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What combination of salaries and dividends should you take in 2017/18? As the owner and director of your own company, you can choose how and when to extract funds from your company. As almost all the funds you take out will create a tax charge in your hands, you may...
So, you believe that you have a project that might qualify for research and development (R&D) tax relief. Is it worth your while to make a claim? What costs will qualify? HMRC's regulation defines 4 types of qualifying R&D cost: Direct Labour Subcontract work...
Michael asked a question this week about how to post a deposit received from a customer into his Xero account, and whether or not he should account for VAT. As with many accountancy questions - it depends!! It depends on what the deposit is for. Deposits or...
Invoice financing – Other reasons for businesses turning down work included a lack of awareness of invoice financing (13%) and alternative finances available (8%).
George is a self-employed golf pro who has been making a name for himself in the sport. He is also employed by a local golf club. He submits an annual self assessment tax return to disclose his sole trade and PAYE earnings to HMRC. He has been offered a sponsored deal...
What could happen to VAT after the UK has left the European Union? On 23 June 2016, the British public voted in one of the most important referendums of modern times. The public’s decision to leave the EU will have an impact on almost every aspect of economic life....
Avi is a small limited company business owner reaching his end of year and had a couple of questions on his end of year accounts. He is worried that he may be paying too much corporation tax. 1) What ways can you reduce a company's corporate tax apart from giving out...
Andrew is a small limited company business owner who is struggling to make sense of accounting for stock. He has heard that stock can be calculated from his GP (Gross Profit) Margin but he doesn't know how to to do that and has asked for our help. How to...
After decades of contributing to a defined contribution pension and watching it grow, there comes a point when an individual’s working life ends and their retirement begins. Your pensions & savings are likely to be the primary financial tool that you have to...
A guide to the tax relief available to innovative SMEs. Research and development (R&D) tax relief for small companies provides an enhanced deduction for the costs of qualifying R&D projects. R&D tax relief for large companies is given as an expenditure...