‘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

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

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

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

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

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

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

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

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

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

Tax Relief

Tax Relief Tax relief means that the amount you spend on certain expenses is deducted from your total income. This effectively reduces your taxable income and therefore the tax you will have to pay. In some cases, such as pension contributions, it may mean that you get tax back in another way; some reliefs are…Read More

Gift Aid Donations and the effect on higher rate taxpayers

Gift aid is a UK tax incentive that enables registered charities to reclaim the tax element of donations made by a UK taxpayer, which effectively increases the total amount of the donation. Charities are able to claim back Basic rate tax of 20% on any donation you make which equates to an extra 25p for…Read More

Director’s loan accounts (DLA):

A director’s current or loan account is a way for directors to essentially lend money to or borrow money from their company. The director’s loan account (DLA) is, in essence, a record of all transactions that occur between the company and its directors. 1) Loaning money to a company: Director’s loan accounts are a usual…Read More

Personal Savings Allowance

The personal savings allowance (PSA) was introduced on the 6th of April 2016. Depending on your income, the PSA allows you to get up to £1,000 of interest tax free. The introduction of the PSA has resulted in the majority of people in the UK with income from savings no longer paying tax on this…Read More

Company Car Tax

Company cars are a great way for businesses to reward staff as a benefit on top of their salary, unfortunately, HMRC is aware of this and levies tax on the perk, this is referred to as a Benefit-in-Kind (BIK) as the car is seen as an additional taxable benefit. The amount of tax you pay…Read More

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Behind every good business is a great accountant.

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