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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…

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.

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.

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.

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.

TAX IMPLICATIONS OF HUNG PARLIAMENT

The result of the General Election has left Teresa May and the Conservative Party clinging on to power with support from the Democratic Unionist Party (DUP) in Northern Ireland. This leads to a period of significant uncertainty for the country as the BREXIT negotiations are just about to start.

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?