When it comes to VAT, even the biggest brands aren’t immune from scrutiny. Marks & Spencer (M&S) is currently at the centre of a legal battle with HMRC over the classification – and therefore the VAT treatment – of one of its food items: a strawberry sandwich. It might sound trivial, but the implications reach […]
HMRC takes M&S to court over its strawberry sandwich: What small businesses can learn Read More »
Christmas is a-coming and the work party is sounding expensive! But did you know that HMRC allows you to claim your work Christmas party as a tax-deductible expense? The work Christmas party might be a love it or hate it kind of social event amongst staff, but without one, your staff could end up feeling
How to claim a work Christmas party as a tax-deductible expense Read More »
Financial management is one key area that can make or break your success as a small business owner (see also our blog on cashflow forecasting). While most business owners focus on yearly financial statements for tax purposes, management accounts provide insights into your day-to-day and month-to-month performance. To make management accounts work for you, you’ll
The ins and outs of management accounts for small businesses Read More »
As a limited company director, you’ll need to keep on top of your bookkeeping and personal tax obligations for legal compliance and your own financial health. We are now into the fifth month of the financial year, which runs from April 6, 2024 to April 5, 2025. Do you know where you stand in terms
Limited company directors: Do you know how much personal tax you incurred for 2024/25? Read More »
A P11D is the form used to report benefits in kind paid to directors and employees which have not been subject to PAYE tax. In this article we’ll look in detail at what you need to know.
How to Keep on Top of Your Bookkeeping Read More »
A P11D is the form used to report benefits in kind paid to directors and employees which have not been subject to PAYE tax. In this article we’ll look in detail at what you need to know.
Limited Company Directors: What you need to know about your P11D Read More »
Each year when your personal tax return is prepared, if your tax liability is more than £1,000 and more than 80% of your income isn’t taxed at source then payments on account will be due.
Is Your Payment on Account Due by 31st July? Read More »
VAT is one of those taxes that every business owner and contractor needs to know about even if you’re not VAT registered yet, it’s important to understand how the rules affect your business and what your options are if and when the question of registration comes up.
Do I need to register for VAT and if so on which scheme? Read More »
The Top Ten Items Your Limited Company Can Reclaim VAT on The question of when VAT is recoverable and when it isn’t is very common, so in this article we’re looking at the ten most common items contractors can reclaim the VAT on through a Limited company. It’s important to note that this only applies
The Top Ten Items Your Limited Company Can Reclaim VAT on Read More »
How Much can You Take in Dividends? As a director and shareholder, you may be used to taking part of your income from your Limited company as dividends. It’s important that this is done correctly, so in this article we’ll look at the difference between legal and illegal dividends. What are dividends? In simple terms,
How Much can You Take in Dividends Read More »
