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Our News page is updated daily and the news feed is supplied by Sift media who are well respected writers in the industry.  If you are interested in new laws, guidance and reports on anything that is happening in Government that could affect your business, these posts -will be useful. You can also sign up to receive them in your inbox.

Zero Rated VAT items

Zero-rated VAT is applied to things like food, children’s clothes, and books etc. Also if selling abroad, say to the US, your goods will be Zero-rated. If you are VAT registered, you can reclaim the VAT on your overheads and...

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Should I register for VAT?

You must register for VAT when your turnover reaches £85,000 in any 12 month period. VAT registration must take place 30 days, following the end of the month in which the threshold was reached in which to register. From that...

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What is a Business Partnership?

When 2 or more people go into business together it is a Partnership. There should be an agreement on how to split profits and who does what (essential when a partnership splits up). Simply advise...

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How much can I earn before paying income tax?

Every person who is resident in the UK is given a personal allowance each tax year. It operates as follows: The personal allowance is the amount of income you can receive before paying tax – and it generally increases each tax year.  For the 2019/20 tax year, it is...

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Do you need to submit a Tax Return?

You need to submit an Income Tax return if HMRC send you a Tax Return to complete or, if you know that you have income tax or capital gains tax to pay. However, HMRC have a list of further circumstances where a Tax Return should be prepared, including: Your income...

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How Limited Company Dividends work

When a Limited Company makes profit it can pay the profit out to its owners by Dividends - which are paid out in proportion to the shares held by the shareholders.  Someone with 100 shares will be paid...

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What is s.455 tax on overdrawn Director’s Loan accounts?

This tax is the result of an overdrawn Director’s Loan Account (DLA).  Here is a brief explanation of how they can arise; the implications, and what to do. An overdrawn Director’s Loan Account (DLA) can often arise accidentally when a Director/shareholder takes money...

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Can I make myself redundant from my own limited company?

Oh no! It’s a bit like trying to sue yourself!  As a Director/Shareholder of your own Company, you’ll have no employment contract, so can’t make yourself redundant. Also, as a Director you have a legal duty to act in the interests of the Company - which this clearly...

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What is a VAT assessment?

The reason for HMRC sending you an assessment is that you are late submitting your VAT Return. If you pay the assessment you could wait a very long time for them to correct the amount after you send in your Return, which is especially annoying if they owe you money!...

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Should we set up our family business as a Partnership

There are many reasons for not choosing a Partnership in your position, for instance: They are less tax efficient than Limited Companies Partners must pay Class 4 National Insurance All Partners are responsible for all debts Partnerships can result in disagreements if...

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We are very happy to meet you to discuss your business or even your idea for a business. We will advise you on the most tax efficient structure if you are setting up and we can review your business if you are already trading.

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