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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 to do if you have gone over the VAT threshold?

You should talk to an accountant urgently!  If at any point during a 12 month period, (good to review this monthly) your turnover exceeds the VAT threshold of £85,000, you must register within 30 days from the end of the month in which you went over the limit. If the...

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What is Gift Aid?

Tax relief: Gift Aid is a way you can increase the value of a charitable donation - at no extra cost to you. If you pay tax in the UK, a charity can reclaim 25% of your donation from tax you have paid. You should be aware that if you have not paid enough tax to cover...

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Can I use a personal bank account for my Limited Company?

No! You are causing more problems than you are solving. You and your Company are separate legal entities and you must keep your finances separate. There are bookkeeping complications, and huge tax issues. If your Company money isn’t in a Company account, HMRC will...

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Can I claim my new computer as a business expense?

Sole Traders / Partnerships.  If the computer is purchased for part business/part private, then the business portion of the cost can be claimed.  VAT claimed back on the purchase must be in the same proportion. Limited Companies. The full cost of the computer can be...

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Are alphabet shares safe and legal?

They are not illegal, but HMRC do not really like ‘alphabet shares’ (where there are several different classes of shares issued).  It has been argued that these shares merely give a “right to income” and don’t represent ownership of the Company. Some years ago, there...

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Should I charge VAT on recharged expenses?

As a VAT registered IT consultant, I invoice an Agency for my time and I occasionally recharge expenses for travel and accommodation. My Agency refuses to pay the VAT on these recharged expenses – saying they are a ‘disbursement’ and VAT shouldn’t be applied. I’m out...

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What responsibilities does a director have?

Becoming a Director does include legal responsibilities. For example, Directors must act in the best interests of their Company, and not allow it to trade if they believe it will be unable to pay its debts. They must also ensure that it complies with employment laws,...

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Should I hire an employee or a self-employed worker?

If you take on an employee you will have to consider: Employer’s National Insurance, Employers Liability Insurance, Statutory Holidays, Auto Enrolment etc. If you hire a self-employed worker it could be more beneficial because you will have significantly fewer legal...

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What repairs can be claimed against rental income?

This is a common difficulty when calculating net rental property income and you should really seek advice. It depends on what the expenses were and when they were incurred. You can claim for maintenance and repairs/renewals. Repairing or replacing should be...

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What is The Marriage Allowance?

Many couples are unable to benefit from the Marriage Allowance; AND the maximum benefit is only £252 (2022/23).  But it’s simple to calculate and to claim. It is for Married Couples and Civil Partnerships where one is a Basic Rate Taxpayer (taxable income £12,570 -...

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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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