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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.
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...
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
What is the difference between Cash accounting and Invoice accounting for VAT?
Comparison of benefits of each scenario when using Cash or Invoice based accounting.
What is the difference between tax avoidance and tax evasion?
The phrase ‘Tax Avoidance’ has become associated with dirty practice. This is because certain celebrities have avoided Income Tax by being paid via things like offshore Trusts - which has led some politicians to moralise about it. These practices are not necessarily...
Why should I register for VAT?
There are generally two reasons to register for VAT: Compulsory: When your sales exceed £85,000 in a 12 month period. Voluntary: If registering your business for VAT will be a benefit to you (the benefit is that you can reclaim VAT paid on supplies and expenses). If...
Bookkeeping for new businesses
When setting up a business it is important to make sure that your bookkeeping system is suitable for your type of business – and also for your skills. It should enable you to extract useful information (e.g. how much money have I got in the bank; who owes me money?)...
VAT rates in the construction industry (0%, 5%, 20%)
There are occasions when plumbers – and, indeed, anyone in construction can charge VAT at 5%. But what are the rules? Standard rate of VAT – 20% Generally, plumbers charge VAT at 20% on: Most domestic repair and maintenance work Work to newly-built structures that...
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