Insights

TAX IMPLICATIONS FOR CHRISTMAS PARTIES FOR EMPLOYEES

By Insights

While the Christmas party might be one of the highlights of the year, it’s important to take the tax implications into account. Making sure you address the following points will help you to make the most of that Christmas party. Now, when everyone is having fun, you won’t need to worry about a thing. Key points to consider when it comes to the tax implications of the Christmas party include:

Should my company throw a Christmas party?
Is the Christmas party a viable business expense?
Is there an annual limit on entertainment costs?
What are the potential VAT implications of having a Christmas party for employees?

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WHEN IS THE 2018 TAX RETURN DEADLINE? HOW CAN I AVOID HMRC PENALTIES?

By Insights

As we move into a new year, the 2018 tax return deadline is just a few short weeks away. With that in mind, it’s crucial that you get your tax return filed as soon as you possibly can. Otherwise, you face the risk of penalties. In this article, we’ll look at important factors such as:
When is the 2018 tax return deadline?
Why do I need to send a tax return?
What happens if I miss the deadline?
What should I do if I miss the deadline?
Getting professional help

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HOW TO TELL IF HMRC MESSAGES ARE GENUINE

By Insights

To run a successful business, you need to have consistent contact with the most important institutions. While keeping regular contact with suppliers and clients is important, contact with the government is essential. However, when HMRC reaches out to you, how can you tell if the correspondence is genuine or not? The web poses many risks for those who are not careful. To help you avoid phishing scams disguised as government correspondence, we’ll cover important issues such as:
Ways HMRC might try to contact you
What kinds of HMRC messages could be fraudulent?
How to deal with a potentially fraudulent HMRC message

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ANNUAL INVESTMENT ALLOWANCE (AIA) CLAIMING TAX RELIEF ON EQUIPMENT EXPENSES THE RIGHT WAY

By Insights

Claiming tax relief on your equipment expenses can be a confusing process. If you are trying to work out your capital allowances to populate the right boxes on your tax return but aren’t sure on where to start, this guide will help you to pick up some of the most important do’s and don’ts. It’s very easy to miscalculate or misinterpret what you can and cannot claim back for tax relief. Here, we’ll do what we can to help you make smart choices on equipment expenses. To do this, you need to use what is known as your Annual Investment Allowance (AIA). In this article, we’ll cover:
What is your Annual Investment Allowance?
Is there an Annual Investment Allowance limit?
Who can claim Annual Investment Allowance?
How can I make my claim?
Things to consider about Annual Investment Allowance

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WHAT ARE THE BENEFITS OF RUNNING A LIMITED COMPANY?

By Insights

Running a business can be challenging, especially when it comes to the business structure. Many businesses choose to ignore the opportunity to incorporate their business into a limited company, without realising the various benefits a limited company has to offer. In this article, we’re going to look at the benefits of running a limited company, which includes:
Ease of set-up
Reputational gains
Tax benefits
Limited liability
Finding funding
Pension assistance
Making the right decision

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TOP TIPS FOR GETTING STARTED AS SELF-EMPLOYED

By Insights

Are you looking to work for yourself and utilise your skills as a self-employed professional? It’s easier than you think. Registering, and running, as self-employed in the United Kingdom is much simpler today. However, to run your business properly, you need to take into account a few important factors, including:
What makes you self-employed in the United Kingdom?
Registering your self-employed business properly.
Getting to grips with taxation as a self-employed professional.
Dealing with cash flow when self-employed.
Preparing for the future.
Bringing in the right assistance

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WHAT ARE THE BEST WAYS TO PAY YOURSELF AS A BUSINESS OWNER?

By Insights

For many professionals, spearheading their own business is the ideal long-term objective. Working for yourself, and for your clients, is always an enjoyable experience. However, when setting up your own company, it pays to be vigilant with regards to paying yourself. There are a few options that you could use to pay yourself and ensure you can earn a living from your business. In this article, we’ll look at:
Paying yourself as a business owner
Salary or draw? What’s the best option?
PAYE and dividends
Making the right decision for your business

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MAKING PENSION CONTRIBUTIONS FROM YOUR LIMITED COMPANY

By Insights

When running a limited company, you should take into consideration what pension contributions you can make. While finding tax deductible expenses that you can legitimately claim can feel like a challenge, pensions as a business expense are both justifiable and worthwhile. By contributing to a pension plan, you can find several beneficial tax advantages. Not only that, but pensions in a limited company will it help you to protect your long-term future. In this article, we’ll cover:
Why you should set up pension contributions
Pensions in a limited company
Pensions as a business expense: is this allowed?
Getting help setting up your pension fund

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PENSION DEDUCTIONS INCREASE: HOW WILL THE APRIL PENSIONS INCREASE AFFECT ME?

By Insights

At regular intervals, a pension deductions increase will come into place. Other times, though, this may decrease. However, this year, we’re expected to see a significant increase in the amount of money being deducted from pay to go towards your pension. These new pension increases can be confusing, so we’ve tried to cover everything you’ll need to know. This includes:
What are pension deductions?
Why are pension deductions put in place?
Why do pension deductions change?
How should I deal with pension deduction increases?
Benefiting from a pension deductions increase

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USING UP YOUR TAX ALLOWANCES BY 5TH APRIL 2019

By Insights

As the 2018/19 tax year end comes closer, you may still have some tax allowances that you haven’t taken advantage of or fully utilised. No one likes to pay out more than they need to, especially when it comes to paying the taxman. There are numerous ways you could make a legitimate tax saving, which include benefiting from allowances such as those on charitable donations and payments into a pension scheme. In this article we will take you through the key allowances:
Charitable Donations
Pension Allowances
Personal Allowances
ISAs
Married Couples and Children’s ISAs

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