Posts by Mark

GOVERNMENT U-TURN ON PENSION TAX FOR DOCTORS AND OTHERS? In earlier newsletters we reported that hospital doctors and GPs were 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 […]

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The Scottish Government are providing grants of between £2000 and £4000 to help small and medium sized enterprises in Scotland manage a wide range of Brexit impacts. To qualify for the grant you have to be either a; VAT registered small to medium sized enterprise (basically this means less than 250 employees and less than […]

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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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