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Limited Companies guide to ‘Year End’

Year end can be a daunting undertaking for first-time limited company directors. In this checklist, we detail your key responsibilities and those all-important deadlines. We’ll also take a look at other tasks you might want to consider when your year end arrives. What is a year end? A ‘year end’ is accountancy slang for the[...] Read more »

How to buy £300 of wine through your limited company TAX FREE

Buy £300 of wine tax free

This corker (excuse the pun) of a tax loophole has just come to our attention. Yes – HMRC have introduced a tax loophole allowing you to buy wine through your limited company – what a result for us wine lovers! The new “trivial benefits exemption” introduced earlier this year means that, as a director of[...] Read more »

Increased Tax for Landlords

Increased tax for landlords will start to hit home this year now that, from 6th April 2017 -to April 2020, HMRC are progressively reducing the deduction for finance costs to the point that you will only be able to deduct 20% of the cost from their personal tax liability. Higher and additional rate tax payers[...] Read more »

2017/18 Tax Year: Round up of benefits and changes you need to know about

There are a number of changes to Tax and benefits in the budget this year, here is a round up of the changes and what you need to know. Income Tax The tax-free Personal Allowance, which is the amount you can earn before paying any Income Tax, will rise from £11,000 to £11,500 from April[...] Read more »

Making Tax Digital

MTD

As of 2020, every business from sole traders and partnerships to limited companies will report business to HMRC via their compatibility software. The new system is set to be phased in starting with sole traders, who will have to comply from April 2018. The annual tax return will be no more, instead to be replaced[...] Read more »

Advisory fuel rates for company cars

fuel 2

New company car advisory fuel rates have been published which took effect from 1 March 2017. The guidance states: ‘You can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car. The advisory fuel rates for journeys undertaken on[...] Read more »

New childcare funding choices

childcare

The government have launched a new website aimed at parents who may be able to claim for support with childcare costs. The web address is https://www.childcarechoices.gov.uk/. How Tax-Free Childcare works Working parents will be able to apply, through the childcare service, to open an online childcare account. For every £8 that families or friends pay[...] Read more »

Lifetime ISAs

saving

From 6 April 2017 Lifetime ISAs are available as an alternative tax-free investment. If you open a Lifetime ISA account between the ages of 18 and 40, any savings you put into it before your 50th birthday will receive an added 25% bonus from the government. You can open a lifetime ISA if you are[...] Read more »

Things to consider when investing in plant or equipment

tractor

Business owners may be considering their options for investment in new equipment especially if their trading year end is March, as is often the case. There are a number of considerations: 1. Cash flow, can the business afford the cost or fund loan or other financing arrangements? 2. Will the new equipment make a positive[...] Read more »

Start-up costs

startup

One of the most crucial parts to planning your new business is working out how much money you need to launch your business. Only then can you think about how you’re going to raise it. Providing it doesn’t get in your way of being able to operate effectively, keep your start-up costs to a minimum.[...] Read more »


 

 

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