How to Prepare for “Making Tax Digital”

What is “Making Tax Digital”? In March 2015, the government announced its plans to replace annual tax returns with digital tax accounts, in order to “modernise the tax system”. The initiative aims to eliminate the need for tax returns and simplify the tax system. Instead of filling out an annual tax return, small business owners, …

Major Dividend Tax Change Due to Go Ahead

Despite some determined campaigning by small business owners it looks like the dividend changes announced in the summer budget are going to come in as planned on 6th April 2016. Up until this point one of the benefits of operating a limited company has been the ability to pay yourself from the company profits by …

Running a Buy to Let Company

Recently, The Company Warehouse reported a steep rise in the formation of property companies. Analysis of data from Companies House has found that there has been a 75% increase in property company formations compared to the same period in 2015. This rise can be attributed to the impending changes in stamp duty and tax relief …

75% Increase in Buy to Let Company Formations

An analysis of company formations carried out by The Company Warehouse in the last week has seen a rush in property based company formations – up 75% compared to this time last year. Tracking data over the last three days, The Company Warehouse has seen a growing trend in the creation of property company formations …

What can I record as Expenses?

Most things that you buy for your business can be classed as expenses. Any Corporation Tax your business pays is calculated after your expenses have been taken into account. So accurately recording expenses means you can end up paying less tax. Startup Costs One of the first things your business can claim back are your company …

HMRC Seek New Powers to Target Online Sellers

HMRC has started a consultation on whether it should be given new powers to target people who sell on websites such as Airbnb, eBay, Amazon and Etsy. HMRC has been actively trying to target online sellers for a while now and had an amnesty for them to declare their earnings back in 2012. HMRC believe …

Summer Budget Targets Contractors and Agency Workers

One of the biggest drivers of new limited company formations in the past couple of years has been contractors and agency workers. The use of limited companies by highly paid and skilled consultants and IT contractors has been well established for a number of years. In part these kind of high earning contractors have worked …

6 Numbers Every Business Owner Needs to Know

We’ve all seen it on Dragon’s Den. The sight of budding entrepreneurs squirming in front of the panel as they try to recall the financial information about their fledgling businesses that will go a long way to determining whether they secure investment or not. But it’s not just your prospects for receiving a cash injection …

Invoice Template v Invoice Software: Which is best for small businesses?

One of the first things many new businesses need to learn to do is how to issue an invoice. If you are selling to other businesses, doing building work or anything other than fairly straightforward retail sales you will need to give your customers an invoice before you get paid. According to the official government …

Micro Entity Accounts Now Accepted at Companies House

All limited companies have to file annual accounts with Companies House every year. These go onto the public record and are available to anyone who wants to look at them. Creating and filing the full set of accounts for Companies House can be quite a time consuming and expensive business. It will normally include using …