What expenses can limited companies and sole traders claim?
Jul 11, 2023
Whether you are the owner of a limited company or a sole trader, it is important to understand the expenses you can claim and the tax savings that these expenses bring. Allowable expenses can significantly reduce the amount of Corporation Tax ...
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Exit strategies – What should you consider for when the time comes?
Jul 06, 2023
Exiting a business is a significant milestone for any entrepreneur or business owner. Ensuring a smooth and successful exit is the best thing you can do for your business and will give you peace of mind as you depart. But what steps ...
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An overview of the Construction Industry Scheme and what it means for your business
Jul 05, 2023
The Construction Industry Scheme (CIS) is a Government initiative that allows contractors in the construction industry to deduct money from a subcontractor’s payments and pass it on to HM Revenue & Customs (HMRC). These deductions count as advance payments towards a ...
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Understanding salary and dividend payments for business owners and directors
Jun 29, 2023
As an owner or director, it may be possible for you to pay less tax on your income from your company through dividends. Dividends are a portion of a company’s profits and can be paid out to directors and owners depending ...
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Managing an Overdrawn Director’s Loan Account
Jun 27, 2023
Are you a company director contemplating a loan from your own business? If yes, it's crucial to understand the workings behind the Director's Loan Account (DLA) and the implications of an overdrawn director’s loan account (ODLA). Director’s Loan Account A DLA is ...
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How to spot the early signs that your business may be facing financial difficulty
Jun 21, 2023
Many businesses across the UK have been financially affected by the cost-of-living crisis and the rise in inflation and have also suffered from the fallout of Covid-19 loan schemes and companies’ failure to make repayments. While it is not all doom ...
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HMRC issues extension to deadline for voluntary National Insurance contributions
Jun 15, 2023
The Government has recently announced an extension to the deadline for individuals to pay voluntary National Insurance contributions (NICs), in a move that will benefit thousands of people across the country. The original deadline of 31 July 2023 has now been ...
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New HMRC service allows businesses to set up online payment plans for VAT owed
Jun 13, 2023
HM Revenue & Customs (HMRC) have recently confirmed that businesses that owe less than VAT £20,000 can now set up a payment plan online. The measure, which came into effect on 31 May 2023, is part of a wider project from ...
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Major pension reforms sparks rethink for UK savers
Jun 08, 2023
Several significant changes were announced by the Government in the 2023 Spring Budget regarding the annual allowance and the lifetime allowance. These changes affect the amount of tax-free contributions individuals in the UK can make towards their pensions, which may have ...
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Corporation Tax: Upcoming filing deadlines and reminder about recent amendments
Jun 06, 2023
Recent changes HM Revenue & Customs (HMRC) made to the rate of Corporation Tax mainly affected larger businesses in the UK. As of April 2023, companies that generate a profit of more than £250,000 during their accounting period will pay a ...
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