Posts by Mark

OFF-PAYROLL WORKING RULES GOING AHEAD The draft Finance Bill clauses issued for consultation on 11 July include legislation to extend the “off-payroll” working rules to the private sector from 6 April 2020. These changes will have significant implications for workers providing their services through personal service companies and also the end user organisations that engage […]

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A STAFF SUMMER PARTY CAN BE A TAX-FREE BENEFIT Your organisation may have an annual Christmas party for staff, but the tax rules also allow staff parties at other times of the year which are a tax-free benefit if certain conditions are satisfied. The exemption applies to an annual party (for example, a Christmas party), […]

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When starting up your own business, the alternative to setting up a limited company is to register as a sole trader or become a member of a partnership. If you decide to trade as a sole trader then you will be classed as ‘self-employed”. The following guide advises how to register as a sole trader […]

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DOCTORS LOBBYING FOR PENSION TAX CHANGES Hospital doctors and GPs are lobbying the government to amend the pension tax rules as the current system of restricting tax relief on pension contributions means many doctors paying almost all of the extra salary back in tax if they take on additional responsibilities or work additional shifts. This […]

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Success is often measured by increasing profitability of a business. A business can feel stagnant if the profitability isn’t increasing. There isn’t a need to make massive changes like hiking up prices or cuts such as reducing headcount. You can make small changes through various methods that will aid your business and boost your profits. […]

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EXTRACTING PROFIT FROM THE FAMILY COMPANY The start of the new tax year means that shareholder/ directors may want to review the salary and dividend mix for 2019/20. The £3,000 employment allowance continues to be available to set against the employers national insurance contribution (NIC) liability which means that where the company has not used […]

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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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Tips on managing invoicing for your small business Your newly formed business may have a fantastic product and high-value customers, however if your clients don’t pay for your product and services then your business could soon fail. Managing your invoicing is therefore a crucial part of running your business. To benefit your cashflow you must […]

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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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