Self Assessment tax returns – the clock is ticking
As 2019 comes to an end, the deadline for submitting your Self Assessment tax return, 31 January 2020, is swiftly approaching. You must send a tax return if, in the last tax year (6 April 2018 to 5 April 2019) you were self employed as a ‘sole trader’ earning more than £1,000, a partner in […]
Paying into a pension from your limited company
If you run your own limited company, there are two ways you can pay into a pension fund, both of which offer significant tax advantages. You can opt to make personal contributions or make them through the business in the form of company pension contributions. Personal pension contributions When you pay into a pension scheme […]
Non-Resident Businesses Opening a UK Business Bank Account
An issue which arises time and time again with our overseas based clients is that of opening a UK business bank account. While it’s easy for a non-UK resident to register a limited company in the UK, opening a business bank account is a little more complicated. It is not a legal requirement to have […]
Is it worthwhile of buying a car through my limited company?
At first this can seem like a great tax saving idea, but there are many variables to consider before deciding whether to buy your car through your company or as an individual. Firstly, it is important to determine whether the car will be used for business purposes only or will it serve for private rides […]
Payments on Accounts – Self Assessment
Payments on account for personal tax returns (self assessment) can be one of the most confusing things to understand when it comes to your income tax bill. The personal tax year in the UK runs from 6th April to 5th April – for example, the 2019/20 tax year is for the period 6th April 2019 […]
UK political parties: tax policies
With just a month to go until the UK General Election, it is a good time to consider the different tax policies of the main political parties in order to have an idea of what potential changes could be round the corner come December 12th. Currently ahead in the polls is the Conservative Party and […]
Research & Development TAX credits
Research & Development tax credits are a tax relief designed to encourage greater R&D spending, leading in turn to greater investment in innovation. They work by either reducing a company’s liability to corporation tax or by making a payment to the company. Activities which directly contribute to achieving this advance in science or technology through […]
Setting up a UK company – Employment Liability Insurance
Is ELI Compulsory? Under the Employers’ Liability (Compulsory Insurance) Act 1969, virtually every employer carrying on a business in the UK (excluding Northern Ireland) must obtain Employment Liability Insurance (“ELI”). Therefore obtaining ELI should be considered before setting up a trading presence in the UK. What is it for? All employers must maintain this insurance […]
Thousands of businesses are struggling to get to grips with Making Tax Digital (MTD).
According to the latest industry research, thousands of businesses are struggling to get to grips with Making Tax Digital (MTD). More than 3,800 businesses have struggled with the changes and have missed the first deadline to file VAT returns for April, May and June. Whilst almost 600,000 businesses still need to sign up to MTD. […]
Reduction in Stamp Duty receipts
On Tuesday HMRC released figures which showed a 10% decrease in stamp duty receipts from residential property over the last year. The tax collected fell by more than £900m in 2018-19 to £8.4bn which marks the largest drop since 2008 when the financial crisis drove down house prices and follows almost 10 years of steady […]