Category: Tax

Understanding your tax code

HMRC issue tax codes to employers to be used for individuals when processing payroll which will be used to calculate the income tax deducted for employees. In this PDF Jessica explains how to understand your tax code. Download the PDF below.

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Benefits In Kind Return

Benefits In Kind Return Following the end of the fiscal year 2018/2019 on the 5thApril 2019, employers and their payroll department will be turning their attention to the necessary filings of the year end returns for disclosing payroll and benefits in kind that have been provided to their employees in the fiscal year. My colleague,…

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Payroll Year End Process

Payroll Year End process Year End Processed As we’re just past the end of the tax year, now’s the time to be planning to run your payroll year end to get ready for the new tax year. By now if you pay your employees monthly you should have posted the final pay of the 2018-2019…

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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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