Working from home? – Claim an allowable deduction

Many small business owners who work from home do not realise that they are able to claim an allowable deduction against their profits known as ‘use of home’. The HMRC will allow a sole trader/partnership/limited company director to claim a … Continue reading

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Dividends – most tax efficient form of income!

One of the main and most tax efficient forms of remuneration for limited company shareholders are the dividends that they are awarded from their business. What is a dividend? A dividend is a payment made by a limited company to … Continue reading

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Mobile phones – is yours in the company name?

Using a mobile phone has become essential in both our personal and business lives. The HMRC will allow you to deduct mobile phone costs against your profits but only if the contract is in the name of the company and … Continue reading

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Flat Rate VAT – What is it and how can it help?

If you are a small business and you have sales of less than £150,000 a year, the chances are you would benefit from being on the flat rate VAT scheme. You are likely to benefit from the scheme if your … Continue reading

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Keep the receipts

Most business owners are aware that they need to keep receipts if they want to secure a deduction for expenditure for business tax purposes, assuming that the expenditure is allowable for tax. This is particularly important if you purchase an … Continue reading

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Claim £100′s of tax relief if you wear a uniform!

Do you have to wear a uniform to work? Did you have to purchase it and wash it? This can apply to a worker if they simply wear a shirt with a logo or full head to toe attire, such … Continue reading

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Special Budget blog 2014: Increase in the Annual Investment Allowance

The chancellor pleased many businesses in April with his announcement that the temporary increase in the annual investment allowance (AIA) is to be extended for a further year to 31 December 2015. From the 1st April 2014 the maximum amount … Continue reading

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PAYE – Week 53 payments

Employers and employees that are paid weekly, bi-weekly or four weekly and whose final payday of the 2013-14 tax year falls on 5 April 2014 are reminded that there is a possibility that they may underpay tax for the current … Continue reading

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Employment Allowance: up to £2,000 off your Class 1 NICs

From April 2014 most businesses, charities and community amateur sports clubs (CASCs) will be entitled to an annual ‘employment allowance’ of up to £2,000 to reduce their liability for employer’s Class 1 Employer National Insurance Contributions (NICs). HMRC have said this … Continue reading

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Should I take a salary?

When a company is starting out it needs all the money it can get and if you’re one of the owners you might be dipping into your own resources to fund the business. So the idea of taking a salary … Continue reading

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