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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.
What expenses are not deductible for tax purposes?
Here is a list of certain expenses that aren’t tax deductible – but which regularly get claimed, or questioned, by clients: Clothing Unless it’s protective clothing, or a uniform, clothing is not tax deductible. Spectacles Eye tests are claimable for workers using...
I earn less than £10,000 from self-employment. Do I have to register for anything?
Yes, is the short answer. You certainly must sign up for Self Assessment with HMRC if you earned more than £1,000 through self-employment. Once you register for Self Assessment, you will be given a Unique Taxpayer Reference number as proof that you are a...
What is a Shareholders’ Agreement and when is one needed?
A Shareholders’ Agreement is a private agreement – generally drawn up by a lawyer - between some or all of the shareholders of a Company. It documents information about the relationship between the shareholders; what will happen in certain eventualities (e.g....
How do I change the ownership split on a buy-to-let property?
When a property is owned by a couple (married or civil partnership), if they change the ownership from 50:50 to another ownership split, then a form (Form 17) must be submitted to HMRC within 60 days of the transfer. This must be sent with evidence of the new split...
Tax rules for Christmas parties
It’s that time of year when most employers arrange a Christmas Party for their staff. The rules around tax relief for Christmas parties are fairly generous so long as the party is open to all employees and not just directors/management. Party costs (including travel...
Starting a business checklist – 20 things to consider
When starting a business there are a lot of things to think about and a checklist can be useful. The checklist below is not exhaustive but it does include tasks that are sometimes overlooked by people starting out in business. It is always worth talking to an...
What is a director’s loan account?
Many directors/shareholders borrow money from their Companies but, as long as they repay it within 9 months of their following accounting year end date, there are no great tax implications. If it is not repaid by that deadline, a law called s.455, says the Company...
Should I pay myself extra salary or extra dividends?
Generally, for small Companies, dividends are still more tax efficient than salary because they avoid 13.8% Employer’s National Insurance plus, possibly, 12% Employee’s National Insurance. So usually it’s better to vote, and pay dividends – but it depends on your...
Can HMRC collect unpaid tax from my salary?
HMRC can collect outstanding tax via an employed tax code after a Self-Employed business fails.
Common mistakes made in Self-Assessment Tax Returns
Common errors and information that people forget to include on their Self-Assessment Tax Returns
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