As a small limited company owner or director, one of the key decisions you need to make is how to manage travel expenses for business purposes. In this blog, we explore the circumstances under which it is more beneficial to claim mileage rate per business mile instead of providing a company car, and also consider the implications of choosing electric cars…. Continue Reading
With summer just around the corner, there’s no better time to consider eco-friendly alternatives for your daily commute or short trips. As the director of a small limited company, you may be wondering if there are any tax benefits to using a company bicycle. In this blog, we’ll explore the tax rules around company bicycles for owners/directors of small limited companies and how you can make the most of this green mode of transportation…. Continue Reading
If you are self-employed as a sole trader and have earned more than £1,000 in the relevant tax year before deducting any tax reliefs, you must submit a self-assessment tax return.
In this guide, we’ll take you through everything you need to know about filing your first self-assessment tax return, including when you need to do it, why submitting it early is beneficial, and whether you need an accountant to help you…. Continue Reading
Operating a beauty salon can be a rewarding and profitable venture. However, it’s crucial for salon owners to understand the legal implications of their business structure and the protections it offers against claims for negligent work in beauty therapy. In this blog post, we’ll discuss the differences between operating as a limited liability company (LLC) and a sole trader in the UK, focusing on the extent of protection each structure offers…. Continue Reading
Navigating the complexities of directors’ loan accounts can be challenging, particularly when it comes to tax implications and maintaining accurate records. This guide aims to provide a clear and concise explanation of directors’ loan accounts, including their tax consequences, disclosure requirements, and strategies for managing them effectively…. Continue Reading
In micro businesses, shareholders and directors are often the same people. Shareholders own the company through shareholding and appoint directors to manage the company. A salary is paid to directors for their duties, and dividends are paid to shareholders from post-tax distributed profits. … Continue Reading
On 15th March 2023, Chancellor Jeremy Hunt presented his first budget to the Parliament. The budget aims to boost the UK economy by easing the cost of living crisis and reducing inflation rates. The following sections provide a summary of the key points affecting individuals and businesses…. Continue Reading
Electric vehicles (EVs) are becoming increasingly popular as concerns about climate change grow. With more than 660,000 battery-electric vehicles (BEVs) in the UK as of December 2022 and a market share of 32.9% of all new car registrations, it is clear that EVs are here to stay. However, as with any technology, there are pros and cons to consider before investing in an EV…. Continue Reading
We have received several inquiries regarding how clients can register as self-employed (sole traders) with HMRC. We trust that the following guide will be helpful…. Continue Reading
The start of a new tax year is a critical time for individuals and businesses to be aware of tax changes that will come into effect from April 2023. Being informed and prepared can help you manage your finances more effectively.
In this post, we summarize the key changes that businesses should be aware of and provide some tips to help you reduce the impact of tax increases…. Continue Reading
