2 December

How to Close Your Business Tax Efficiently with Undistributed Retained Earnings

Posted by in Guides

For many individuals working through their own Limited Company is a choice that gives them control over their career. However, there comes a time when they may wish to retire or simply no longer run the business. This guide looks at the most tax-efficient alternative when the sale of the business is not an option. […]

23 July

Simpler Income Tax

Posted by in Guides

From the 2013-14 tax year, the HMRC has introduced Simpler Income Tax reporting for small self-employed businesses. To qualify, you need to be a sole trader or a partnership of individuals with an income of £81,000 or less.  This amount is the current threshold for compulsory VAT registration but, if you are voluntarily VAT-registered, so […]

11 July

What Is Turnover?

Posted by in Guides

Whether you are self-employed or earn income from property in the UK, turnover means the total income earned from your business during the tax year. For the self-employed, this includes: • cash and cheques received. • bank transfers and deposits received. • card payments received. • tips, fees and commissions. • the value of any […]

18 June

How To Renew Your Tax Credits

If you receive Tax Credits, these normally need to be renewed each year. However, you may be sent a letter from HMRC stating that the Tax Credits will be renewed automatically.  In this case, there is no action required so long as the details are correct. You are only able to renew your Tax Credits […]

24 May

Are You Trading?

Posted by in Guides

The economic downturn has led to more and more people using online auction websites, car boot sales or market stalls to sell items. This does not automatically mean that you are trading and would, therefore, need to be registered for tax and, possibly, VAT.  However, it can difficult to identify the point where trading starts. As […]