News & Updates

The latest news and updates from the world of accounting and finance.
24th June 2019
Company Car Or Car Allowance?

Ultimately, it’s a question of finance. Weighing up the benefits, if you’re financially able to insure, service and maintain a car an allowance is a good way to go. This way you would just claim back business mileage from your company but it does mean that you will need to keep up to date travel […]

14th June 2019
Would I be better off operating a VAT flat rate scheme?

If your VAT registered it may well suit your business to be on a Flat Rate Scheme. It may save you money although it’s not designed with this in mind. This tends to depend on what sector you are in, and how much VAT you pay out on your costs, it does however make calculating […]

7th June 2019
What is Capital Gains Tax?

Capital Gains Tax is a tax on the profit when you sell (or dispose of) an asset which has increased in value, the most common of these obviously being property or land. Please note that its only the gain that you pay tax on, not the amount you have received for the sale. You only […]

30th May 2019
Should I Pay Myself Salary or Dividends?

A director is an employee and therefore entitled to a salary, a shareholder is an investor and therefore entitled to a dividend. Within a substantial amount of limited companies (SME’s) the director often holds shares so is entitled to withdraw both forms of personal income. Dividends are paid from company profits after corporation tax and […]

21st May 2019
Choosing The Most Suitable "Making Tax Digital" Software For Your Business

Before you sign up to Making Tax Digital (and there is still time) you will need software to keep digital records and submit returns. All VAT registered businesses will need to file their VAT Return after the end of June 2019 through MTD software – the old method of accessing and posting your VAT return […]

15th May 2019
When Would I Need To Be VAT Registered?

It doesn’t matter if your sole trade (self-employed), partnership or have a limited company – if your business earns over £85,000 in a year then you need to be VAT registered. You must register if, by the end of any month your VAT taxable turnover for the last 12 months was over and above £85,000, […]

8th May 2019
What is GDPR Law?

GDPR is a regulation in EU Law on data protection for all individuals with the European Union and the European Economic Community. The 7 key principles of GDPR are:- Lawfulness, fairness, and transparency Purpose limitation Data minimalization Accuracy Storage limitation Integrity and confidentiality (security) Accountability Does GDPR apply to your business? General Data Protection Regulation […]

30th April 2019
What Is The Difference Between Sole Trader And Limited Company?

A limited company is its own legal entity, so as a shareholder your liability is ‘limited’ (hence the name), as a sole trader there is little distinction between you and the business. However the biggest disadvantage to being sole trade is that any business debts become your debts and your personal assets can be taken […]

24th April 2019
What is IR35?

IR35 is a tax legislation designed to combat tax avoidance by workers supplying all their working hours and services to one specific client or customer throughout the year and so could otherwise be deemed as an employee. HMRC are now doing regular checks to establish businesses which fall into this category. HOW TO MAKE SURE […]

17th April 2019
CIS Scheme

Construction Industry Scheme: How to Claim a CIS Tax Refund Almost 1/3 of UK construction workers pay too much tax which equates to an estimated 80 million lost each year. If you feel you’ve overpaid tax, it is time to take back what you’re owed. You can claim a CIS Tax Refund if, for the […]

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