Tag: Tax Returns

What is an exit strategy and why do I need one?

All good things must come to an end, and there will come a time in your life when you’re ready to either start playing a smaller part in the running of your business or say goodbye to it forever. Having a well thought out exit strategy already in place will help you to sell or…




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…




What changes are being made to capital gains tax on property in April 2020?

From April 2020 the rules surrounding capital gains tax on the sale of residential property will be changing, are you prepared? The proposed changes were announced by former Chancellor Phillip Hammond in the 2018 Budget and are due to come into effect on 6th April 2020. The main changes relate to: Timescale for payment of…




Tax incentives for running electric commercial vehicles

Did you know that switching from petrol or diesel to electric commercial vehicles could help to save your business money? Businesses are under increasing pressure to find ways to work more sustainably and reduce their carbon emissions to help protect our planet. If your business runs commercial vehicles, making the switch to electric models can…




What can contractors do to avoid falling inside of IR35?

Contractors can use the tips and advice in this blog to prevent their contracts from falling inside of the IR35 legislation. IR35 is a tax legislation that was introduced to tackle tax avoidance by contractors acting as ‘disguised employees’. Contractors deemed to be outside of IR35 receive limited company tax benefits, whereas those deemed to…




Did you know that you can claim for these expenses on your tax return?

If you’re self-employed, make sure you know what business costs you can claim for on your tax return to avoid paying more than is necessary in expenses. Whether you rent your own office or work from home, running your own business can be expensive. Luckily, a lot of the costs incurred when setting up and…




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…




Common self-assessment tax return errors to avoid

Making errors with your self-assessment tax return can result in wasted time, unnecessary stress and costly penalties. Before you hit the submit button, read this blog and check that you’re not making any of these common errors on your self-assessment tax return. Not registering in time Those filling out a self-assessment tax return for the…




How are landlords taxed for rental properties?

If you’re a landlord, it is your responsibility to pay tax on the income you receive from your rental properties. Managing rental properties can be a lucrative full-time job, or a small second income, either way the profits you earn will be liable to income tax. Income tax is due on your total profit once…