As a Limited Company owner, are you aware of the tax implications of an electric car for your business? In this blog, we’ll explore the differences between leasing, hire purchasing and outright purchasing an electric vehicle and the tax you can expect to pay. The electric advantage The government, in [...]
On 1st October 2024 The Employment (Allocation of Tips) Act 2023 came into effect, impacting on the distribution of tips for all businesses. It is now illegal for employers to withhold tips from employees. What does this mean for business owners? If your business receives tips from customers, there [...]
The Vantage team are growing even bigger, with the introduction of our latest office in Salisbury, Wiltshire. Having completed our previous new office opening in Renfrew, Glasgow only last month, we’re so proud to announce that we’ve also now opened one in Salisbury. Why Salisbury? With our other offices [...]
As a business owner you may need certain vehicles in order to complete your work, specifically crew cab vehicles. Currently these types of vehicles are classed as vans rather than cars for national insurance and income tax purposes, but over the past few years the crew cab vehicle has been [...]
Your accountant is far from just a number-crunching machine! They have specialist knowledge regarding taxes, expenses, allowances and so much more. In this blog, we’ll outline some of the key questions that you should be asking your accountant to ensure your business is as efficient as possible. Can I make [...]
Your responsibilities and what you need to file with HMRC and Companies House Directors of Limited Companies have legal responsibilities, such as filing / submitting various forms and returns to Companies House and HMRC throughout the financial year. If you’re new to running your own company you may be unsure [...]
National Insurance and Tax Tax-free personal allowance – £12,570 Basic rate – 20% – up to £37,700 Higher rate – 40% – from £37,701 to £125,140 Additional rate – 45% – above £125,140 National Insurance Rates Primary threshold - £12,570 [...]
The Spring Budget 2024 was rather uneventful for many, unless you’re landlord with holiday properties in your portfolio that is. With the Furnished Holiday Lettings regime being abolished from April 2025, the market has been shaken up, so what exactly does this mean? The FHL tax regime, which previously allowed [...]
If you're a sole trader or a partner in an unincorporated or incorporated partnership, upcoming changes in tax rules may affect you. These reforms alter how businesses like yours are taxed. Overview of the Basis Period Reform HMRC is changing how taxable profits are calculated. Previously, unincorporated businesses were taxed [...]
Allowable expenses Claim all of your allowable expenses Ensure paid invoices have been recorded – chase those you’re still awaiting payment for Keep receipts 6 years after accounting period ISAs Use your ISA allowance £20,000 taxed at 0% per year £9,000 for junior ISAs [...]