Bramleys | Chartered Accountants

Tax Efficient Company Profit Extraction – 2025/26

Sharif Ali — Wed, 01 Oct 2025 22:42:26 +0000

Owners and directors commonly ask: “What’s the best way to extract profits from my limited company?” There isn’t a single answer – the right approach depends on your company’s profits, your personal tax position and whether you want to preserve company cash for growth. We find that the best answer is often a carefully planned […]

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HMRC Warning to Private Hire Drivers

Sharif Ali — Sun, 08 Jan 2023 18:35:53 +0000

HMRC have been sending the following SMS message to some private hire drivers recently: Our records show you may have undeclared income as a driver who carries paying passengers. To tell us about this income go to GOV.UK and search ‘make a voluntary disclosure’. If you have already contacted HMRC, please ignore this message. What’s […]

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National Insurance Increases

Sharif Ali — Thu, 09 Sep 2021 13:43:17 +0000

From the 2022/23 tax year, the rate of National Insurance will increase by 1.25% for self-employed and employed individuals. The increase is due to extra funding required for health and social care.

The post National Insurance Increases first appeared on Bramleys | Chartered Accountants.

Deferred VAT Update

Sharif Ali — Sun, 14 Feb 2021 17:21:51 +0000

The deadline for deferred VAT is fast approaching. Find out what your options are when you need to take action to avoid penatlies/interest.

The post Deferred VAT Update first appeared on Bramleys | Chartered Accountants.

What is the most tax efficient way to lease a car? via your limited company or personally?

Sharif Ali — Thu, 11 Feb 2021 18:19:57 +0000

Our clients often come to us and ask: what is the best option for leasing a car? There are two roads to take – lease the car personally or lease it via your limited company. Each option has its own set of benefits and drawbacks. Ultimately, the answer really depends on your own individual circumstances […]

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SDLT holiday – to buy or not to buy?

Sharif Ali — Sat, 21 Nov 2020 15:25:49 +0000

Guidance for those looking to benefit from the stamp duty reduction One of the key measures announced by the Chancellor in July was the reduction in Stamp Duty Land Tax (SDLT) on residential property. The purpose of the reduction is to boost the housing market and support the construction industry. We are often asked by […]

The post SDLT holiday – to buy or not to buy? first appeared on Bramleys | Chartered Accountants.

How to apply for the third and fourth SEISS grant

Sharif Ali — Fri, 30 Oct 2020 14:21:14 +0000

With applications for the second Self-Employed Income Support grant now closed, The Chancellor has announced an extension to the scheme via a third and fourth grant. We now know that the third grant will be calculated as 80% of trading profits, capped at £7,500 and will cover the period November 2020-January 2021. For reference, the […]

The post How to apply for the third and fourth SEISS grant first appeared on Bramleys | Chartered Accountants.

8 EASY WAYS TO REDUCE CORPORATION TAX

Sharif Ali — Tue, 20 Oct 2020 17:11:16 +0000

In the 2019/20 and 2020/21 tax years, UK Companies must pay Corporation Tax on taxable profits at a rate of 19%. This means that a company with £50,000 of taxable profits will pay £9,500 in Corporation Tax. The UK tax system is known to be quite complex, so finding ways to legitimately reduce your Corporation […]

The post 8 EASY WAYS TO REDUCE CORPORATION TAX first appeared on Bramleys | Chartered Accountants.

Coronavirus Job Retention Scheme Changes

Sharif Ali — Fri, 26 Jun 2020 11:48:59 +0000

There will be further changes to the Coronavirus Job Retention Scheme (CJRS) before it comes to an end on 31st October 2020. The changes have been made to phase the scheme out before its closure. Find out more in our video below: Flexible furlough detail: From July employers can start to bring back staff for as many working […]

The post Coronavirus Job Retention Scheme Changes first appeared on Bramleys | Chartered Accountants.

Financial Support for the Self-Employed

Sharif Ali — Tue, 14 Apr 2020 21:15:00 +0000

The government has announced financial help for the Self-Employed. Find out if you are eligible, how much you can get and how to apply.

The post Financial Support for the Self-Employed first appeared on Bramleys | Chartered Accountants.

Job Retention Scheme: the low down on furlough!

Sharif Ali — Mon, 13 Apr 2020 18:21:36 +0000

In this extended post we dig into the facts and the finer details of the job retention scheme and how the furlough process will work.

The post Job Retention Scheme: the low down on furlough! first appeared on Bramleys | Chartered Accountants.

Business Support: VAT deferral & Cash Grants

Sharif Ali — Sat, 11 Apr 2020 15:18:00 +0000

Cash is king! Find out to defer VAT and how to obtain cash grants.

The post Business Support: VAT deferral & Cash Grants first appeared on Bramleys | Chartered Accountants.

Universal Credit – Simplified

Sharif Ali — Thu, 09 Apr 2020 01:31:52 +0000

Has applying for Universal Credit left you confused and frustrated? Take a look at our guide for some useful tips to help the process go a bit smoother.

The post Universal Credit – Simplified first appeared on Bramleys | Chartered Accountants.

Bramleys Guides: Tax rates and Allowances 2020-21

Sharif Ali — Fri, 13 Mar 2020 18:39:08 +0000

During the budget, the Chancellor announced tax rates and allowances for the new tax year - which starts on April 6th.

The post Bramleys Guides: Tax rates and Allowances 2020-21 first appeared on Bramleys | Chartered Accountants.

Bramleys Guides: Budget 2020

Sharif Ali — Fri, 13 Mar 2020 17:24:13 +0000

The budget is one of the most eagerly anticipated annual announcement for accountants and their clients alike. It can act as a key planning tool for the finances of individuals and businesses.

The post Bramleys Guides: Budget 2020 first appeared on Bramleys | Chartered Accountants.

Company Loans – Nine Things To Know

Sharif Ali — Fri, 06 Mar 2020 16:44:30 +0000

Get closer to the intricacies of company loans.

The post Company Loans – Nine Things To Know first appeared on Bramleys | Chartered Accountants.

P60 & P45 and Updated Starter Checklist

Sharif Ali — Wed, 04 Mar 2020 15:24:06 +0000

HMRC has announced that it intends to withdraw blank P60 & P45 forms from tax year 2020-21 onwards. This is part of its digitisation of communications project and should be applauded for being environmentally friendly. Requests for P60 forms can be made until June 2020 whereas P45 forms will be withdrawn indefinitely in April 2020. […]

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Investors’ Relief

Sharif Ali — Fri, 21 Feb 2020 14:16:35 +0000

Entrepreneurs’ relief is a form of tax relief that could be available for individuals with chargeable gains. If elgible, gains would be taxed at 10%.

The post Investors’ Relief first appeared on Bramleys | Chartered Accountants.

Entrepreneurs’ Relief

Sharif Ali — Fri, 21 Feb 2020 14:16:14 +0000

Entrepreneurs’ relief is a form of tax relief that could be available for individuals with chargeable gains. If elgible, gains would be taxed at 10%.

The post Entrepreneurs’ Relief first appeared on Bramleys | Chartered Accountants.

Capital Gains Tax Payment for Property Disposals – Change in rules

Sharif Ali — Thu, 13 Feb 2020 15:47:07 +0000

If you sell a UK based residential property after 1st April 2020, you will be subject to the new rules UPDATE: HMRC announced it would not charge late filing penalties on reports of CGT on disposals of UK residential property by UK residents made by 31 July 2020. This will allow individuals a period of […]

The post Capital Gains Tax Payment for Property Disposals – Change in rules first appeared on Bramleys | Chartered Accountants.

Don’t take the bait and become a victim of phishing!

Sharif Ali — Thu, 13 Feb 2020 12:29:34 +0000

Fraudsters frequently send phishing text messages claiming to be from HMRC (see below) detailing that you are eligible for a tax refund.

The post Don’t take the bait and become a victim of phishing! first appeared on Bramleys | Chartered Accountants.

Importing Goods from Outside the EU – Important Steps

Sharif Ali — Mon, 03 Feb 2020 17:32:55 +0000

The following is for guidance purposes only and should not to be taken as exhaustive. Register your business for importingMost businesses will require an EORI number to import goods into the UK. You do not have to be VAT registered to obtain an EORI number. Decide who will make customs declarations and transport the goodsMost […]

The post Importing Goods from Outside the EU – Important Steps first appeared on Bramleys | Chartered Accountants.

Changes to EU sales reporting

Sharif Ali — Fri, 24 Jan 2020 17:37:18 +0000

If you’re registered for VAT, your VAT return must include figures for EU purchases and sales, but you might also be required to provide EC sales list or intrastate reports. When do these apply?

The post Changes to EU sales reporting first appeared on Bramleys | Chartered Accountants.

Company Stationery

Sharif Ali — Wed, 04 Dec 2019 14:24:22 +0000

Limited companies, must include specific information such as the company’s name on all company stationery, documents, publicity and letters. Companies House regulations say that the company’s letters must have the following contents: The company’s registered name This is the name as it appears on the certificate of incorporation and includes the word “Ltd” or “Limited”. […]

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Tax Efficient Company Profit Extraction Methods

Sharif Ali — Fri, 15 Nov 2019 13:58:29 +0000

Tax planning plays a key role when extracting profits from a company, therefore, careful thought should be given to a strategy which is tax efficient. Salaries This is the simplest and obvious way of extracting money from the company. By taking a salary between the lower earnings limit (£6,136) and the primary threshold limit (£8,632) […]

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VAT Scheme for Amazon Sellers

Sharif Ali — Thu, 24 Oct 2019 16:43:36 +0000

Tax does not have to be Taxing! Many sellers on Amazon, who are registered for VAT usually register for the Flat Rate Scheme to benefit from the reduced VAT percentage of 7.5% instead of the default 20%. Although the Flat Rate Scheme allows you to pay VAT at a lower rate than the default 20%, […]

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Director’s Loan Accounts

Sharif Ali — Wed, 09 Oct 2019 10:59:34 +0000

Director’s Loan Accounts Transactions between a director and a personal/family company are recorded through the director’s account for accounting purposes. If the director(s) owes the company any money, there will be tax consequences which need to be considered. A tax charge will arise under s455, CTA 2009 where a director’s loan account is over drawn […]

The post Director’s Loan Accounts first appeared on Bramleys | Chartered Accountants.

Import VAT on Parcels – Goods sold to UK customers

Sharif Ali — Tue, 08 Oct 2019 16:08:01 +0000

In the event that the UK leaves the EU without a deal – non-UK based Businesses that sell to UK customers with parcel contents of less than £135 or less, will be required to pay import VAT. For the purposes of this legislation, parcels include letters, packages, packets and any other article that could be […]

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Key Dates : Self Assessment 2019

Sharif Ali — Mon, 09 Sep 2019 14:28:04 +0000

Keep on top of the tax deadlines and add these dates to your calendar.

The post Key Dates : Self Assessment 2019 first appeared on Bramleys | Chartered Accountants.

MTD for VAT : Making Tax Digital or Making Tax a Disaster?

Sharif Ali — Fri, 06 Sep 2019 09:19:34 +0000

After the announcement of MTD for VAT, there was widespread outcry on the administrative and financial burden that it would place on both Accountants and owners of small businesses.It has been six months since MTD for VAT has gone live and we can look back and review the process and share our experiences.

The post MTD for VAT : Making Tax Digital or Making Tax a Disaster? first appeared on Bramleys | Chartered Accountants.