered into a contract for a 125-year lease for an apartment on 2nd October 2006, which was due to be built within…Read More

Posted in: Helpful Tips | Tax

‘Tis the season to book your Office Party!
  • ‘Tis the season to book your Office Party!

As we approach the Christmas period, there are many things to do and buy, and our wallets can get quite sore. However, there are ways for these expenses to be tax efficient! Whether you are an owner-managed business, with only yourself as an ‘employee,’ or have a bunch of employees to take out for the…Read More

Posted in: Helpful Tips | Staff | Tax

File your tax return by 30 December
  • File your tax return by 30 December

The 2018/19 self-assessment tax return must be filed online by midnight on 31 January 2020 if a late filing penalty is to be avoided. A later deadline applies where the notice to file a return was not given until after 31 October 2019 – in this case, the deadline is three months after the date…Read More

Posted in: Allowance | Benefits | Helpful Tips | Tax | VAT

Marriage Allowance
  • Marriage Allowance

Marriage allowance is a government scheme which provides tax relief to married couples. Marriage allowance allows you to transfer 10% of your personal allowance, £1,250 in the current 2019/20 tax year to your spouse or civil partner, which could save you up to £250 in tax. Marriage allowance can be backdated up to 4 years.…Read More

Posted in: Allowance | Benefits | Helpful Tips | Tax

Abbie’s ten tips to extract £65,000 of funds from your Ltd Company
  • Abbie’s ten tips to extract £65,000 of funds from your Ltd Company

If you are a limited company director and owner, you should prioritise working out the most tax-efficient methods to draw funds from your company. Below are some useful tips you can use to extract profits tax efficiently from your limited company: 2019/20 Basic director salary Take a director salary of £8,460 to pay a small…Read More

Posted in: Allowance | Benefits | Companies | Helpful Tips | Tax

Private Residence Relief – Changes from 6 April 2020
  • Private Residence Relief – Changes from 6 April 2020

Private Residence Relief (PRR) is designed to keep out of Capital Gains Tax (CGT) those gains or losses that arise when a person sells or otherwise disposes of a dwelling that has been used as their only or main residence. In the 2018 budget, the government announced the following changes: the final period exemption will…Read More

Posted in: Benefits | Helpful Tips | Tax

Have you ever been an Entrepreneur? There’s a relief for that
  • Have you ever been an Entrepreneur? There’s a relief for that

If you have been skilful or lucky enough to build a business and now think it’s time to pack up or sell, Entrepreneur’s Relief could be the answer for you. While there is more to cover than in this blog, this should give you a beginner’s guide to the Entrepreneur’s Relief. Why use it? On…Read More

Posted in: Allowance | Benefits | Companies | Helpful Tips | Tax

Implications of Capital Gains Tax
  • Implications of Capital Gains Tax

Selling of residential property and the implications of Capital Gains Tax Selling a property and the associated tax implications can seem very daunting to many homeowners, however, the aim of this blog will be to simplify and explain the most common type of reliefs and deductions available to help you better understand your possible capital…Read More

Posted in: Helpful Tips | News | Tax

Changes to IR35- Expected April 2020
  • Changes to IR35- Expected April 2020

IR35 is the off-payroll working rules for clients, workers and their intermediaries. The legislation was designed to assess whether a subcontractor is actually acting as a subcontractor, or whether they are a ‘disguised employee’. By establishing this, HMRC can then ensure tax avoidance is not happening. Current legislation Under the current IR35 rules, the off-payroll…Read More

Posted in: Uncategorised

VAT – Health Professionals providing Medical Services
  • VAT – Health Professionals providing Medical Services

Accounting for VAT on goods and services provided by registered health professionals, including doctors, dentists, and physiotherapists might not be as straight forward as you initially thought, particularly where the business is operating as a Limited Company and there are workers providing medical care. A ‘health professional’, is accepted by HMRC to mean the following…Read More

Posted in: Tax | VAT

Zapier – What is a Zap?
  • Zapier – What is a Zap?

Zapier is an online workflow automation tool that allows you to connect your apps and services together.  You can connect two or more apps together with an “If X happens, do Y” structure, to automate repetitive tasks that currently cannot be automated due to lack of integration ability between the two apps.  This is where…Read More

Posted in: Helpful Tips | News

VAT Reverse Charge
  • VAT Reverse Charge

VAT reverse charge on building and construction services Now is the time to prepare your CIS registered clients for this change. VAT reverse charge comes into effect on 1 October 2019. It is a major change to the way VAT is collected in the building and construction industry. From this date, the customer receiving the service…Read More

Posted in: Helpful Tips | Tax | VAT

Inheritance Tax Planning
  • Inheritance Tax Planning

Save on Inheritance Tax by making pension payments into a Self-Investment Pension Plan (SIPP) Funds held in a Self-Investment Pension Plan (SIPP) on the death of the member may be transferred to the ‘nominated beneficiaries’. The member should complete an ‘expression of wish’ form for each pension plan stating to whom they wish the benefit to…Read More

Posted in: Benefits | Helpful Tips | Pension | Tax

Robert Kiyosaki

The word accounting comes from the word accountability. If you are going to be rich, you need to be accountable for your money.

Robert Kiyosaki