Tax Guides

The government’s new digital tax accounts system introduces a fundamental shift in the way small business owners – both those working as self employed and those operating as limited companies – report and pay their tax liabilities.
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If you are having problems paying HMRC your business taxes, you may be able to agree a Time to Pay arrangement so you can pay the tax over a longer period of time.
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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.
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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.
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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.
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How can you be an attractive company to work for, motivate and reward staff and promote loyalty without increasing your pay bill?

Believe it or not, introducing employee benefits may be the answer. There is a range of benefits which won’t be a cost to your company and will actually provide savings by reducing your tax liability. These are known as salary sacrifice arrangements.
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From 1st October 2007, new VAT invoicing regulations came into play which some small companies may not be aware of. From this date onwards, all invoices issued must use an identifying number that is unique and sequential.
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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.
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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 home.

This guide will help you understand what business rates you might have to pay, how to challenge the rates set, and even if you can claim any relief.
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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 in this article.
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An alternative to the standard VAT scheme is the flat rate VAT scheme which offers qualifying businesses a simpler way of accounting for their VAT transactions.
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The VAT cash accounting scheme is a useful tool for many small businesses, as you only repay VAT to HMRC once you have received payment yourself. If you have cashflow concerns, the scheme could be a lifesaver!
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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 to deter deliberate under-assessment of tax liabilities.
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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 is, how you qualify for the relief and what you need to do to claim it. (more…)

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 that many accountants now say it is more tax efficient for many business owners to run their own private car and claim mileage expenses.
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