If you are a small business and you are wandering if it is worth your while to voluntarily register for VAT to help with the outward perception of being an established and growing business or if you are reaching close to the compulsory £85,000 VAT registration threshold, then read on for your guide on how to make VAT registration work for your small business.
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The general perception of Inheritance Tax (IHT) is that it is a death tax and therefore should only be given due consideration when thinking about your will and how to distribute your assets when you die. Although this is true, there are other occasions during your lifetime where you need to consider the IHT implications on your assets, for example making gifts during your and also making gifts within 7 years of death.
When considering your IHT position therefore involves a review of your actions whilst alive through various gifting you may do to loved ones to help reduce your estates value, before considering the final IHT due on death.
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Every year, the average UK adult gives around £30,000 in total to charity during their lifetime and this number is only increasing with the rise of social enterprises. The split of giving typically looks like this: 60% giving by direct debit, 20% to collection boxes and 20% by sponsoring friends, family and colleagues.
This blog looks at how you can donate to charity in a tax efficient way.
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An umbrella company is relevant to contractors and freelancers who may take on a short-term contracts or it is a structure that can be used if you are new to contracting and are looking for an easy set-up option to start working and getting paid quickly.
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We have written extensively on Payment on Accounts, and as a small business owner or self employed individual you will be familiar with the term, especially as it involves upfront payments to HMRC in relation to your tax liability for a given tax year.
The second Self Assessment payment on account for the tax year 2018/19 is due imminently, by 31 July 2019. Are you prepared? You may not be aware that HMRC’s systems, due to a fault, have not requested payments correctly, and there is now much confusion on individual’s tax liability and what tax is due.
We look here at how to ensure you are safeguarding yourself from HMRC penalties and the process of making voluntary payments in place of payment on accounts, as a result of the HMRC system-wide issues.
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Director’s loan accounts are when you as a director of your limited company get money from your company that is not a salary, dividend or expense repayment and is in effect money you’ve previously paid into or loaned the company.
We’ve written about Director’s Loans before and the tax implications of borrowing money from your own company. Here we look at what a director’ loan is, how a director’s loan account works and the benefits of a director’s loan.
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Corporation tax losses are available to limited companies as a form of tax relief by offsetting any loss you make in a given accounting period against your other gains or profits of your business in the same accounting period. You can also choose to carry the loss back to previous accounting periods, and if you do not, the losses can be carried forward to another accounting period.
Corporation tax losses are an important tax relief to limited companies who are keen to reduce their tax liabilities during their growth phase.
Next month heralds the first obligatory VAT return submission via Making Tax Digital (MTD) compliant software, online. Are you ready for your first MTD VAT return?
Submitting your VAT returns online is the first part of the government’s plan to move all tax reporting digitally, and has unfortunately already been dogged with numerous issues and concerns.
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As an employer, you need to be aware of how to complete, and when to file, your employees’ P11D form which reflects the benefits that your employees receive over a given tax year.`The deadline for submission for P11D forms to HMRC is fast approaching, and if not submitted by 6th July, you will be penalised by HMRC.
Read Southside Accounting’s Employers Guide for P11D forms here – what you need to include, when you need to file a P11D form and the penalties imposed by HMRC if not doing either correctly.
Being self-employed, we understand you have a lot to manage including getting to grips with big tax changes which can make all the difference to your business’ cash flow and therefore failure and success.
The 7 tax changes you need to know if your self-employed include an increase in personal allowance, National Insurance Contributions (NICs) changes and digital taxation.
Read on to see how you can keep yourself on the right side of the tax law and position yourself for tax savings if your self-employed.
