Are you considering buying or leasing a company van? It’s an important decision that can have tax implications for your business. In this tax guide, we’ll explore the difference between buying and leasing a company van and help you understand the taxes you can save in each scenario. The Difference Between Buying and Leasing Let’s…
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Filing your tax return on time is crucial, but did you know that submitting it early can bring you even more benefits? By completing your tax return before the deadline, you can enjoy the following positive advantages: 1. GET YOUR TAX REFUND QUICKER If you have paid too much tax throughout the previous year, filing…
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ENSURING FINANCIAL SUCCESS… When you start a new business, it’s important to handle your money wisely and avoid cash flow problems. Many businesses fail in their early stages because they don’t plan properly, set unrealistic goals, overlook costs, or struggle to get paid on time. To increase your chances of success, it’s crucial to be…
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A director’s loan is when you (or other close family members) get money from your company that is not: a salary, dividend or expense repayment money you’ve previously paid into or loaned the company Records you must keep A director’s loan account is usually used to keep track of money that you borrow from or…
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As a business owner, paying VAT is just something you ‘have to do.’ You will pay VAT on the majority of goods and services you purchase in the running of the business. And, as most goods and services attract VAT at 20%, that’s a big cost to your business. But VAT is designed to be…
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Making Tax Digital is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs. Self-employed businesses and landlords with annual business or property income above £10,000 will need to follow the rules for Making Tax Digital for Income…
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Did you know that since 2019, the vast majority of VAT-registered businesses with a taxable turnover above the VAT threshold (£85,000) have been asked to keep digital VAT records and send returns using Making Tax Digital (MTD)-compatible software. From April 2022 these requirements will apply to all VAT-registered businesses. There will be a requirement to…
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This week’s post is all about paying your self-assessment tax return, and what you can do if you cannot pay it as soon as you file your return (before 31st January). This week’s post is all about paying your self-assessment tax return, and what you can do if you cannot pay it as soon as…
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Are you an employer and you provide expenses/benefits to employees or directors. Here is some advice, you might need to tell HM Revenue and Customs (HMRC) and pay tax and National Insurance on them. Examples of expenses and benefits include: company cars health insurance travel and entertainment expenses childcare Reporting and paying At the end…
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Writing down allowances When you buy business assets you can usually deduct the full value from your profits before tax using annual investment allowance (AIA). Use ‘writing down allowances’ instead if: you’ve already claimed AIA on items worth a total of more than the AIA amount. the item does not qualify for AIA (for example,…
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