Tax implications of a garden office

Tax implications of building a garden office on the company and director A garden office is a popular alternative to converting home space into a home office. Whether the garden office is built before you move in or is built yourself after you move in, the tax implications are the same. The building The building…Read More

Incorporating a Limited Company

The benefits of Incorporation If you’re currently a sole trader and your annual profits are high, it might be time to think about incorporating your company. Incorporating your sole trade into a limited company comes with many benefits as well as being an efficient way to save you money on tax each year.As you’ll know,…Read More

Care relief

Qualifying care relief  Carers typically receive income from various sources for looking after children and adults who are placed under their care – this income needs to be declared to HMRC via a self-assessment tax return.  However, carers can claim what is known as qualifying care relief whereby the payments they receive for the children placed in their care are not taxable, up to a certain amount. …Read More

VAT margin schemes

The VAT Margin scheme is when you charge your customers VAT on your sales, without incurringunfair VAT liabilities on the sales that are eligible for a margin scheme. This is because HMRC hasintroduced a fairer way to declare the VAT on sales for businesses that do not incur VAT on theirpurchases. How it works Usually,…Read More

Self-Assessment- Less than 1 month to go!

With the 31st January self-assessment deadline looming, now might be a good time to finally get around to preparing and submitting to HMRC! Here we will discuss:  Who needs to file a tax return  What you need to include  What happens if you are not registered but need to file  Late filings & penalties  How to…Read More

60% Pensions relief

Since 6th April 2010, high-income individuals (earnings between £100,000 and £125,000) have been required to forfeit their personal allowance by £1 for every £2 of income earned above £100,000. This means that once an individual’s adjusted net income is above £125,000, the personal allowance of £12,500 (19/20) will have been reduced to nil. Does this…Read More

Working from home allowance

We suspect that many of you have been working from home over the last few months due to obvious reasons. Did you know however that by working from home you can save money in tax? HMRC have a scheme in place which helps you cover the seemingly higher costs of working from home such as…Read More

Rollover relief

Replacement of business asset relief Rollover relief (ROR) allows the gain arising on the disposal of a qualifying business asset to be rolled over (i.e deferred) when the sale proceeds are reinvested in a qualifying replacement asset within a qualifying time period. This relief is both available to individuals and companies. For individuals   The…Read More

Cash Flow

Look after your cash flow and it will look after your business More so now than ever, cash is extremely important to the success of your business. As we slowly come out of COVID 19, it will be vital to make sure you are making the most of your cash reserves, support loans and managing…Read More

Tax Efficient Salary & Dividends 2021

Small-business owner-managers Do you want to know how to draw £50,000 from your company and pay just £2,663 in tax and NI whilst saving £1,726 in corporate tax? Or even better, do you want to know how to draw £50,000 from your company and pay just £3,023 in tax and NI whilst saving £2,375 in…Read More

Benjamin Franklin

Beware of little expenses; a small leak will sink a great ship.

Benjamin Franklin