Blog categories

Budget 2014: What can we expect?

As we head towards Budget 2014, which will take place on Wednesday 19 March, there is no denying the UK economy is in a better place than it was this time last year. GDP growth of 2.4 per cent is predicted for this year and things are looking up, but does this mean that George Osborne will be providing dramatic tax cuts and reforms? Probably not…

VAT investigations on the rise, are you prepared?

VAT investigations are on the rise. According to reports, HMRC raised an extra 32% in tax as a result of VAT investigations last year, much of this stemming from small and medium sized businesses.

How to minimise your tax bill

With the news that HMRC may soon have powers to recover tax directly from your bank account, we offer some advice on keeping your tax bill to a minimum.

RTI still leaves room for payroll errors

Despite the recent introduction of Real Time Information (RTI) for PAYE, HMRC has confirmed that around 5.5 million people paid the wrong amount of tax in the 2013/14 tax year.

How to profit from your patents

The Patent Box allows companies to apply a reduced 10% rate of corporation tax rate on profits earned from their patented inventions and innovations.

Don’t pour cold water on your trademark application

There are a number of things to consider before you submit your application to the Intellectual Property Office.

EU VAT rules are changing. Are you ready?

From 1 January 2015, the way VAT is charged on e-services, broadcasting and telecommunications services to individual consumers will change. If you supply these services to consumers in the EU, are you ready?

Submitting your self-assessment return online

Submitting your self-assessment tax-return doesn't have to be hard – especially in the digital age. With the 31 January 2015 deadline just 6 weeks away, we thought we'd put together a fool-proof guide to submitting your online tax return, just in time for Christmas.

How to reduce your corporation tax bill with R&D relief

In a bid to compete with Ireland's 12.5% corporation tax rate, Enterprise Minister Arlene Foster has suggested lowering the rate to just 10%. According to Northern Ireland secretary Theresa Villiers, around 34,000 businesses will benefit when the power is devolved in April 2017.

Are you efficiently extracting your company profits?

There are many ways of extracting profits from your company, all with different pros and cons from a tax perspective.

To help you work out your options, we've come up with 5 tax-efficient methods of profit extraction.

Using investment schemes to lower your tax bill

There's no doubt about it, investment schemes are not for the amateur investor. The rules can be complex, getting out can be tricky, and the chances of losing money are high.
However, if you're savvy about what you do with your money, you can earn yourself a nice return while making a big difference to your tax bill. The risks are high, but so are the rewards.

Claiming R&D relief for SMEs

R&D tax credits allow businesses engaged in R&D projects to receive a tax deduction based on the costs incurred on the project.

VAT One Business or Two?

A recent #VAT #Tribunal had to decide whether two hairdressing businesses should be treated as a single business for the purposes of #VAT #registration.

Making Tax Digital for Business Delayed

The Government has responded to pressure from accountants and other interested parties and announced the delay of Making Tax Digital #MTD for Business to 2020 at the earliest.

HMRC Beat Glasgow Rangers

A scheme using Employee Benefit Trusts (EBTs) as a means of remunerating directors and staff has been defeated by HMRC in a recent Supreme Court case.

New Government Childcare Schemes

Working parents can start applying for two new Government childcare schemes launching this year – Tax-Free Childcare which begins immediately and 30 hours free childcare which starts in September.

Pension Tax Relief Change

There is again speculation about further restrictions to tax relief on pensions in the Chancellor’s Autumn Budget.

Tax Free Perks Instead of Dividends

When should you take perks instead of dividends?
As a rule of thumb, dividends are the most tax and NI-efficient method of taking income from your company. But there are sometimes better alternatives. What are they and when can you use them?