Entertainment and entertaining expenses

Section 45 of the Income Tax Act 2005 defines business entertainment as the provision of free of subsidised hospitality or entertainment. The person being entertained may be a customer, a potential customer or any other person. It is generally understood … Continue reading

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Alternative VAT schemes: Annual Accounting

Using standard VAT accounting, you must complete four VAT returns each year. Any VAT due is payable quarterly, and any VAT refund due to you are also repayable quarterly. Using annual VAT accounting, you make nine interim payments at monthly … Continue reading

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Alternative VAT schemes: Cash Accounting

Using standard VAT accounting, you pay VAT on your sales whether or not your customer has paid you. Using the cash accounting scheme you do not need to pay VAT until your customer has paid you. If your customer never … Continue reading

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UK taxes: A brief guide

We are renowned for having a very complicated tax system so we thought that a brief guide of the main UK taxes may help a little. Income tax Income tax is the main tax which is paid by individuals (both … Continue reading

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Common questions answered: Self-assessment tax returns

We get many questions about self-assessment tax returns which are both regular and varied so to answer these questions we have put together an extensive blog which should hopefully cover all the areas which you may have questions with. If … Continue reading

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So what is fee protection and as it really needed?

Fee protection is a service which is offered by the majority of clients including us and it is designed to protect clients for HMRC enquiries. Clients can subscribe to the service and obtain the benefits described below. The service is … Continue reading

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VAT on sale of commercial buildings

When purchasing or selling a commercial building one of the first things to establish is whether VAT will need to be applied to the price of the property. Land and buildings are generally exempt from VAT, but properties less than … Continue reading

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Main ways to extract money from the company

If you are an owner director of a company there are a number of ways that you can extract money from the company. Sensible tax planning is essential to finding out the best mix for you. Salary Assuming that you … Continue reading

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Deductibility of travel costs – HMRC wins important case

Dr Samadian, a consultant geriatrician, worked for the NHS at two hospitals in London and also worked privately using his own home and principally, working at two nearby private hospitals. HMRC challenged the doctor’s claim that 65% of his mileage … Continue reading

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Top tax tips: Claiming a pension from the company

One of the biggest tax breaks available to a limited company is the ability to make pension contributions. To qualify for tax relief, company pension contributions must be made for genuine employees of the business. Directors are classed as employees … Continue reading

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