Tax

Are you borrowing or planning to buy assets from your business? If so, you need to be aware of the benefit-in-kind rules and what you may be charged for buying this asset. #tax #accounting #businesstips There will be occasions where you want to buy, or borrow, a piece of equipment from your business. But did you know that...

Tax won’t be top of your mind when going through a separation. But changes to the post-separation window rules mean it’s sensible to have a conversation with your tax adviser ASAP. We’ll advise you on the changes and help you plan. #tax When you separate from your partner, tax is probably the last thing on your mind. But,...

Are your kids hoping ‘The Bank of Mum and Dad’ will finance their first home? Come and talk us. We’ll run you through the options, the tax implications and the planning that’s needed. #BankofMumAndDad #BOMAD #property #funding Finding the deposit for your first house can be a struggle, and many millennials and Gen Z zoomers are turning to...

Are you VAT-registered? Are you complying with the regulations when sending out VAT invoices and claiming against supplier invoices? We’ll give your invoice process a review to make sure you’re ticking all the boxes #tax Whether you’re selling or buying, it’s important to make sure that any VAT invoices you issue or receive comply with the strict VAT...

HMRC’s new penalty regime begins in January 2023 for VAT-registered businesses. Are you ready for the points-based scheme? Talk to us about the impact for your business. #tax #HMRC HM Revenue & Customs (HMRC) is about to update and change its penalty regime – and these new penalties could affect your tax submissions as early as January 2023....

There may be occasions where your company makes payments on behalf of a client. These payments are known as ‘disbursements’ and have to be treated correctly for VAT purposes. If your clients are not able to reclaim all their VAT on purchases, it can be beneficial to show these disbursements separately on your invoices. We’ll explain how this...

When you decide to get married, tax planning is probably fairly low on your list of romantic requirements. But making use of the Marriage Allowance can actually reduce your tax bill by £250, and can often be overlooked when thinking about your wealth planning. Who qualifies for the Marriage Allowance? The allowance applies to married couples and people...

When first setting up your business, there are multiple decisions to make – and a key consideration will be whether to register the business for Value-Added Tax (VAT), the tax that’s added onto the price of certain goods and services. When does VAT registration become mandatory? When your business’s turnover reaches £85k over any rolling period of 12 months,...

As we start to recover from the worst effects of the Covid 19 Pandemic, many owners, directors and self-employed individuals remain concerned about having enough funds to pay their self-assessment income tax bill. The good news is that HM Revenue & Customs (HMRC) does have a facility for spreading out your income tax payments. HMRC’s ‘time-to-pay’ arrangement allows you to...

When you are self-employed, as the director of your own limited company or a sole trader, claiming business mileage is essential! As an allowable business expense, claiming business mileage means you can reduce the amount of tax you need to pay. ‍Recording your business mileage and understanding the records you need to keep can be challenging for new business owners,...