Latest Top Tips
Please check our latest advice and tips on all things surrounding taxation and accounting.
PAYING FOR PENSION ADVICE FROM YOUR LTD COMPANY
For the most part, company expenses need to be related to the trading activity to be allowable for corporation tax relief and if they affect an employee (including directors), there...
Corporation Tax Rise & Floating Tax Rate
The main rate of corporation tax rises to 25% from 1st April 2023 for profits >£50,000.
CGT TAX CHANGES 2023 & 2024
As you may know, everyone benefits from an annual tax free allowance on all Capital Gains, called ANNUAL EXEMPTION.
SEPARATING AND DIVORCING COUPLES - SHOULD YOU DELAY UNTIL AFTER APRIL 2023
Back in February 2022, I reported on tax issues affecting separating and divorcing couples; (you can see the full blog post on my website under latest top tips).
CAN COMPANY DIRECTORS ENTERTAIN THEMSELVES
Some clients like to have a few 'business lunches' amongst themselves throughout the year, so what is the tax position.
INHERITANCE TAX RECAP (IHT)
As property values climb, you may be wondering about your IHT exposure. Basic principles recap:
Repairing Recently Bought Asset and tax relief
If you bought a second hand car, machinery or property cheap because of its poor run-down condition, you might think when repairing it, you can claim this as a cost...
APRIL 2022 MINIMUM WAGE
NMW National Minimum Wage / NLW National Living Wage - increase from April 2022
Is lending to your company tax efficient?
Can you lend £ to your company and charge it a higher interest rate to generate more income, and would doing so be tax efficient?
TAX ISSUES WHEN SEPARATING & DIVORCING
Any couple separating or divorcing is a very stressful and worrying time, but delays in getting advice or notifying your accountant can have costly tax implications.
TAX EFFICIENCY
When your business is low on funds and you need to buy some equipment, you may be tempted to pay for it yourself; DON'T.
POST COVID TAX RISES
We have had some Autumn annoucments, some of which you may have heard on the news.
WHEN IS A TAX FREE DIVIDEND NOT TAX FREE
As many people know, currently, everyone benefits from a tax free dividend allowance of £2000 p.a.
JUNK FOLDER PROBLEMS
All email providers have a junk or spam folder, however the settings can be quite different between your email providers.
AVOID 'GIFT AID' TAX TRAP
As you probably know, making charity donations with 'GIFT AID' enables the charity to claim additional money from HMRC equivalent to your tax saving.
VAT IN CONSTRUCTION SCHEME CHANGES March 2021
1st March 2021, there is a change in they way VAT is charged within the construction industry.
AIR BnB DISCLOSES YOUR INCOME HMRC
AIR BnB has done a deal to disclose all their customers' earnings directly to HMRC.
BREXIT BANKING - UK BANK ACCOUNTS AND CREDIT CARDS CLOSING
Recently many UK banks and credit card companies sent letters to Ex-Pats living within the EU that their UK bank/credit card will be closing and they will no longer offer...
TAX INVESTIGATION INSURANCE
If you are concerned about how much it will cost to defend and HMRC tax inquiry even if you have done everything right, then there is a solution.
DO YOU USE AN EMAIL SUPPLIED BY YOUR INTERNET PROVIDER
Most Internet Service Providers (ISP's) supply a free email service as part of your overall subscription e.g.
BANK STATEMENT FREQUENCY ISSUES
Bank statements are often not produced at convenient times. Solution is to change the statement frequency and or move the statement run date.
VAT & PURCHASE OF PPE
Personal Protective Equipment (PPE) are products so are normally classed as standard rated for VAT meaning 20% vat is charged.
TAX OPPORTUNITY DURING THE CORONAVIRUS
Whilst we are in the mist of the global crisis, many stock markets have fallen. If you intend to give away any assets at some point to family members, such...
CGT CHANGES APRIL 2020
In April 2020, we see a big change in Capital Gains Tax (CGT) on Residential Properties that affect rental properties and second homes, including any property you live in now...
NEW OPPORTUNITY FOR COMPANY CARS
Operating through a limited company, you have the option of a company car. In most cases the Benefit-In-Kind (BIK) tax cost is greater than the tax saved by the company.
OVERDRAFT REFORM – YOU MAY BE FAR WORSE OFF
There is a major bank overdraft reform about to be in place by April 2020. Martin Lewis (money saving expert) has been campaigning on this subject as well as some...
GDPR ARE YOU PROTECTED
We all remember all of those annoying emails that arrived May 2018 with the update privacy policies to comply with GDPR.
Christmas gifts and VAT
The festive season means that your clients may be hosting parties for staff, and possibly clients.
URGENT AMAZON SCAM TO BEAWARE OF
New scam that has emerged; Amazon telephones you to say there is a problem with your Amazon prime account.
IS YOUR MOBILE UP TO DATE - CHANGES TO ONLINE CARD AUTHORISATION
From 14 September 2019 new regulations will require all commercial and personal card issuers to add additional authentication to their online payment systems. What must you do before that date?...
ARE YOU MAKING THE RIGHT DISCLOSURES ON CORRESPONDANCE
When email took off in the 90's, it was used as informal communication compared to formal letters. Through the 00's & 10's it has become a major form of communication.
CGT CHANGE ON RENTAL PROPERTIES
THE UPCOMING CHANGE WILL ONLY AFFECT THOSE OWNERS WHO HAVE LIVED IN THE RENTAL PROPERTY AT SOME POINT.
Tax relief for being a club supporter
You want to help the local sports club that your kids are involved with. If your company provides sponsorship you’re aware that HMRC often challenges tax relief.
NEW SCAM THAT CAN AFFECT ANYONE
Many self-serve till's now ask if you want your receipt. Now till staff are asking if you require your receipt.
BUDGET UPDATE
INCOME TAX ALLOWANCES – increasing the personal allowance £12,500 and 40% tax threshold £50,000. This is not new but it is being implemented sooner from 2019 instead. Good news.
DIRECTOR'S LOANS - THE IMPORTANCE OF PROPER PAPERWORK
Company loans can be a useful perk, but there can be two tax charges (if you own >5% of the share capital).
Amnesty on Undeclared Income
Update. HMRC’s Agent Update 64 calls upon accountants and tax advisors to check whether any of their clients need to make a disclosure under the requirement to correct (RTC) initiative...
Staff Holiday - Pay in lieu if they choose not to take holiday?
If an employee chooses not to take their full annual leave entitlement, same advice if you are the employee.
Disposing of IT & Phones Post GDPR
As I am sure you know, on 25th May 2018 the new GDPR rules came into force for customer/client's data.
Grab some extra tax-free perks - Limited Companies
Take advantage of the trivial benefits exemption for this year. What can you spend your company’s money on tax and NI free?
Scam phone recording impersonating HMRC
On BBC's money box programme on Feb 10th, they played a recording the presenter received from a fraudster reporting to be from HMRC.
Card surcharges banned from 13th January 2018
Currently, businesses can apply a surcharge with debit & credit card payments; e.g. popular with travel companies & road tax.
Scam warning Connected to Ring Fencing (Banking)
Don't let fraudsters take money from you or your loved ones; if not already, this month you will receive letters from your banks and credit cards.
OPEN BANKING - WARNING
January 2018 open banking comes into force. Opening banking is where 3rd party companies will be able to review your banking transactions so they may provide you with more tailored...
Company Finance Options
All in one place. A new comparison website, has been launched for small companies and LLPs that are looking for finance.
Company Life Insurance Policies
How to pay for a life insurance policy without incurring Benefit-In-Kind tax?
Company Pension Payments Save Tax
Anyone who owns a limited company is now fully aware of the extra tax on dividends we have to pay now.
Rent-a-room Allowance Increases
Rent-a-room relief increases from £4250 to £7500 p.a. From 6th April 2016.
Open water for businesses
From 1 April 2017 most businesses can buy supply and waste water services from any regional provider. Water retailers are keen to attract new business and competition is high.
VAT advice
As of 1st April 2017, the Flat Rate Scheme FRS changed for the worse. Most people, who use the Flat Rate Scheme, do so because they save money, because they...
Email Efficiency
Hello everyone, I would like to improve and streamline my communications with you (and this would probably help with your own email efficiency as well).