We are very excited to announce that we are moving offices! It all started with a client meeting…
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Getting your structure right
Starting your own business can be an exciting – but daunting – time. One of the first and most important decisions to make is how are you going to structure your business? The reason this decision is so important is that it has a variety of consequences – not only related to tax, but also from a legal and administrative perspective, and how your business will be perceived.
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Research and Development – it’s not all lab coats and test tubes
Have you come across Research and Development relief (R&D) before? If you own or run a company, this relief could be hugely advantageous to you.
HMRC are really keen right now to help companies in developing new and exciting products; these range from anything to developing mobile phone apps to creating a new part for a bike; if the product is new and innovative, it could be eligible for this relief.
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Second property? Be aware of the change to Letting Relief
When you sell your home, if it is the only property you own, it is unlikely you will pay any capital gains tax. This is because a relief called Private Residence Relief (PRR) is applied.
If you own a second property and that property is rented out, a relief known as ‘letting relief’ may be available on the second property. The impact of letting relief is to reduce the amount tax payable on the eventual sale of that second property.
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Save cash by filing your tax return early
When you calculate the tax you owe through self-assessment, HMRC ask you to make ‘Payments on Account’ (‘POAs’) towards your liability for the following tax year. By default, these are set at the same level as the previous tax year’s liability.
The first of these payments is due on 31 January in the tax year to which it relates, and the second is due on 31 July following the end of the tax year. For example, POAs for the 2018/19 tax year (6 April 2018 to 5 April 2019) are due on 31 January 2019 and 31 July 2019 and calculated based on the level of your tax liability for the previous tax year, 2017/18.
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We’re hiring!
We're hiring! Do you know someone ambitious at an early stage in their accountancy career, who'd like to join a small friendly team in a relaxed environment?
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Tax Free Childcare – don’t miss out!
Many people have come across childcare vouchers in their employment – essentially, this is where an employer can ‘award’ vouchers which are paid tax and NIC free.
However, HMRC have been intending on abolishing this scheme for some time, recognising the lack of equality between employed and self-employed individuals in this area, and the old childcare voucher scheme is now closed to those who were not in it already.
The alternative to this is called ‘Tax Free Childcare’ and is in theory much simpler to administer than the old childcare voucher scheme.
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Hey Big Spender!
There have been some pretty significant changes to capital allowances recently, and it’s important to consider these when making investment decisions.
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Happy New (Tax) Year!
With the tax year end fast approaching, it’s time to ensure that your tax adviser is working with you to mitigate your liability as far as possible.
There are some very simple tax planning opportunities which can be quickly and easily implemented to make savings.
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Getting your structure right
Starting your own business can be an exciting – but daunting – time. One of the first and most important decisions to make is how are you going to structure your business? The reason this decision is so important is that it has a variety of consequences – not only related to tax, but also from a legal and administrative perspective, and how your business will be perceived.
Continue Reading