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Archive for the ‘Tax Tips’ Category

How To Claim A Tax Refund Against Losses?

How do you claim a tax refund against your losses? And how soon can you get the tax refund? This depends on your business structure. It is crucial that you make the best decision about whether to trade as a company, a partnership or a sole trader. Before you start trading, read our blog on which structure is[…] Read more »

Clampdown On Contractors’ Tax

A contractors clampdown was announced in the Chancellor’s Budget 2016 speech. This has serious implications for the contracting industry. It would have been easy to miss one sentence in George Osborne’s budget speech, “Public sector organisations will have a new duty to ensure that those working for them pay the correct tax rather than giving a tax advantage[…] Read more »

7 Facts About The New Dividend Tax

If you ask any accountant what the new dividend tax in the tax year 2016-17 means, you will get the response, “Its complicated.” So here are 7 demystifying facts about the new dividend tax that will help you bust the jargon and get to the bottom of what is really happening.

10 Facts About Payrolling Your Employee Benefits

Payrolling is a new HMRC online service for the 2016-17 tax year. Under the new service you will no longer need to complete P11D forms for your employees’ expenses and benefits. Instead of the P11D, from 6th April 2016 you can register to use the Payrolling Benefits in Kind (PBIK) online service. Here are 10 things[…] Read more »

Can Your Business Pay For A Tailored Suit?

A lot of confusion arises about work clothing, and what is tax deductible if you are a freelancer or self employed. So can your business pay for a tailored suit? I am a big fan of Dara Ford, she is a very talented lady I have met networking. Dara designs “beautiful tailored suits and cleverly cut dresses[…] Read more »

What Small Business Expenses Are Tax Deductible?

When you are busy running your business, it is hard to keep track of your business expenses. It is even more difficult to figure out what is tax deductible, or allowable for tax. Firstly, what does tax deductible mean? HMRC have produced a help sheet here. In a sole trader businesss tax deductible means that[…] Read more »

How Do You Calculate Your Working From Home Expenses

How do you calculate your working from home expenses? Our friends at FreeAgent have created a handy infographic for directors of limited companies who run their business from home, to calculate your working from home expenses. If you are a sole trader or in a partnership, and your turnover is less than the VAT registration limit of £82,000, you are[…] Read more »

New Rules On Travel And Subsistence

What Are The New Rules on Travel and Subsistence? The new rules on travel and subsistence claims are designed to bring individuals working under contracts into line with the rules on travel and subsistence for employees.

New Dividend Taxation – How Much More Will You Pay?

The new dividend taxation was the bombshell news from the last budget for owner managers of small companies. The changes are summarised in an HMRC document, which can be accessed here. To summarise, the changes are:

Don’t Delay: Do Your Self Assessment Return Now

Do your Self Assessment Return now? The fact is that in January 2015, 42% (around 4.3 million) of HMRC customers filed their returns. This means there is a more than 50% chance you have not filed your Self Assessment Return yet, and you may not even be thinking about it. And in a recent article for[…] Read more »


 

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