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, …
Tax Tips
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 …
UK losing billions in VAT from online sales
It has been claimed that up to £2bn of VAT is being lost on sales though online marketplaces like Ebay and Amazon each year. HMRC have been targeting online sellers for a couple of years as they believe a lot of small UK businesses are trading online without being properly registered and without paying the …
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 …
5 Tips to Help Small Businesses Keep Cash Flowing
The issue of late payments and the effect that it has, particularly on startups and small business, is well documented and continues to be a topic of much discussion. Only last month the Federation of Small Businesses (FSB) took the grievances of its members regarding bad payment practices to Downing Street. A look at some …