Capital Gains Tax Planning
Selling something you own for more than you bought it for is not only the basis of making a profit and doing ‘good business’; it is also the start of your liability for capital gains tax (CGT). In its broadest terms, CGT is a tax that applies when you dispose of an asset (meaning selling…
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When is a Hairdresser not an Employee
When a hairdressing salon uses subcontractors within their salon, they should ensure the following so it is crystal clear that they are not classed as an employee as tax and national insurance implications are at stake: Maintenance of their own books and accounting records. Being responsible for their own tax affairs and health and safety…
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Ways to get Your Accountancy Fee’s Down
Why Should I Get My Tax Return Prepared Early One of the questions that I often get asked is why I should get my tax return done early I will get it done in December or January and make them wait. HM Revenue & Customs issues a notice to complete a tax return for individuals…
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VAT an Overview
Value Added Tax (VAT) VAT is a tax on sales and has nothing to do with profit. The current registration limit is £85,000 so once your sales reach £83,000 the last 12 months you must register for VAT immediately. This can be done by downloading the form from HM Revenue & Customs website or completing…
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VAT Surcharges
When a business is VAT registered it will have to submit VAT return normally once a quarter and pay over the VAT that is owed by the end of the following month, there is a little longer to pay this over if you pay by direct debit. Surcharges Should you not submit you VAT return…
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Christmas Party and Employees Misconduct
Christmas Party We will soon be coming up to Christmas time where many companies will be holding a staff Christmas party, but this does not have to hold a Christmas it could be for a summer barbeque. This is provided for employee: available to employees generally or available to employees at a location where the…
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Value Added tax Surcharges
Value Added Tax (VAT) Surcharges When a business is VAT registered it will have to submit VAT return normally once a quarter and pay over the VAT that is owed by the end of the following month, there is a little longer to pay this over if you pay by direct debit. Surcharges Should you…
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Travel & Subsistence
Travel and subsistence will be regular expenses of many businesses and this is where regular employee travel is an essential part of their operations. Whether it is generating new customers, servicing existing ones or attending conferences and other events, travelling often generates a number of ad hoc expenditures. If a company pays for these expenditures…
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Transfering Property into a Limited Company
When you transfer property which in not your residential home into a company this must be done right as this has huge tax implications if not done correctly. There is a way to get this into a company avoiding stamp duty but this only applicable to those who run this as an partnership. By a…
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