A stronger, fairer, better Britain were the themes of the Spring Budget 2017. You can read the individual measures below…. Continue Reading
What is a UTR?
UTR stands for Unique Tax Reference. It is a 10 digit number that is issued by the HMRC and is used to identify you for all your tax matters. You receive your UTR when you register with HMRC if you have become self-employed or have started a limited company.
How do I apply for a UTR?
When you decide you want to work for yourself either as a sole trader or a Director of a limited company, one of the first things you need to do is inform HMRC. The information below will give you details on how to notify HMRC depending on your particular situation…. Continue Reading
Relevant life insurance for company directors
Relevant life insurance is a fixed term, death in benefit insurance policy that you take out through your company which pays out a tax-free lump sum on the death of the person insured. It is suitable to put through your company if certain conditions are met and hence benefit from further tax savings on the premiums. Some of the conditions that need to be met include:
- You can only take a policy that covers the death of the director and not critical illness or disability.
Employment Reference
As an employer, part of your role is to provide employment references for your employees. You could be in a position of making or breaking their next move. It may be tempting to try to provide a reference that does not reflect your employees in a good light, as a way to holding on to them. Or you may be glad to see the back of them and want to portray this to the new employer.
This blog is intended to guide you in avoiding employment reference traps. … Continue Reading
Buy to let properties taxation
If you own or are considering acquiring one or more buy to let properties, you will be thinking about buy to let properties taxation. This includes whether you should purchase the properties in your own 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.
From 6th April 2017, the amount of relief available for mortgage or loan interest paid is progressively restricted. By 5th April 2020, interest will not be allowable in calculating taxable profit, but the resulting tax liability will be reduced by 20% of the interest paid. … Continue Reading
Small Businesses Exploiting Technology
We know technology is an important factor in the world we live in now. It is advancing at a faster pace than we could’ve anticipated. So how can technology be utilised by small businesses to make them more efficient and propel them towards new growth opportunities?
Although you may think technology is there to distract you from doing your job or that it makes you lazy. However, the technology is there to make us work smarter and increase our productivity. … Continue Reading
Combining Work and Yoga
Are you a small business owner who is stressed with the workload? Not freeing yourself enough time from work to visit the gym? Why not bring the gym to where you are without all the need for expensive gym equipment? The title of this blog surely hints you to where we are going with this.
Yoga! We know when you are running a small business, there are various tasks and activities of your business that will eat your time make you pin down to a desk. As many of you small business owners are, with doing 9-5, five days a week, yoga will provide relief by breaking this cycle…. Continue Reading
Sleep is essential for small business
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
Small Business and Automatic Enrolment
A higher life expectancy and most individuals failure to make a provision for their retirement were a key driver that has lead to compulsory pension compliance in the UK.
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
Operate your rental business personally or via a company?
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
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