Category: Tax

How To Make The Most Of Tax Allowances

  How To Make The Most Of Tax Allowances It is always worthwhile at this time of year looking to see whether full advantage was being taken of all the available tax reliefs and allowances to reduce tax liabilities for the current fiscal year coming to an end on 5thApril 2019. Unless action is undertaken…

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MTD For VAT – Are You Ready?

MTD for VAT – Are you Ready? Making Tax Digital for VAT (MTD) is fast approaching, but are you ready for when it arrives? What is Making Tax Digital for VAT? Per HMRC Making Tax Digital is a key part of the government’s plans to ensure individuals and businesses keep on top of their tax…

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Your Company – Methods Of Extracting Funds And Section 455 “Tax”

Your company – methods of extracting funds and Section 455 “tax” Fund extractions from a family company I have often been asked what various ways there are in taking money out of a family company. With a little bit of imagination, I have come up with nine.  Besides the top three of remuneration in the form…

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Should I Be A Sole Trader Or A Limited Company?

When setting up business we have customers who ask us whether they should be a sole trader or a limited company. Here’s a bit of basic information about each of them and what the obligations of each are: Sole Trader A sole trader essentially refers to a business that is neither a partnership nor a…

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5 Things You May Not Know About Making Tax Digital

As Making Tax Digital is rapidly approaching here are 5 things you may not know! There is a lot to understand around its implementation and who it will apply to in April 2019. Our blog for July, Making Tax Digital for Business, covered the main points on MTD however, this blog seeks to inform you…

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The Mysteries of the UK Tax System

Casting some light on the mysteries of the UK tax system and how in particular it affects certain transactions. This is the start of a series of blogs in which I attempt to cast some light on the mysteries of the UK tax system and how in particular it affects certain transactions that will surprise…

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Make Tax Digital for Business

Make Tax Digital for Business (MTDfB) is being introduced from 1st April 2019 for VAT registered businesses with turnovers of more than £85,000. To comply businesses will have to have ‘functional compatible software’ which is a software programme or set of programmes that records and preserves electronically transactions so that those records together with VAT…

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Tax Relief for Childcare

Childcare vouchers Childcare vouchers are provided by an employer who has a relevant scheme in place. Access to these schemes was due to end for new joiners in April 2018, however, this was extended by an additional 6 months in the spring statement. For employees already in a scheme they will be able to continue…

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