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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.

HMRC to reduce tax benefits available to shareholders of dissolved limited companies via (ESC) C16

December 20, 2011

HMRC has announced that it is to an impose a Capital Gains Tax ceiling on the amount of capital that can be distributed to shareholders when a limited company is wound up, before income tax is applied.

Tax reliefs available for the annual Christmas party

December 15, 2011

If you are organising a well-deserved works party this Christmas HFM Accountants have summarised the current tax reliefs available:

Guide to the main HMRC payroll forms for small businesses

October 17, 2011

When you run a small business, either as a sole trader, partnership or limited company, there will always be a number of HMRC forms you will need to be aware of. Although your accountant will typically take care of many of your form-filling duties, we have summarised what the most common forms are used for […]

Guide to the HMRC tax penalties regime

October 7, 2011

A new, tough, HMRC penalty regime came into play from 1st April 2009. Individuals and business owners can now face penalties of up to 100% for deliberately underpaying tax. The new HMRC penalty system has been drawn up to encourage people to take more care when submitting tax returns and other documents, as well as […]

Rewarding staff with bonus shares – Tax implications

October 7, 2011

Bonus payments may have been a bit thin on the ground this year. Hard pressed businesses, struggling to meet existing commitments, may balk at the prospect of parting with cash. However, the benefits of having a loyal and satisfied staff may prompt them to consider alternatives to the cash bonus.

What is Entrepreneurs’ Relief?

October 7, 2011

Entrepreneur’s Relief can help business owners to cut the amount of Capital Gains Tax they need to pay when selling their business. It was announced in the 2016 Budget that Entrepreneur’s Relief  would be extended to external investors in ‘unlisted trading companies’ from April 2016. Here’s a guide for business owners explaining what Entrepreneur’s Relief […]

Annual Investment Allowance limit reduction from April 2012 – what should businesses do?

October 7, 2011

Businesses can currently write off 100% of the cost of acquiring qualifying assets against their taxable profits, up to an annual limit of £100,000. Assets that can be written off in this way include commercial vehicles, plant, computers and other equipment – cars do not qualify. George Osborne’s Emergency Budget of 22nd June 2010 gave […]

PAYE – Overview of Pay as You Earn scheme

October 6, 2011

In this article, we look at what the PAYE scheme is, and how it applies to the self employed, including limited company directors.

Self assessment – who needs to fill in a tax return form?

October 6, 2011

Most normal ’employees’ have tax deducted at source via the PAYE system and are unlikely to have to fill in a tax return unless they receive other income. If you receive income which is not taxed at source, or have complex tax affairs, you do need to complete a tax return.

Self Assessment – prepare your paperwork in advance

October 6, 2011

Whether you’re filing your self assessment return online, or if you’re sticking with the paper return, you can save yourself a lot of hassle by getting prepared in advance.If you follow these tips, you’ll save yourself countless trips to your filing cabinet, and hopefully save a great deal of time.

How does Entrepreneurs’ Relief work?

October 6, 2011

Entrepreneurs’ Relief is a Capital Gains Tax concession on qualifying business disposals, providing a 10% CGT rate on business sales.

The tax pitfalls of being self-employed

October 6, 2011

When you start up as a sole trader, or partnership, you will be liable for a series of business-related taxes, as well as the ones you will have been used to as a normal employee.

How company cars are taxed

October 6, 2011

In the old days, one of the perks of running your own business was the ability to run a decent car by getting your company to lease it, and take it as a company car. That perk doesn’t really exist any more. Over a number of years the tax rules have changed, to the extent […]

How to avoid Corporation Tax mistakes

October 6, 2011

In a way, HMRC expects very little of limited companies regarding Corporation Tax. All it asks is that as a director of the company, you comply with all tax laws, fill out your company tax return correctly, file it on time and pay up on time. Sounds simple. But of course there are lots of […]

An overview of business expenses

October 6, 2011

For small business people, the separation between “allowable” and “non-allowable” expenses is complex. This guide aims to provide an overview of business expenses, with links to further resources which provide more in-depth information.

What are limited company dividends?

September 27, 2011

The post-tax profits of a limited company can be distributed to its shareholders in the form of dividends. This short article explains how dividends are administered, and how dividends are taxed.

Limited companies – what are dividend vouchers?

September 27, 2011

If you run a limited company, you can distribute any profits you make via dividends to your shareholders. But how do you keep a record of dividend distributions?

Accountant provides clarification on how dividends are taxed

July 14, 2010

We are often asked to clarify the amount of tax payable by shareholders when dividends are paid, particularly, by private limited companies.

How long should small businesses keep tax records for?

February 25, 2010

A new guide has been produced explaining which tax records small businesses (including the self employed and limited companies) should keep, and for how long.

Self assessment – who needs to fill in a tax return?

April 20, 2009

Most normal ’employees’ have tax deducted at source via the PAYE system and are unlikely to have to fill in a tax return unless they receive other income. When you start a business, you will join the ranks of those that fall under the self assessment tax regime.

EMI schemes – how to incentivise staff via share options

February 16, 2009

Enterprise Management Incentive (EMI) schemes may be an attractive way to remunerate and incentivise key staff – especially when the economic downturn may restrict other options.