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Amending Your Tax Return
The deadline for filing the 2017/18 self-assessment tax return of 31 January 2019 has now passed. You filed your return on time and paid the tax that you thought was due, but you know realise that you have made a mistake. Is it too late to correct it, and if not, how...
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Importance of registering for child benefit even if the High-Income Child Benefit charge applies
Parents affected by the High-Income Child Benefit charge (HICBC) can be forgiven for thinking that there is no point is registering for child benefit if they are only going to have to give back everything they receive in the form of the tax. The HICBC applies where...
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Year-end tax planning tips
As the end of the 2018/19 tax year approaches, it is worthwhile taking time for some last-minute tax planning. Here are some simple tips that may save you money. Preserve your personal allowance: the personal allowance is reduced by £1 for every £2 by which income...
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Salary vs Dividends
A popular profits extraction strategy for personal and family companies is to extract a small salary, taking further profits as dividends. Where this strategy is pursued for 2019/20, what level should be the salary be set at to ensure the strategy remain tax...
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Top 5 Limited Company Mistakes You’ll Want To Avoid
Running a limited company isn’t always a walk in the park. There are a lot of different things to understand, from the rules around salaries and expenses to corporation tax and VAT. And there are a lot of things that can cause you some major problems if you get them...
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Make the most of your allowances
The tax system contains a number of allowances which enable individuals to enjoy income and gains tax free. In seeking to maximise your tax-free income, it makes sense to take advantage of available allowances. The following are a selection of some of the allowances...
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Good Business Records
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...
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How To Make Sure You Get Paid On Time
In an ideal world, all businesses would be paid on time, or even early, for their products and services. And while there are some people out there who are diligent in their payment efforts, sadly there are a lot more who aren’t. This results in late payments, which...
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A Beginners Guide To Profit And Loss Accounts – Getting Back To Basics.
As a business owner, there are a lot of things you need to focus on. And even when you’re settling down to just work on one area of the business, you will quickly discover that there are dozens of tasks, reports and other information you need to process and use....
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Are You Controlling Your Business Costs?
As a business owner, one of your ambitions is to run a profitable business right? We can say that with confidence, because it is the mark of a business that is not only covering its costs, but actually making money too – a staple of a successful business. It’s a goal...
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