Despite the new dividend rules and the possible introduction of a new “look-though” entity many unincorporated businesses are still considering trading as a limited company. It is also important to consider the VAT implications of incorporation. Where the new company carries on the same kind of business as the predecessor, the transfer of the trade and assets will normally be … Continue reading

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VAT registered? Read this…. #Brexit

BREXIT – WHAT ARE THE TAX IMPLICATIONS? One of the main reasons that individuals voted “leave” was to restore fiscal sovereignty to the UK so that we are able to set our own laws, in particular tax law, without interference from Brussels. Significant tax changes currently require “State Aid” approval and we have seen many recent tax changes forced on … Continue reading

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New Rules for Buy-To- Let Landlords

NEW RULES FOR BUY-TO LET LANDLORDS The 2016 Finance Bill sees the introduction of important tax changes for property investors that were originally announced in the 2015 Budget. From 6 April 2016 onwards there are important tax changes affecting the replacement of furnishings for buy to let landlords. 6 April 2017 will see the start of mortgage interest being restricted … Continue reading

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Annual Returns are now called Confirmation Statements (from 30 June 2016)

A new change to Companies House filing requirements now the Annual Return has been replaced:- #TaxSwag

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What type of business should I have?

SELF-EMPLOYED OR STARTING A MICRO BUSINESS?  Did you know that almost one in seven people in the UK are self-employed? You might also classify self-employment as “freelance work”. UK research suggests that 30% of those who work in the media call themselves “freelance”. Research by Skills Development Scotland noted that the creative sector is dominated by sole traders, micro and … Continue reading

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Common mistakes on VAT returns….

Common mistake VAT treatment Reclaiming VAT on on-street meter parking Businesses should only reclaim VAT if they are in possession of a valid tax invoice or a receipt showing a VAT registration number (see the flowchart below). On-street parking meter charges are not subject to VAT so no VAT receipt will be issued. Therefore no VAT can be reclaimed. Recovering … Continue reading

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Creating a more profitable business

Competition in business is more intense than ever before, with tough economic conditions in most sectors and rival firms battling harder than ever for market share. There are new threats from online providers, new business models and global competitors. As a result, increasing profit levels is quite a challenge. If you can’t increase your sales volumes, consider how to reduce … Continue reading

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£300 of TAX FREE benefits in kind!

Employees are no longer taxable on trivial benefits in kind, provided the cost to the employer is less than £50. This must not be cash or vouchers or a reward for past or future services but is intended to cover gifts of flowers on a birthday or a turkey at Christmas.

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Benefit in Kind deadline approaching

It’s that time of year again when the annual return of benefits in kind and expenses paid on behalf of directors and employees needs to be made to HMRC. Unless the employer holds a dispensation, this includes expenses such as travel and subsistence that are reimbursed to employees and directors. Note however that from 2016/17 the employer will no longer … Continue reading

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Where a sole trader, partnership or LLP has established a significant value for the goodwill of their business it was possible up until 3 December 2014 to transfer that goodwill to a limited company and pay just 10% capital gains tax by claiming entrepreneurs’ relief. The former owner(s) could then draw down on the loan account created with the transferee … Continue reading

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