Category: Updates

BREXIT: What does it mean for my small business?

The 31st of January 2020 is an important date for accountants for two main reasons…it’s self-assessment deadline day AND it’s Brexit Day, but what does the latter mean for us and ultimately our clients? I think it’s fair to say, no-one actually knows.  I for one, have read and re-read articles written by “experts” but none have […]

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Car leasing and VAT

HMRC rules state that you cannot claim VAT paid on the purchase of a car if there is any private use at all, this even means when commuting to and from your place of work.  There is of course the exception on cars used as taxis or for a driving school, you will still need […]

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Long-term tax planning and your children…

What was your dream when you set up your business?  Was it that you wanted to work for yourself and no-one else?  Did you dream that one day the business would be so much of a success you could pass it down to your children? What if we told you that you can pass some […]

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HMRC fuel rates

New rates. Updated advisory fuel rates (AFRs) from 1 September 2019 for fuel costs when using company cars. Engine Size Electric per mile Petrol per mile LPG per mile Diesel per mile Up to 1,400cc – 12p (12p) 8p (8p) – 1,401cc to2,000cc – 14p (15p) 10p (9p) – Up to 1,600cc – – – […]

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Employing family…tax dodge or genius tax efficiency?

“Employing” your husband, wife or children for the purposes of increasing your business costs and therefore reducing your tax liability has been widely used by businesses. Whether HMRC will wear it is another matter. Where do you actually stand if the Taxman challenges this decision? An expense normally has to be “wholly and exclusively for […]

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When should you transfer your business from trading as a sole trader to incorporating the company?

There are long-standing assumptions around when it will be more tax efficient to incorporate and we explore them hear.  By the virtue that even profits of £25,000 would be better off as an incorporated business as there is no requirement to pay Class 4 NI on dividends but you must weigh this up with the […]

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Top 10 Tax-Free Employee Benefits

Providing a simple way of remunerating your employees and to reward them for loyalty can create an administrative headache.  Finding the most efficient way that does not result in a PAYE tax or National Insurance liability for you or them can take up your valuable time. Q: What can I provide without creating a liability? […]

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Should I outsource my payroll?

How many hours a pay period does it take you to complete your payroll? With April 2019 bringing in many legislative changes in your business is payroll one thing you can clear off your desk and outsource it to a reliable service provider? Q: What changes are coming in April 2019? National Minimum Wages rates […]

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The best bookkeeping tips you’ll ever need

Running your business and doing what you do I easy right? Well actually yes, it is, if you’re good at making candles and selling them and you love doing it there’s nothing else to worry about it there? Keeping your books and records up to date isn’t important is it? Erm, it’s probably the MOST […]

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Why a shareholders’ agreement is the best way to protect your business

A good friend and colleague once told me these three valuable words – DEATH – DIVORCE – DISPUTE – and nothing can be truer in business.  Let’s look at the 10 reasons you as a shareholder should have an agreement drawn up between you and the other shareholders in your business. A shareholder agreement isn’t […]

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