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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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You may need finance to get your business started, or seek an injection of capital further down the line once your business has grown. Below, we look at how most small business owners raise funding. Friends & Family Many small businesses get started with help from friends and family.  Whilst borrowing from people close to […]

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Most limited companies and self-employed people have some type of insurance cover in place. In this blog, we look at which business insurance expenses can be legitimately claimed against your firm’s profits. Reclaim insurance expenses As with all types of business expense, you can claim for the cost of insurance policies if you can show […]

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