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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.