Category: Tax Savings

Bookkeeping tasks to complete in January

January is a great time to review your bookkeeping processes and get your business’ finances organised for the new year. For many businesses, January is a quiet time of year that is best used to review performance and processes and plan and prepare for the year ahead. Complete the following bookkeeping tasks in January to…




Plans to cut corporation tax put on hold

Prime Minister Boris Johnson has announced that the planned cuts to corporation tax are to be put on hold. On 1st April 2020, corporation tax was due to fall from 19% to 17%. However, in the run up to the December general election, Conservative party leader Boris Johnson has announced that this cut to corporation…




Is your business’ payroll affecting retention rates?

Mistakes or inefficiencies in your company payroll could be having a negative effect on retention rates and employee wellbeing. A recent study conducted by an independent research firm and commissioned by Zellis, found that 21% of Brits have changed jobs after being paid late or inaccurately by their employer. The research found that a shocking…




Who can claim Entrepreneur’s Relief?

Claiming Entrepreneur’s Relief could save you a substantial amount of money in capital gains tax. Entrepreneur’s Relief is a government scheme that was introduced in 2008 as an incentive to encourage entrepreneurship. The scheme reduces the amount of Capital Gains Tax paid by individuals disposing of business assets to just 10%. Individuals that meet the…




Income tax rates for the new 2019/2020 tax year

April marks the start of the new tax year, and all businesses and employees should ensure that they understand what has changed and how they will be affected. The changes to this year’s tax rates were announced by Chancellor Phillip Hammond in the Autumn 2018 Budget and came into effect on April 6th2019. Make sure…




What is IR35 and how can it affect the tax a contractor pays?

Contractors falling inside of IR35 could see their net income reduced by up to 30%, so it’s important to have a good understanding of what IR35 is and how it works. In a bid to encourage entrepreneurship, the government offers tax benefits to contractors working as limited companies to reduce the risks involved with setting…




How To Get Yourself Out Of A Tax Panic

It’s no good us telling you to get your tax affairs in order before Christmas as we enter the new year but it is worth bearing in mind for next year if you want to avoid those same feelings of dread. Until then here are some of our top tips on how to prevent a…




How Much Do You Really Save By Doing Your Own Tax Returns?

According to the most recent government statistics 750,000 people failed to complete their self- assessment tax return by the January 31 deadline. This is despite the £100 late filing penalty being applied after this date. It is reasonable to assume that a good proportion of these late payers were late due to difficulties completing the…




What Does ‘Making Tax Digital’ Mean

You may have heard about the government’s plan to make tax digital from April 2019 but what does this mean for you and your business? A common misunderstanding amongst small business owners is that they are already doing tax digitally so there is nothing to worry about. For some this may well be the case,…




R&D Tax Relief Claims Rising

The number of companies claiming tax relief for research and development has increased according to data released by HMRC but critics say not enough is being done to encourage innovation. R&D tax credits are nothing new having first been introduced 18 years ago to help companies invest more in research and development. During the period…