Hope everyone had an enjoyable summer holiday whether you had a break away or a staycation ? ? ?As @xero partners we are able to offer a new client discount, available until the end of this month, September 2019? Of course, conditions apply, the main two being: offer ends 30th September 2019 & you must…
Wanting to employ a family member? Read this first #familybusiness #tax
Employing family members It is permissible for a business to claim a tax deduction for the cost of a reasonable wage paid to a family member who helps in the business. Their duties could, for example, include answering the phone, going to the bank, bookkeeping and other administrative tasks. The tax legislation specifies that ‘in…
Tide Business Banking
Breaking News!! We are now proud Tide partners!! As a Tide partner, we can offer you a FREE business current account in minutes, straight from your phone, saving you time and money. This offer is open to existing clients, new clients, and individuals. Sign up with Tide Follow the link to open your FREE Tide…
Do you provide your employees with a van?
In this article, we explain the tax aspects of using a works van If an employee is able to use a work’s van for private use, which generally includes home-to-work travel, there will be a taxable benefit and a subsequent tax charge. From 6 April 2019, the flat-rate van benefit charge has risen from £3,350…
Letting a property as a furnished holiday let – is it worthwhile?
Where a property is located in a holiday region, a consideration will be whether to let it as a furnished holiday let or on a longer-term basis. As well as differing rental income, there are tax differences to consider too. Furnished holiday lets From a tax perspective, special rules apply to furnished holiday lets, which…
Director’s loan accounts
Why it’s important to keep proper records as a director HMRC commonly find errors in relation to directors’ loan accounts when making routine reviews of company tax returns. Here we look at the importance of maintaining proper records of cash and non-cash transactions between the company and the directors. Directors’ personal expenses A statutory rule…
Make keeping better business records your New Year’s resolution
To ensure that you pay the correct amount of tax and file correct tax returns with HMRC, it is vital that you keep complete and accurate records. This applies regardless of whether you are running a business as a sole trader or in partnership or operating a limited company. Business records for the self-employed The…
The Annual Investment Allowance is being temporarily increased to £1 million
Faster tax relief for capital expenditure From January 2019, businesses considering investing more than £200,000 in plant and machinery may benefit from a change to the capital allowances rules, which should allow them to obtain tax relief at a much earlier time. Broadly, business profits, after any adjustments for tax purposes (for example depreciation of…
10 Reasons why you’ll love cloud accounting software
Thinking of moving from desktop accounting software to the cloud? We can handle this process for you or even hold your hand along the way if you prefer. Cloud accounting has many benefits – the main one being ease of collaboration. Check out some of the benefits listed below. Why you’ll love cloud accounting software…