10 Common Self-Assessment Tax Return Mistakes and How to Avoid Them

self assessment income tax return 2017/18

If you need to submit a Self-Assessment Tax Return (SATR) it’s imperative you get it in on time and free of any mistakes. There are penalties for not submitting your tax return on time and you may have to pay a fine if HMRC deem you have not taken enough care in completing it.

This article explains how to get started with your tax return, and how to avoid common mistakes that people make on their self assessment tax return. (more…)

Tax efficient ways to pay yourself through a limited company

Paying yourself tax efficiently through a limited company

There are a variety of reasons why businesses or consultants may choose to operate via a limited company.

For some, the protection limited liability offers if things go wrong is an attraction, for others, the potential tax benefits are the main reason why they choose to be a limited company over a sole trader.

To explain more about the tax advantages of a limited company, we asked Manchester based accountants Alexander & Co to outline the tax-effective ways you can pay yourself if you own a limited company. (more…)

Dividend tax changes from April 2016 – A summary of the financial effects for small business owners

From 6 April 2016, the way dividend income is taxed will change significantly. The changes will affect hundreds of thousands of small business owners, many of whom will see a big jump in the amount of tax they will have to pay.

At present, company dividends are treated as ‘tax paid’ in the hands of shareholders. However, from April 2016 the tax treatment of dividends will be altered dramatically, and as you can imagine, this isn’t going to result in limited company directors paying less tax! (more…)