Partnerships
Partnerships A partnership is defined a one or more people joining together in business with a view to make a profit and each partner receiving a share of the profit according to their share ratio for example 3 partners each holding 33 shares each. Partnership Tax Partnerships do not pay tax, but all partners pay…
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If you have a team of employees, you have several options for rewarding them in addition to paying wages or a salary. One of the most flexible options is to offer benefit in kind, also known as fringe benefits. Benefit in kind take several different forms, which we’ll describe later, and they can be offered…
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Directors Loan Account
What is a director’s loan account, in its simplest form it is withdrawals or deposits it makes to the business that are outside salary, dividends and an expenses repayment. This can be a credit balance where a director lends the company money or an overdrawn amount where this is a negative amount where is has…
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Goal Setting
Goal Setting How often do you set goals? How often do you revisit your list? We all know that setting goals is important, but we often don’t realize how important they are as we continue to move through life. Goal setting does not have to be boring. There are many benefits and advantages to having…
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Electric Cars
Electric Cars As more and more businesses consider more sustainable and eco-friendly ways to operate, we are seeing an increase in the acquisition of electric cars. There are tax surrounding electric cars, and they are: The company car that is available for an employee’s private use will usually attract a benefit in kind charge. As…
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Summer Tax Brief
Cash basis by default From 6 April 2024 the cash basis has replaced accruals as the default method for preparing sole trader and partnership accounts for tax purposes. Previously, only unincorporated businesses with total receipts below £150,000 were entitled to opt out of accruals and file their accounts with HMRC using the cash basis. That…
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Confirmation Statement
A confirmation statement is a filing requirement for all limited companies and LLP’s (Limited Liabilities Partnerships) in the UK and this is a legal requirement and is done through Companies House https://www.gov.uk/government/organisations/companies-house. A confirmation statement is due every 12 months even if your company is dormant this means non trading or even if it has…
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Company Secretarial Services
This is where you set up a limited company to trade through and this must be done through Companies House https://www.gov.uk/government/organisations/companies-house Once the company is set up there are thigs that must be done annually but some things only need to be done if there are any changes. Forms that need to be submitted on…
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Companies House Changes
The Economic Crime and Corporate Transparency Act became law in October 2023. Since then, we’ve been getting ready to introduce the measures brought in by the act. The introduction the first set of changes on 4 March 2024. The introduction of these changes needs secondary legislation, so this date is still dependent on parliamentary timetables.…
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