14 February

How Does VAT Reverse Charge Work?

Under VAT reverse charge, if you are customer, you need to credit your VAT account with an amount of output tax, calculated on the full value of the supply that you have received, and at the same time debit your VAT account with the input tax to which you are entitled, in accordance with the […]

28 November

The Seed Enterprise Investment Scheme – Brief Investor’s Guide

Posted by in Guides, News Alerts

The Seed Enterprise Investment Scheme (SEIS) was introduced in April 2012 as an offshoot of Enterprise Investment Scheme (EIS) specifically targeted at boosting early stage investment in start-up companies. To this end, SEIS offers the investor some especially generous tax reliefs: An immediate 50% Income Tax relief on investments under the scheme of up to […]

13 October

The Seed Enterprise Investment Scheme – The Essential Guide

Posted by in Guides, News Alerts

For a business start-up seeking early stage investment capital, the Seed Enterprise Investment Scheme (SEIS), is an invaluable tool in attracting investors. Under SEIS, the company issues shares in return for an investment against which the investor can normally claim tax relief of 50% of their funding. Usually, these shares have a limited lifespan which […]

6 April

2016-17 UK Tax Guide

Posted by in Guides, News Alerts

We have prepared a free, downloadable 2016-17 UK Tax Guide that provides comprehensive details on the rates and allowances for: Income Tax National Insurance Inheritance tax Capital Gains Tax Corporation Tax Stamp Taxes Individual Savings Accounts Pension Contributions Venture Capital Schemes Value Added Tax Working and Child Tax Credits Car and Fuel Benefits If you […]

17 January

A Guide to Allowable Business Expenses for the Self-Employed

Posted by in Guides, News Alerts

Much like a Limited Company, if you are Self-Employed, either as a Sole Trader or in Partnership, your business will have various allowable business expenses. These expenses are deducted from your turnover in calculating the taxable profit. Therefore, if the turnover is £60,000 and there re £25,000 of allowable expenses, tax is payable only the […]

17 January

Cash Accounting for the Self-Employed

Posted by in Guides

If you are Self-Employed and running a small business, cash basis accounting may suit be a better option rather than traditional accounting. Under Cash Accounting, you only declare money as it moves in and out of the business. As a result, at the end of the tax year, there will not be any Income Tax […]

19 April

How to Register for a Tax Return

Posted by in Guides

If you have not completed a tax return before, you need to register online with HMRC. For everyone except sole traders and partnerships, to register with HMRC click here. For a new sole trader, to register with HMRC click here. For a new partner, to register with HMRC click here. If you are the ‘nominated […]

11 April

What is a Limited Company?

Posted by in Guides

A Limited Company is a company that is registered at Companies House and governed by its own Articles of Association (these set out the rules company officers must follow when running their companies). In addition a Limited Company must observe and operate within the Companies Act 2006. Upon registration, a Limited Company acquires its own […]

10 April

The First Step on the Journey – A Guide to Self-Employment

Posted by in Guides

For a growing number of people, working for themselves would be their ideal career path but the paperwork and administration seems daunting. This guide aims to take you through the process in a straightforward manner. The first step is often to run your own business as an individual before considering becoming a Limited Company. This […]

8 April

Simplified Expenses If You Are Self-Employed

Posted by in Guides

In order to make the administration easier if you are self-employed, the HMRC are permitting you to use an allowance for the business costs of vehicles and for working from home. This is an option and, if it is more beneficial to use the actual costs, this is still fine. For all other business expenses, […]