How does the flat rate VAT scheme work? There are numerous different VAT schemes available to companies, depending on financial profile. In order to simplify the accounting process, the flat rate VAT scheme was created. This allows business owners to pay VAT on a percentage of turnover , as opposed to individual transactions. Under this […]

Keep reading

LIQUIDATING A COMPANY – IS IT A CAPITAL GAIN? One of the anti-avoidance measures being introduced by the latest Finance Bill potentially changes the way that certain payments to shareholders will be taxed. This may result in payments following some company liquidations being taxed as dividends instead of capital gains. The Government is concerned that […]

Keep reading

Such a grey area, let’s look at how entertainment expenses for your staff and clients are treated from a tax side of things. This includes the rules around having staff parties and prospect / client entertainment e.g. treating potential clients to lunch. Entertainment Expenses In the majority of circumstances, the cost of entertainment is not […]

Keep reading

BREXIT – WHAT ARE THE TAX IMPLICATIONS? One of the main reasons that individuals voted “leave” was to restore fiscal sovereignty to the UK so that we are able to set our own laws, in particular tax law, without interference from Brussels. Significant tax changes currently require “State Aid” approval and we have seen many […]

Keep reading

How to claim home office expenses Are you self employed? If you work from home, did you know that you can claim for a large range of “office” expenses against your tax bill? Read our advice below for a full rundown of exactly what you can claim – be careful though, you must ensure that […]

Keep reading

Company law dictates how many individuals must be appointed to run limited companies in the United Kingdom. In previous years, private limited companies had a requirement to appoint a company secretary as well as a company director. The good news is, since 2008, a private limited company can be run with the appointment of just […]

Keep reading

SHOULD I USE THE VAT FLAT RATE SCHEME FOR MY SMALL BUSINESS?  The VAT Flat Rate Scheme is intended to simplify VAT accounting and reporting for small businesses, and some may even find that they pay less VAT than using normal VAT accounting. To join the scheme your VAT turnover must be £150,000 or less […]

Keep reading

Choosing the name of your company is an important task when you set up your new business.  The name of your business will convey the image that you want to give so it is key that you give due time to ensure you get it right.   It is easy enough to alter the name […]

Keep reading

If you are a limited company director, you are liable to pay both employers’ and employees’ National Insurance Contributions on any salaries you pay above the current threshold. Although National Insurance Contributions were originally intended to fund the costs of illness, unemployment, and health projects, in recent years successive Governments have sought to increase NICs […]

Keep reading

A frequently asked question by company directors is which pre-company formation costs can be claimed back once the company has been incorporated? Pre Startup Incorporation Expenses Reclaiming expenses According to Section 61 of the Corporation Tax Act 2009 (CTA 2009), assuming any pre-trading expenses are legitimate,  “the expenses are treated as if they were incurred […]

Keep reading
Prev167891011Next