One of the best thing about being a small business owner is that you can enjoy as much freedom as you wish, particularly when it comes to being in control of your working hours. This means you may not prefer to work the usual 9-5 working hours. Some days, you might be up late, past midnight working on tight deadlines or wake up at 5 am to rush to client meetings. However, you must become aware that unusual working patterns will onset some adverse impacts on preserving a consistent work-play balance especially your sleeping patterns. Further, when family commitments are also put into the balance, it becomes difficult to achieve the recommended 7 to 9 hours of sleep by the National Sleep Foundation…. Continue Reading
Automatic Enrolment (AE) was initiated in October 2012. Any employer no matter what size their business is now legally obliged to offer their employees a pension scheme. All qualifying individuals between the ages of 22 and 65 can save for their retirement. … Continue Reading
If you own or are considering acquiring one or more buy to let properties, you might be wondering whether you should buy the properties in your name or through a limited company. Incorporation may seem more attractive following the announcement of tax relief restrictions on mortgage interest incurred on personally owned rental properties. If you are debating incorporation, what are some factors you should consider? … Continue Reading
As an owner of a small business, you tend to spend a great proportion of your time being involved in your business and its activities. You live and breath your business. It is everything to you.
Research has shown that UK’s small business owners work an additional 15 hours more a week in comparison to the national average. Working more hours does not equate to being more productive…. Continue Reading
- An employer pays their employee for the Travel and Subsistence expense incurred, tax-free
- The employee claims reimbursement via their tax return for any tax relief due
Claiming expenses for a business journey On a normal working day, mileage from home to office cannot be claimed. An example of a business journey is if an employee travels from home to see a client, in this case 40 miles away. Even if they travel near to their office location, the full distance of 40 miles can be claimed…. Continue Reading
If your tax return is not accurate and submitted before the deadline, the penalties for late filing, late payment of tax, and any errors made, can quickly add up. Additionally, deliberate tax evasion and fraud are viewed very seriously by HMRC.
The onus is on you to comply with tax rules and regulations. Even if your accountant deals with tax issues on your behalf, you are responsible for any penalties or problems that ensue…. Continue Reading
It’s a Friday evening and you’re in the pub, enjoying a well-deserved drink with a couple of friends after a long, hard week’s work. In walks your friend Rob. Grinning from ear to ear, he produces a wad of twenty-pound notes and treats you all to a round. He’s just got a huge tax refund, he tells you, and on Wednesday, he is off to Spain for a fortnight’s holiday with the family.
You know Rob charges the same daily rate as you, but your tax refund was a lot less than his. How can that be right? Has he got a better accountant than you?… Continue Reading
The new year is awash with resolutions and a sense that now is the time to take action. For many this can be a case of getting back into shape or giving up a bad habit, but why not take it a step further and fulfil your dream of being your own boss.
While it’s perfectly normal to fear giving up the security of having a salary, there are plenty of reasons why more and more people are taking the plunge and becoming self-employed…. Continue Reading
Company cars have long been considered a luxury perk and status symbol of successful businesspeople. If you run your own company, you have the freedom to choose whether or not to buy yourself (and maybe some staff) a company car. Your choice will not only affect your company’s tax and VAT but will also impact the car user’s personal tax. This blog cover key issues around tax on company cars.
This is how tax on company cars may affect you: … Continue Reading
While the term “entertainment” might bring to mind top-price seats to sporting events funded by generous expense accounts, almost everyone in business spends money on entertainment. It might be as routine as coffee with a client or the annual staff Christmas party.
The general rule for entertainment costs is that they are usually not tax deductible, except in some restricted circumstances. The rules for companies, sole traders and partnerships are broadly the same…. Continue Reading