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
There are two ways to deal with Travel and Subsistence expenses for business travel:
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
Nearly everyone has worked in a position that they were not completely satisfied with at some point or another. It may have been the first job they were able to get at the time or one that would help them get a better position in the future. Regardless of the reason, working a job that you dislike is often difficult and depressing.
When the employees are not as productive, it costs the business more money. It has caused business owners to wonder what they can do to change things around a bit for everyone, especially the employees who are unhappy. We hope this blog will help business owners with employee motivation issues…. Continue Reading
There might not be any such thing as a free lunch, but in some circumstances, at least it is a tax deductible. As with most areas of tax, the treatment of meals is heavily dependent on the precise nature and circumstance of expense incurred.
Let’s consider the tax position on the question we are often asked – Is lunch tax deductible?… Continue Reading
In last week’s blog, we turned our attention to IR35 legislation: what it is and how it works. As promised, this week we are taking a closer look at the application and calculation of IR35.
This is a technical area and may require you to read this post more than once to grasp the issues.
IR35 legislation applies in the following circumstances:- … Continue Reading
