All posts in Tax

How to stay on top of your business finances One of the biggest headaches that many business owners come across is managing to keep on top of their finances. Business owners can find it extremely stressful managing the company finances, as their financial position, really can be the making or breaking point for many small […]

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Another self assessment year finished on 31 January (final online submission date for the 2016/17 tax year) and HMRC has released its figures. 11,433,349 tax returns were due to be filed by midnight on 31 January and 10,637,761 (93.0%) were filed in time. There are around 745,588 self assessment tax returns still outstanding and if […]

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Scottish Budget 2017 Finance Secretary Derek Mackay delivered the 2018/19 Scottish Draft Budget on Thursday 14 December 2017 setting out the Scottish Government’s financial and tax plans. The announcement had been timed to take place after Chancellor of the Exchequer Philip Hammond delivered the UK Budget on 22 November 2017 in order to avoid ‘fiscal […]

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Are you part of a limited company distributing dividends to shareholders?  If so, there may come a time when one or more shareholders choose to wave their rights to their share.  Although this is perfectly acceptable, there are steps to follow so that HMRC does not view the waiver as tax avoidance. How does a […]

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1. What is “Making Tax Digital” Making tax digital was an initiative introduced by the government in the March 2015 Budget and was heralded at the time as the “death of the tax return”. It is the biggest shake up in the tax system since self assessment was introduced 20 years ago and is probably […]

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self employed

Without a doubt, setting up as a “self-employed” is the simplest and most popular way to structure a business. Sole traders account for over 60% of all businesses in the UK, with partnerships making up a further 9%. In this article we’ll explore the definition of a sole trader, with a focus on some considerations […]

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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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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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self employed

If you decide to become self-employed, either on your own (as a sole trader), or with other people (as a partnership), you will be responsible for working out and paying your tax liabilities to HMRC.   Unlike limited company taxation (where the company itself, and its owners are distinct entities), the personal and business financial […]

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Here are some tax and finance tips which could help you save money as a limited company owner. Dividends are not subject to National Insurance Contributions, which represents a significant tax saving compared to the sole trader route, where NICs are payable on all income. As a limited company director, you may consider paying yourself […]

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