Throwing a Christmas party for your team is a long-standing tradition. It’s a way to bring everyone together, make them happy, and boost the good vibes at work. But, uh-oh, the thought of dealing with taxes might make the celebration less jolly. No worries, though! In the UK, the tax system has a cool way…
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In the world of business, fostering strong relationships with both staff and clients is essential for success. This often involves hosting events or engaging in activities that promote networking and goodwill. However, when it comes to the expenses incurred for staff and client entertainment, it’s important for UK-based businesses to understand what can be claimed…
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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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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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Payment on account refers to additional self assessment payments that self-employed people need to make towards their next tax bill. This is HMRC’s way of making sure self-employed individuals are making 6 monthly contributions to their taxes, rather than paying all of their tax due in one go. What is payment on account? If you…
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Top tips for choosing an accountant Once you’ve decided it’s time to hire an accountant, the next step is to choose which accountant to hire. It’s important to take the time to do this carefully, and there are a few things you’ll want to consider first. You’ll need to think about things that are important…
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