Reviewing your business goals for the New Year The start of January marks a time of new beginnings, and for business owners, it’s the perfect opportunity to pause, reflect and plan ahead. After the whirlwind of the festive season, January offers a quieter moment to consider where your business is…
Welcome to our July Tax Update. In this edition we take a look at the tax point for VAT, pool cars, childcare accounts, selling a subsidiary and events on the accounting horizon, the main one being the General Election this Thursday! ‘TAX POINT’ FOR VAT The time of supply is…
New digital service to check your State Pension forecast launched A new digital service has been launched that makes it easier to check if you have any gaps in your National Insurance (NI) record that may affect your State Pension entitlement. The service is called Check Your State Pension forecast…
Keeping your accounting records up-to-date can feel like a chore, but when your bookkeeping is kept up-to-date, you and your business can gain some significant benefits. Let’s review a few: Financial clarity Regular bookkeeping ensures that your business’ financial transactions are accurately recorded, categorised, and updated regularly. Having up-to-date information…
Maximising benefits for your business We are now within the final two months of the tax year, and for many businesses, the end of the tax year is also the end of the business’s financial year. This can be a good time to review your business tax planning to ensure…
HMRC approve tax bill payment plans for 44,800 taxpayers HM Revenue and Customs have announced that nearly 44,800 people have sorted their upcoming 31st January tax bill by setting up a payment plan. HMRC provide the option of a monthly payment called Time to Pay (see link below). Provided taxpayers…
With inheritance tax receipts to HMRC set to reach new levels this financial year, now more than ever are families needing to plan for their future. Inheritance tax could take a large proportion of your wealth – 40% of everything above £325,000 – and stop your family members enjoying the…
Welcome to the November 2023 Tax Update. In this edition we take a look at year-end tax planning, are all LLP Members self-employed, HMRC challenging LLP schemes for property businesses. charging EVs at home, reclaiming input VAT on the sale of shares; and this month’s events on the accounting horizon.…
Unlock Substantial Tax Savings with this Little-Known Couples’ Financial Strategy Financial advisers have long been privy to a little-known tactic that could potentially save couples over £8,000 annually in taxes. This strategy involves transferring savings between partners, leveraging online calculators to determine the optimal amount to shift from the higher-earning…
The ultimate aim of every serious business person is to build a company that has value, so that it can be sold or transferred, allowing the entrepreneur to exit gracefully and profitably. Recently, we have been helping a number of our entrepreneur clients develop successful, tax efficient exit strategies. There…