How to set up and run a small business

Billboard – Tax

You are here: Home » Tax / Accounts

Tax rates for small business owners – 2014/15

January 6, 2016

With the plethora of tax rates, thresholds and allowances changing every year, here is ByteStart’s summary of the main tax rates, tax bands, and allowances for the 2014/2015 tax year. We focus on the figures that are of relevance to business owners.

Limited company annual accounts – when are they due?

September 27, 2015

Every limited company must submit their accounts to Companies House each financial year. In this article, we look at how you work out the deadline for your first annual accounts. If you are a limited company director, one of your legal obligations is to ensure that your company’s annual accounts are submitted to Companies House […]

Staying on top of your company accounts – Book-keeping Dos and Don’ts

August 20, 2015

Accurate bookkeeping is a necessary evil when you run your own business. There are three reasons you need to be on top of the money coming in and going out. HMRC will need information from you at some point (whether you are a sole trader or run a limited company); you need to know if […]

Capital Allowances – A review of the various schemes available for businesses

March 11, 2015

When you buy certain new equipment, invest in buildings or research and development, you can deduct a proportion of the cost from your taxable profits and reduce your business tax bill, through Capital Allowances. Capital Allowances take the place of commercial depreciation, which is not allowed for tax. Using them effectively can be a huge […]

Corporation Tax – How to reduce your bill

March 9, 2015

Running your own business sometimes seems to be a series of successes followed by setbacks. You win a big client, then lose an existing client. You hire the perfect employee and their current employer offers them more money to stay. You make a nice fat profit, and the taxman comes along and takes 20 per […]

How switching from spreadsheets to cloud accounting can help small business owners

February 25, 2015

A staple of business life for decades, the spreadsheet was adopted on a mass scale in the late 1980s and 90s alongside desktop computers. The fact that it is still used today is testament to the fact that it really was one of the killer apps of its time. Increasingly, however, in the age of […]

Travel and accommodation expenses for the self-employed

February 10, 2015

Are you a self-employed individual? Do you have to travel on business, and does that travel ever entail an overnight stay away from your home? Do you know exactly which of the travel and accommodation expenses you can legitimately claim back? If you get it wrong, you could pay too much tax, or worse still […]

How are limited company dividends taxed?

January 26, 2015

If you are a limited company shareholder, you may have to pay personal tax on any dividend income you receive. This article outlines how company dividends are taxed.

Top 10 tips on choosing an accountant for your start-up or small business

September 27, 2014

Most small business owners say that their accountant is their most valuable advisor – a good accountant will keep your books in order, help with tax planning, and will ensure that you meet all your tax deadlines. Here are some tips from the ByteStart team to help you choose the best accountant:

Book-keeping basics every small business owner must know

July 8, 2014

Few people start a new business so they can do paperwork. Spending time adding up receipts or pushing invoices around a desk is nobody’s idea of fun – unless you’re starting up as a book-keeper or accountant! Unfortunately it’s a necessary evil and something you need to stay on top of in your new business. […]

VatChat 3 – Special VAT schemes available to UK firms

May 1, 2014

HMRC have provided a range of special schemes that apply to smaller businesses. They are designed to reduce administration, but also (in some cases) to assist cash flow.

VatChat 2 – How to pay and reclaim VAT

May 1, 2014

This second guide in ByteStart’s 3-Part VATChat series; outlines how VAT registered businesses should charge VAT on their goods and services, and how to reclaim VAT on purchases and costs.

VatChat 1 – An introduction to VAT

April 30, 2014

In the first in a short series of Value Added Tax bulletins for small businesses, Les Howard looks at what VAT is, and when you must register your business.

ByteStart’s 60-second guide to Value Added Tax (VAT) for start-ups and small businesses

April 1, 2014

Value Added Tax (VAT) is a tax on the final consumption of certain goods and services in the home market but is collected at every stage of production and distribution. Most business-related goods and services will therefore be subject to VAT.

Budget 2014 – Summary of main points of interest for small business owners

March 20, 2014

Following George Osborne’s delivery of the 2014 Budget, here is a summary of the main tax changes and announcements that will be of interest to those that own and run small businesses:

Running a home office – can you claim on expenses?

January 29, 2014

As more and more people choose to work from home, the question of how you can reclaim any home office expenses is frequently asked. The general HMRC rule for claiming tax relief on business expenses is that you can only reclaim costs that have been ‘wholly and exclusively’ incurred in connection with your trade.

Top 10 tax tips for small businesses

January 15, 2014

Tax isn’t the most exciting part of running your own business, but it is an issue that you will have to tackle at some point. To help you to quickly get to grips with the subject, here are some handy tax tips based on our findings of working with small businesses over the past decade, […]

How to get the best value from your accountant

November 12, 2013

In this article, we look at the role accountants play, and how to ensure you choose the right firm for your business.

What is a balance sheet and how do you create one?

April 29, 2013

If you choose to set up a limited company when you start your business, there’s a lot more paperwork involved. It’s one the downsides of going limited (the biggest upside of course being that you limit your liability should the business go under). One of the many pieces of paperwork you will have to generate […]

Summary of personal tax changes from 6th April 2013

April 6, 2013

Many tax rates and allowances changed on 6th April 2013, as the new personal tax year began. This year, the RTI (Real Time Information) payroll rules also came into effect.

Tax rates for small business owners – 2013/14

March 26, 2013

Following the 2013 Budget, here is our summary of the main tax rates, tax bands, and allowances for the 2013/2014 tax year, with particular reference to data which will affect the typical small business owner. If you are looking for figures for the 2014/15 tax year, you will find them in ByteStart’s guide to the […]

Corporation Tax rates to be aligned from April 2015

March 25, 2013

Large firms are set to enjoy another Corporation Tax cut following Budget 2013, but while the headline rate has been reduced significantly under the current Government, small companies will not benefit.

Could your business benefit from the £2,000 Employers’ NI allowance?

March 22, 2013

The most talked-about small business announcement from Budget 2013 is the implementation of a new ‘Employment Allowance’, which will reduce firms’ Employers’ NI bills by up to £2,000 from April 2014.

Business owners urged to make most of tax reliefs before year end

March 11, 2013

With the tax year end on the horizon once again, and significant changes to tax rates taking effect from April 2013, we examine how individuals can make the most of the currently available tax reliefs.

Are you affected by the new Child Benefit rules?

January 7, 2013

Controversial changes to the Child Benefit regime went live on 7th January 2013. The benefit is no longer universal, and will be reduced when one parent earns over £50,000 per year, and scrapped entirely when earnings reach £60,000.

How to keep your accounting records secure

November 2, 2012

Here are some essential tips for the self employed, and limited company owners, on how to keep your accounting records safe, and how long you are required to keep them for.

Child benefit shake-up – will you be affected?

October 30, 2012

From 7th January 2013, Child Benefit (CB) will be means tested for the first time. HMRC are sending out letters to taxpayers over the coming weeks. So, how will you be affected?

Inheritance tax – how to minimise your liability

October 8, 2012

Small business owners who work hard to build up their businesses may feel that the current IHT regime is unfair. In this article, we look at things you can do to escape this oft-resented tax.

High tech tax incentives – are you claiming all you can?

October 4, 2012

There are lots of financial incentives out there for businesses in the high-tech sector at the moment, but many businesses are not claiming all they are entitled to because they simply aren’t aware that they can.

VAT tips for small businesses

July 9, 2012

In this article, we look at some simple VAT tips which could save your business time and money.

Summary of tax rates and allowances for 2012/13

March 22, 2012

Following changes announced in Budget 2012, here are the main tax changes, rates and allowances for the 2012/13 tax year.

Stamp Duty – A Small Business Guide

March 15, 2012

This guide looks at the types of Stamp Duty your business may be liable for; Stamp Duty Land Tax on property transactions, Stamp Duty Reserve Tax and Stamp Duty on share transactions.

Who will pay the highest rate of income tax in 2011-12?

March 1, 2012

As the tax year draws to an end, self employed people and limited company owners should consider their tax saving strategies, to ensure that they do not have to pay the highest rate of tax on their hard-earned income.

Guide to Business Rates

February 19, 2012

Just as you have to pay council tax on your home, so your business must cough up business rates for its premises. They can be a pain and an easily overlooked cost when you are starting your business. In some circumstances, you may even have to pay business rates if you run a business from […]

Tax planning opportunities for business owners prior to 5th April 2012

February 2, 2012

The end of the 2011-12 tax year is fast approaching – 5 April 2012. In this article, we look at some of the issues that you may like to consider while there is still time to act.

VAT pitfalls you should be aware of

February 2, 2012

If you are registered for VAT, have to file a VAT return in the near future, or are concerned about putting the wrong amounts on your VAT return, here are 5 VAT traps to watch out for.