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Calculate your own tax… The introduction of the so-called dividend and savings allowances from April 2016 was intended to reduce the tax liability for taxpayers with modest dividend and interest income, possibly removing them from the need to prepare a tax return altogether. For other taxpayers however, the interaction of these changes, together with the…
Audit thresholds are linked to the small company limits, which are currently set by the EU. The UK can choose to impose a lower threshold than the small company limits, but not a higher one. As a result of Brexit, power will return to the UK, and as a result the cap on audit thresholds…
HMRC’s ongoing scrutiny of private residence relief is in the news again, with another case going before the First Tier Tribunal. Mr & Mrs Ritchie were partially successful in their claim for relief on the sale of their home, which cost them less than £200,000 but which they sold to a developer for £2 million.…
Asset Guru is currently the only available app I’ve found which offers a complete asset management system, including but not limited to – depreciation calculations, cloud connection, geospatial mapping and many reporting tools along with future projections of assets. Asset Guru is available to use in either Xero or QuickBooks. Started in Australia, the…
Post Brexit: What cutting of red tape might SME’s expect? After almost a full year of foreplay, formal Brexit negotiations with the EU will eventually commence next week. Looking ahead one step further, what can SME’s expect post Brexit? And will the UK Government use this opportunity to further advance their stated policy of reducing…
HMRC recently published a list of excuses used by employers for not paying workers the National Minimum Wage: The employee wasn’t a good worker so I didn’t think they deserved to be paid the National Minimum Wage I thought it was ok to pay foreign workers below the National Minimum Wage as they aren’t British…
Securing Entitlement to a State Pension ‘Credit’ without actually paying any NIC. Entrepreneurs that trade through a limited company can set how and how much they are remunerated. It is possible to avoid paying any NIC, yet still obtain a ‘credit’ for that particular tax year for future state pension purposes, by paying a salary…
Although the amount of tax ultimately paid on profits will be the same if you obtain CIS gross payment status, improvements in cashflow and reductions in the cost of credit, such as overdraft interest, should easily make the application process worthwhile. To be eligible to gain CIS gross payment status and receive payments from contractors…
We have set up a specialist corporate finance team to offer bespoke services in exit planning, including assisting with: Timing the exit: To fit in with your personal goals. To show a record (ideally, 3 years) of growing maintainable earnings and profits. Having a three-year business plan in place which includes strong revenue and profit goals,…
Examining whether it is best to run the business as a limited company or otherwise (sole trader, partnership or LLP), If operated as a limited company: Looking at the combined business and personal tax ‘picture’ and optimising the mix of retained profits, salary, bonus and dividends (for the business owner and, where relevant, immediate family…
As the tax calculations below illustrate, based on the UK tax rates and thresholds for 2016/17 (ie applying the new dividend taxation rules), a limited company still results in a lower overall tax/NIC charge than a sole trader (allowing for the extra accountancy fees incurred through trading as a limited company), whilst profits are above…
We can assist in this process by assisting in assessing risk and then advising on introducing appropriate mitigation: Robust Financial Management Undertaking a voluntary or statutory audit as, both, a preventative and detective measure. Introducing appropriate financial controls, timely financial reporting procedures and other examples of best practice governance. Registering for the Companies House PROOF…
Requests for Payment If you supply goods, the taxpoint for accounting for VAT on these sales is the sooner of: The raising of a tax invoice, or Receipt of payment. To delay this taxpoint, it will usually, therefore, be beneficial, prior to dispatching goods, to raise a “Request for Payment”, “Application” or “Proforma Invoice” instead…
Reviewing business financial performance just before the year end, then taking actions to influence how the year end results will look, should be a key element of the annual financial management routine. Although tax mitigation is usually the key aim of most company directors performing this task, they should not overlook the impression the accounts…
Examples of the most helpful and generous tax elections and claims include: s222(5a) TCGA 1992 (Nomination of main residence) This capital gains tax election, often referred to as ‘flipping’, enables taxpayers, who own and reside in more than one home, to inform HMRC which of these homes is their principal private residence. For those who…
Certain benefits in kind still remain entirely tax free, and can be used in flexible remuneration and/or salary sacrifice situations: Pension scheme contributions (up to £40,000 per employee per annum, plus potential ‘catch-up’ from previous 3 years). Childcare vouchers or employer supported childcare (up to £55 per week, depending upon personal tax status), Use of…
We can assist in this process, by reviewing your current contractual terms and working practices, to assess “IR35 tax risk” and then suggest improvements. HMRC provide an online tool to assess your employment status: Employment Status Tool The following badges of trade are some of the factors HM Revenue & Customs would use in assessing…
