Category: Tax

Autumn Budget 2018 – how it affects your business…

autumn budget

This time last week we were absorbing the Chancellors Autumn Budget 2018 and overall it contained a lot of positives for small business owners. Here are the key points from the Chancellor’s speech and how they may affect you and

Posted in Tax

When is a cake, not a cake?

VAT registration

When it is a biscuit! True… No VAT is charged on plain biscuits or cakes. But when a biscuit is covered in chocolate it becomes a luxury and standard rate VAT at 20% is added to the price. Mcvities, famous

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Tax-Saving Tips for Small Business Owners

tax-saving

Anyone running and owning a small business will tell you this one thing “be careful with tax – it’s not straightforward!”, in fact, it can be a real minefield for the unprepared. However, taking time and working closely with a

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Is it ever too early to submit your tax return?

tax return

Sole traders across the UK will notice letters from the taxman dropping through their letterboxes in the days ahead, reminding them that the tax year has ended and it’s now time to file their Self-Assessment Tax Return. Of course, the

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Tax Deductions – Are you losing out?

tax deduction

When completing your tax return a good accountant will check that all of your tax deductions are included. Sadly, however, some are less pro-active and will simply process the details you give them, without looking for extra tax savings. So,

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Spring cleaning for the new tax year

spring cleaning for the new tax year

The new tax year will start on 6th April 2018. Tax years are normally referred to by the two years that they span over, so the new tax year will be “2017/18” and when you’re running your own business, the

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Accountants: Not just here for Tax Returns!

tax returns

January, the time when everyone gets themselves in a tiz about their self-assessment tax returns. But imagine you had someone on hand all year, not just January, keeping on top of your numbers, making sure you keep more of the

Posted in HMRC, Tax, Tax Returns

Tis the season to be jolly (and tax free!!)

tax free

Did you know that HMRC seasonal rules allow employers to throw staff a tax free Christmas party!! It’s true – the seasonal allowance can be used to subsidise employee food, drink, travel or accommodation. Employers have been reminded that in the

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HMRC – Credit Card Crunch!

credit card

HMRC will no longer be accepting credit card payments when you pay your self-assessment bill. From January 13, self-employed, sole traders and company directors will no longer be able to use their own personal credit card to pay their self-assessment

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VAT: Know the Facts

VAT Facts

All businesses which have an annual turnover of more than the current VAT threshold (£85,000) must register for VAT and complete a quarterly VAT return, once your business is registered you must do three things: You must charge VAT (20%)

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