Understanding S455 Tax on Director’s Loans As a Limited Company director there may be times when you have to lend your company money, which will usually not result in any tax implications. So what happens when you personally need to borrow money? In this blog we take a closer look [...]
Common Accounting Terms Explained If you’re new to running your own business you’ll undoubtedly find yourself exposed to the world of accountancy and finance, and potentially hear new words and phrases. Whilst this can seem daunting, there’s no need to worry! In this blog we look at some of the [...]
Forty billion pounds of tax rises represents one of the very largest tax rising Budgets outside of a time of recession, with Rachel Reeves announcing a compendium of changes aimed at businesses and higher tax payers. A penny off a pint and frozen fuel duty will be small comfort for [...]
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 [...]
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 [...]
Since it’s inception in 2009 crypto currency’s popularity has grown and grown, with many people dipping their toes in to see what financial gain they can make from their investments. With some making a hefty profit in a short space of time, it’s fast becoming one of the most popular [...]