News Hub

20 Oct

8 EASY WAYS TO REDUCE CORPORATION TAX

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 […]

Coronavirus Job Retention Scheme Changes

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 […]

09 Apr

Universal Credit – Simplified

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.

04 Mar

P60 & P45 and Updated Starter Checklist

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 Requests for P60 forms can be made until June 2020 whereas P45 forms will be withdrawn indefinitely in April 2020. […]

21 Feb

Investors’ Relief

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%.

21 Feb

Entrepreneurs’ Relief

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%.

13 Feb

Capital Gains Tax Payment for Property Disposals – Change in rules

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 […]

24 Jan

Changes to EU sales reporting

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?

04 Dec

Company Stationery

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”. […]

15 Nov

Tax Efficient Company Profit Extraction Methods

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) […]

24 Oct

VAT Scheme for Amazon Sellers

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%, […]

09 Oct

Director’s Loan Accounts

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 […]

08 Oct

Import VAT on Parcels – Goods sold to UK customers

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 […]

06 Sep

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

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.