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Tax
Did you know that mobile phones are eligible to be provided tax-free to employees? This means that the business gets tax relief while the employee pays no tax on the benefit. Find out more in our video. What conditions are there? The conditions of the tax exemption are: The mobile phone must be provided to […] (Read more)
Tax
We all make mistakes from time to time. But, if you’ve made a mistake on your Self-Assessment Tax Return, can you change it? The good news is that, if you have just spotted a mistake, then don’t panic. There are ways to amend it. Find out more in our video. Is it possible to amend […] (Read more)
Tax
Can I claim tax relief on my commute?  Can you claim tax relief for commuting to a temporary workplace? Watch our video for more information. What do I need to know? As you are probably aware, employees are not eligible to claim a tax deduction for the cost of travel between home and work. But […] (Read more)
Accounts Tax
Some taxpayers bury their heads in the sand and think that missing the 31 January deadline isn’t a big deal. But don’t be fooled, HMRC are very observant! If you let us handle your tax return efficiently and in good time, you’ll never need to pay more income tax to HMRC than is necessary, and […] (Read more)
Tax
If you travel on business, you can claim tax relief. This could be tax relief on buses, trains, planes, or from using your own car. watch our video for some handy hints and tips.   If you travel using some sort of public transport, you should keep receipts for any expense incurred. That would also […] (Read more)
Tax
Believe it or not, sometimes the taxman actually gives as well as takes, and it is possible for directors to enjoy a number of perks tax-free.  This can help directors or family members to extract profits in a tax efficient manner.  Watch our video to learn some of the most popular tax-free perks. Mobile Phones […] (Read more)
Tax
How often should I take dividends? When are dividends taxed? Since the 2016 dividend tax increase, many limited company owners have been interested in keeping their tax as low as possible.  The timing of the dividend declaration is a very important part of this strategy. Watch our video to learn more. When I declare dividends, […] (Read more)
Tax
You may be getting anxious if the Self-Assessment deadline is fast approaching and you still haven’t submitted yours. You may be thinking you don’t have enough time to complete everything in time but don’t despair. Watch our video to discover 5 easy ways to ensure that you are able to get your Self-Assessment Tax Return […] (Read more)
Tax
Did you know that mobile phones are eligible to be provided tax-free to employees? This means that the business gets tax relief while the employee pays no tax on the benefit. Watch our video to learn more about this. What conditions are there? The conditions of the tax exemption are: The mobile phone must be […] (Read more)
Tax
Can I reduce my tax bill by giving shares to my Husband or Wife? Watch our video to learn more. If you’re the owner of a limited company, you’ll pay tax on any income you personally take from the company. The first £2,000 of dividends each year are tax-free. Dividends are then taxed at 7.5% […] (Read more)
Start Ups Tax
When do I pay taxes as a sole trader? Watch our video for some useful guidance. If you have started your business up as a Sole Trader or as a Partnership, you will declare your revenue, all your expenses, your profits, and your capital expenditure on your Self-Assessment Tax Return each year. For a Sole […] (Read more)
Tax
Everyone loves a trier……except HMRC. Some people will try to claim for everything and anything in their tax returns. We’ve seen a few crackers ourselves. However, every now and then HMRC reveal some of the worst expenses claims in Tax Returns. In recent years, these have included: A 3-piece suite for a business owner’s wife […] (Read more)
Tax
If you travel for business, you can claim tax relief on the expenses. Usually, you would keep the receipts to prove expenditure but, to make things easier, you can claim a fixed amount that’s been agreed by HMRC. Watch our video to learn more. What are the rules? At its simplest, you can claim tax […] (Read more)
Tax
What taxes do I pay? The taxes you pay to HMRC come in two forms The first is DIRECT TAXES – these are charged on income, profits or other gains.  They are either deducted at source, for example payroll taxes, or paid directly to HMRC.  The main direct tax for Limited Companies is Corporation Tax […] (Read more)
Tax
PAYE stands for Pay As You Earn. It is the system for collecting income tax from your earnings or pensions during the tax year. Watch our video to learn more about PAYE. As with all forms of income tax the tax year begins on 6 April in the year and ends on 5 April in […] (Read more)
Tax
This is the tax charged on the income of Individuals, Sole Traders and Partnerships.  Income tax is assessed for each self-assessment tax year which begins on 6 April in the year and ends on 5 April in the following year. Watch our video to learn more.   Most people pay income tax through PAYE which […] (Read more)
Tax
This is a tax charged on UK resident companies based on their profits. The Corporation Tax rate is set annually by the Government and is set to rise to 25% in April 2023. You must register your company for Corporation Tax with HMRC within 3 months of setting up the business. Watch our video to […] (Read more)
Tax
Can I claim tax relief on Business Entertaining? The answer to this question depends on who the business is entertaining. To find out more information, please watch our video. What if I am entertaining Employees? If you are entertaining an employee of the business the answer is yes.  You can reclaim the VAT and claim […] (Read more)
Start Ups Tax
When starting up your own business, you want to make sure that you pay all your taxes on time. When it comes to paying your first tax bill, the date will depend on: Your chosen format of the business The accounting date of the business What your profitability is like And any capital expenditure you […] (Read more)
Tax
Logic states that the lower the taxable profit from your rental business, the less tax you will pay. Landlords are often unaware of the most common tax-deductible expenses. Getting this right is vital for many landlords, as allowable expenses are deducted from rental income and they have a direct impact on the taxable profit. Watch […] (Read more)
Tax
In the Spring Budget in March 2021, Chancellor Rishi Sunak announced that various allowances would remain at their 2021/22 levels until April 2026. Watch our video to find out more information. PERSONAL ALLOWANCE Increasing from £12,500 to £12,570 for 2021/22, the personal allowance has had an inflationary increase. This will be the last of the […] (Read more)
Tax
Many people sell a few goods or clothes on sites such as eBay and Depop. Or you might have a side-line hobby business. But, what are the tax implications and should you inform HMRC? Watch our video to find out more information. WHAT ARE THE BADGES OF TRADE?   You may occasionally sell an unwanted gift […] (Read more)
Tax
Covid-19 has caused many businesses a great deal of financial difficulty. Where a loss has been made, there are a variety of options available to ease the pressure with some financial relief. Watch our video to find out more information. Ensuring you are making the best use of a loss can bring some much needed […] (Read more)
Tax
MONEY is possibly one of the most important five-letter words.  We all want more money, but surely this means that you’ve got to put in more hours…which means less time with your loved ones? What if I told you it’s all about getting the right tax advice? It’s not about earning more, but making sure […] (Read more)
Tax
An income tax charge will generally arise where an employee, or a family member, is able to use a work’s van for private use. This will nearly always include home-to-work travel. Watch our video to learn more about tax on company pick ups. From 6 April 2020, the flat-rate van benefit charge crept up once […] (Read more)