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Browse 227 Advice about Tax

Cash Basis: Simplified Expenses For Smaller Businesses 5 Aug 2019 Bookkeeping, Employment, Tax - Certain unincorporated small businesses may choose to use the cash basis when calculating taxable income, under which participants are taxed on the basis of the cash that passes through their books.
Entrepreneurs’ relief – the basics 22 Jul 2019 Bookkeeping, Strategy, Tax - Formerly, to qualify for entrepreneurs' relief, the assets or shares had to be held by the individual for at least 12 months to the date of disposal. However, the length of ownership condition has recently been increased.
Dividends Complexities – What Do The Cuts Change? 22 Jul 2019 Investment, Tax - Many family-owned companies allocate dividends towards the end of their financial year and/or the tax year, so it was not until March/April 2019 that the impact of the reduction first started to hit home.
When should a business register for VAT? 28 Jun 2019 Tax - Businesses are required to register for VAT when their annual sales reach the threshold of £85,000. You can also register volountarily in some instances.
Introduction to VAT from SimplyVAT.com 12 Jun 2019 Tax - While VAT is charged at every stage that value is added within the supply chain, the final payment is always made by the customer.
Workplace pension contributions rise takes effect 12 Jun 2019 Employment, Tax - From April 6 2019, the employer minimum contribution has risen from 2% to 3%, while the staff contribution also increased from 3% to 5%.
PAYE Settlement Agreements: The Basics 13 May 2019 Employment, Tax - To set up a new PSA, it is necessary to write to HMRC setting out the benefits and expenses to be included within the PSA. Once HMRC have agreed the PSA, they will send two draft copies of form P626.
Trivial Benefits – How to provide small Tax-Free Gifts to your Employees 9 May 2019 Employment, Tax - Since 6 April 2016 employers can provide trivial benefits such as small gifts and entertainment without having to include these within PAYE settlement agreements or disclose on P11D forms.
Claiming R&D Credits: the caveats 29 Mar 2019 Fundraising, Tax, Tech - R&D Tax Credits are designed to be even more favourable for loss-making companies, as the qualifying expense needs to be enhanced before calculating profit or loss for R&D Credits purposes.
Trading whilst insolvent, what are the consequences? 29 Mar 2019 Bookkeeping, Tax - In order to try and avoid personal liability when trading whilst insolvent, it is vital that directors seek professional advice as soon as possible, and initiate preventative measures in order to protect themselves.
Directors’ NICs – the correct way to pay 29 Mar 2019 Tax - Company directors often have greater scope to influence the time and amount of payments they receive as earnings. They have the possibility to avoid primary Class 1 contribution liability by astute use of the earnings period rules.
Employees – claim a tax deduction for expenses 20 Mar 2019 Employment, Tax - Employees may be able to obtain a tax relief on expenses that are not covered by their employer, when these are incurred "wholly, exclusively and necessarily in the performance of the duties of the employment."