As we approach the end of another tax year, its time to consider the things you should be doing to ensure you don’t lose out on the allowances and tax planning opportunities available to you. Many of these are specific to your individual circumstances but are worth considering and raising in [...]
After listening carefully to the Budget today, we can report on the headline announcements and how they affect you as a business owner. As usual, the detailed nuances will become apparent over the coming days, but this newsletter contains the highlights. This was always going to be a balancing act for Rishi, as [...]
What's the roadmap for lifting lockdown? There is finally light at the end of the tunnel! Boris made his lockdown roadmap announcement on Monday 22nd February - here is a brief breakdown of what is to come: For the full story, click here. Stamp duty holiday 'to be extended until end [...]
Salary sacrifice is an agreement to reduce an employee’s entitlement to cash pay, usually in return for a non-cash benefit, such as providing the employee with an asset or healthcare. As an employer, you can set up a salary sacrifice arrangement by changing the terms of your employee’s employment contract. Your [...]
For many years, the standard advice from accountants has been for Directors to pay themselves a salary and for shareholders to take dividends. Often in small companies, the Directors and Shareholders are the same people. This approach minimises the tax liability because dividends are taxed, or have been in the past, [...]
Information has been published by HMRC concerning the process for repaying VAT deferred by businesses during the first lockdown. To defer your payments, you will have to opt into the VAT Payment Deferral Scheme when it opens on 23rd February. We, as your agent, cannot opt into the scheme for you. [...]
VAT, or Value Added Tax, is known as a sales tax because it’s added to the sales your business makes. Most businesses can reclaim the VAT they suffer, so VAT is a tax on the consumer or the end user of a product or service. As a business who makes taxable [...]
If you are CIS registered and VAT registered, then from the 1st of March 2021 there will be changes to the way you account for VAT. This blog investigates these changes and what they mean for your business. The changes mean a VAT-registered business, which supplies certain construction services to another [...]
HMRC collected £1.4 billion in fines and penalties in the year to 31st March 2020. These are entirely avoidable penalties for late tax returns, unpaid tax etc. Companies House also collected millions in late filing penalties. To be forewarned is forearmed, so it is good to know the range and scope [...]
One of our most frequently asked questions is “Can I give shares to key employees? And what are the tax implications of this?” Why do you want to do this? The answer is yes you can give your employees shares, but before we investigate how, we should look at your reasoning [...]
