How to extract profits out of your company
How to extract profit from your limited company in a tax efficient way. Download Article (PDF)
How should you structure your business?
The right business structure is essential for tax purposes. How do you decide which one is right for you? Download Article (PDF)
Construction Industry Scheme
Four new measures affecting the CIS came into force from 6 April 2021, which aim to crack down on tackling labour fraud: HMRC can amend the CIS deductions suffered and reclaimed to an amount matching any evidence they hold; Only [...]
Making Tax Digital for income tax
From April 2024, sole traders and unincorporated landlords with business or property income of £10,000 or more, will be required to join Making Tax Digital (MTD). This means that those affected must use MTD-compliant digital software (such as Xero) to [...]
Business tasks to outsource
As a business owner, fewer things are as precious as your time - time that would be much better spent doing something other than accounting. If you want to grow your business, it might be time to consider offloading some [...]
Pension options at the age of 55
Despite remaining complex, pensions offer you far more flexibility from the age of 55 (rising to 57 from 6 April 2028) than was once possible. This is the age at which you are allowed to access some pension savings. For [...]
Residence & domicile after Brexit
For most UK citizens, the question of what income and gains should be included on their tax return is easily answered because they are both UK domiciled and UK tax resident. Anyone domiciled and resident in the UK will need [...]
2020/21 income tax returns & SEISS
If your unincorporated business was adversely affected by the pandemic and had annual trading profits of £50,000 or less, you would’ve been eligible to obtain the first three taxable grants via the SEISS in 2020/21. These need to be included [...]
Accounting for charities & non-profits
Anyone who’s involved in operating a charity knows how it differs from running a business, both in terms of motives and objectives. HMRC treats non-profit organisations and charities very differently to businesses, offering some unique tax breaks in the process. [...]
Basis period rules in line for reform
Sole traders and partnerships could be about to see significant changes to the ways in which they are taxed. The Government plans to reform the basis period rules in a bid to simplify how unincorporated businesses allocate trading profits to [...]