When opening a business, your goal will be to achieve as much success as possible, especially with your turnover. As a business owner, you will have an obstacle by the name of tax, and you will probably be familiar with the corporation tax which you pay on the profit made. Once your business’ turnover (VATable) exceeds £85,000 per ...read more
Planning on building or updating the website for your company? Not sure how to account or tax the website development costs? Does it go under profit and loss and count as an expense? Or does it go on the balance sheet and count as an asset? Haven’t a clue how to answer those questions? Don’t worry, you’ve come ...read more
ATED is an annual tax charge on Enveloped Dwellings payable by companies, partnerships with corporate members and collective investments vehicles that own a UK residential property valued at £500,000 or above. When do I need to submit my ATED return and are there any penalties? If the property falls within the ATED charge, a return must be submitted to HMRC by ...read more
Leading up to yesterday’s Budget there was speculation that Philip Hammond would announce some major shake-ups to certain aspects of the taxation system. This was fuelled by the Budget earlier in the year being relatively uneventful and the political environment having changed substantially in the months since then. However, save for one change, the Chancellor of the Exchequer delivered another ...read more
Now that the Christmas tree has been removed and the decorations packed away, it’s that time to face the dreaded task you’ve been putting off all year – your personal tax return. For those of you doing this for the first time, it might seem daunting, but we will hopefully ease some of that and run you through the whole process ...read more
The New Year’s resolution is an age-old tradition whereby, at the start of a new calendar year, people set themselves a goal (or sometimes multiple goals if they are feeling particularly greedy), be it changing an aspect of their lives or perhaps achieving an objective. Invariably, the life-span of the average New Year’s resolution is similar to that of the ...read more
Childcare Vouchers offer a highly tax-efficient way of remunerating employees with children, and could save them as much as £930 over the year. What's more, employers also save on their employer’s national insurance costs. It's a win-win situation for employers and employees. Check out our infographic below for the key info:
One of the announcements in this week’s Autumn Statement is the planned introduction of digital tax accounts. 10 million individuals and 5 million small businesses will be the first to have access to their accounts from early 2016, and by 2020 the rollout will include all individuals in the UK. The digital accounts will essentially be a ‘one stop shop’ ...read more
A tip or gratuity is an amount of money that is paid, voluntarily, by a customer or client in addition to the sum they are required to pay for the good or service they have received. The voluntary aspect is the key distinction between a tip and service charge, which is compulsory. If you work in an industry in which ...read more
Since 2006, dentists have been able to incorporate their businesses, and many have chosen to do so because of the benefits it can provide. However, some dentists discovered that the contracts they had with their local NHS trust could not be transferred to the newly created company. One solution to this problem is to continue to run both the old ...read more
