Posts by Mark

NO TAX CHANGES ANNOUNCED IN SPRING STATEMENT Despite the continuing uncertainty surrounding Brexit the Chancellor delivered his Spring Statement on 13 March. The purpose of this statement is to update the House of Commons and the country on the state of the economy; it is not intended to include any major tax announcements, and none […]

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DON’T LOSE YOUR PERSONAL ALLOWANCE! For every £2 that your adjusted net income exceeds £100,000 the £11,850 personal allowance is reduced by £1. Pension contributions and Gift Aid can help to reduce adjusted net income and save tax at an effective rate of 60%. The restriction applies between £100,000 and £123,700 adjusted net income. Another […]

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Choosing an accountant for your small business Knowing how to choose the right accountant for you and your small business is crucial. An accountant can act almost as a business partner, a trusted peer who can provide guidance, especially in understanding complicated taxes and processes. For your business to grow, you will need a good […]

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NO DEAL BREXIT – WHAT ABOUT VAT? The Government and HMRC have updated its collection of high-level guides called “partnership packs”, intended to help businesses involved in importing and exporting prepare for changes to customs procedures after 29 March 2019 in the event of a “no deal” scenario. If the UK exits the EU without […]

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Do you need a dedicated business bank account? Once you’ve set up a new business, it is important that you have established banking facilities before you commence trading. The question is, can you use your personal bank account or are you required to create a small business bank account? The answer wholly depends on the […]

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NEW YEAR RESOLUTIONS TO SAVE TAX At this time of year we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end of the tax year on 5th April. An obvious tax planning point would be to maximise your ISA allowances for the 2018/19 tax […]

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How you can stay on top of your business finances One of the biggest stresses for small business owners is maintaining control over their finances. This is because financial security will determine the success and future of the business. Small business owners face many challenges ranging from building and sustaining a customer base to managing […]

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Christmas is the time for giving Those thinking about making gifts at Christmas should take advantage of the various inheritance tax (IHT) exemptions and reliefs available to them. Note that certain gifts can also have capital gains tax (CGT) implications.   THE IHT ANNUAL EXEMPTION – USE IT OR LOSE IT! Although not particularly generous […]

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The Basics of Limited Company Tax As a new business owner of a limited company, understanding Limited Company Tax plus any tax obligations is critical to your daily operations. When setting up your limited company you will encounter various types of tax, however don’t let dealing with these deter you. Owning your own company can […]

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MORE MONEY FOR NHS AND AN END TO AUSTERITY? As previously announced, these were the main themes of the Chancellor Phillip Hammond’s third budget but what we were waiting to hear was where the extra money was going to come from? Had he found a “Magic Money Tree”, or would tax and borrowing have to increase? We now […]

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