HINTS AND TIPS

The latest hints and tips from our blog.

Please note: The information contained in this site is provided for information purposes only and is of a general nature. It is not a substitute for specific professional advice related to your own circumstances. You are recommended to obtain specific professional advice before you take any action.

Outsourcing Payroll

Does it make sense for your business? Around 1.4 million businesses in the UK employed members of staff in 2018, and all of them shared one thing in common: the legal requirement to run payroll. This task consumes a large amount of time each month, with multiple...

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Caseron Insider – January 2019

Each month we bring you the latest tax and business updates with our Insider Newsletter. Take a look at this month's insights below, or download our Newsletter and read it at your leisure. Highlights Businesses getting to grips with Apprenticeship levyR&D...

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Estate Planning – Writing your Will

How to plan and make a legally valid will. Most people don’t like to think about their own mortality, but planning for the future is important to ensure your property, money and possessions are distributed the way you intend. Writing a legally valid will is an...

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Completing your self-assessment tax return

What you need to know before filing your self-assessment tax return for 2017/18. It’s a common scenario. As the year draws to a close, the thought of your tax return is there, at the back of your mind. But with so much time before the deadline, you decide not to worry...

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Caseron Insider – December 2018

Each month we bring you the latest tax and business updates with our Insider Newsletter. Take a look at this month's insights below, or download our Newsletter and read it at your leisure. Highlights Annual investment allowance to rise to £1m Small retailers get...

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Starting a business

What you need to know before launching a startup. Britain is a nation of fearless entrepreneurs, but the likes of Richard Branson and James Dyson didn’t go from rags to riches instantly. Branson needed a £300 loan to get his magazine up and running after dropping out...

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Deregistering for VAT

When and how to begin the process of deregistration. These days VAT thresholds are the subject of much speculation, with the Government concerned that many business owners deliberately choose to stay below the VAT-registration threshold. Limiting your ambition in this...

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Caseron Insider – November 2018

Chancellor mull abolishing dividend allowance
Apprenticeships fall 31% in the last academic year
Treasury shelves plan to scrap class 2 NICs
IPPR leads call to replace inheritance tax system

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Autumn Budget 2018

Autumn Statement 2017 – Chancellor Philip Hammond said he’d take a “balanced approach” to his second Budget of 2017

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Using pension funds in your business

How your pension funds can help finance your business. As traditional loans fall out of favour with increasing numbers of business owners, you may be looking for an alternative route for financing – and your pension could be the answer. Data from the British Business...

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Extracting profits from a business

What are the tax implications? People run businesses for a variety of reasons from passion to pride, but making a living is high up the list for most people. How do you go about drawing profit from your business, and doing so efficiently? If your business operates as...

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How to complete a W8-BEN-E Form

If you trade with a customer in the US, you may be asked to complete a W8 form before your customer will arrange payment of your invoice.  This article looks at the W8 form in more detail and considers how a micro business would fill the W8 form in. What is a W8 Form?...

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Caseron Insider – October 2018

Chancellor mull abolishing dividend allowance
Apprenticeships fall 31% in the last academic year
Treasury shelves plan to scrap class 2 NICs
IPPR leads call to replace inheritance tax system

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Tax on Residential Property

Tax on Residential Property – How has devolution affected what tax you pay? First-time buyers in England, Northern Ireland – and for a short time in Wales

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Capital allowances for plant and machinery

How to minimise business tax in 2018/19.
If there’s one thing that keeps us awake at night it’s the thought of how many British businesses are failing to claim capital allowances to which they are entitled

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Caseron Insider – September 2018

HMRC confirms ‘soft landing’ for Making Tax Digital
Stamp duty tax break saves first-time buyers £284m
Inheritance tax receipts reach record high of £5.2bn
SMEs cite VAT as ‘biggest administrative headache’

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Which business structure is right for me?

You’ve got a great business idea, you’ve done all the relevant market research, you have a bulletproof business plan, and you’ve forecasted your first quarters’ cash flow, but have you considered business’ legal structure?

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The marriage allowance explained

How to make this tax break work for you. Millions of married couples and civil partners in the UK are eligible for the marriage allowance, but take-up has remained subdued since the tax break came into force on 6 April 2015. Almost half of the UK’s eligible couples...

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Capital Gains Tax Planning for 2018/2019

How can you reduce your capital gains tax bill in 2018/19? Whether you’re a buy-to-let landlord, a shareholder, an art dealer or you fall somewhere in between, the chances are you will be familiar with paying capital gains tax (CGT). CGT is payable when you ‘dispose’...

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Caseron Insider – August 2018

Contractors criticise ‘flawed’ IR35 test
Landlords welcome tax incentives for long-term tenancies
BCC calls for further delay to digital accounts rollout
‘Tax over 40s to pay for elderly care costs’ say MPs

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Furnished holiday lettings

The pros and cons of letting furnished holiday accommodation. When furnished holiday property is let on a commercial basis for short periods, the owner can benefit from certain tax reliefs which wouldn’t otherwise be available to residential landlords, providing...

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Caseron Insider – July 2018

Calls increase for reform of ‘flawed’ apprenticeship Levy
‘Raise the VAT threshold to stimulate SME growth’
SMEs miss out on business savings interest
Working pensioners pay £8.6bn in income tax

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Making Tax Digital for VAT-registered businesses

Obligations from 1 April 2019 onwards. Although the Making Tax Digital (MTD) regime has suffered several setbacks and delays, MTD for VAT remains on course to take effect from its planned implementation date of 1 April 2019. Under the scheme, VAT-registered businesses...

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Understanding IR35

A brief guide to the tax implications of IR35. IR35 is the shorthand name for tax rules concerning the provision of personal services through intermediaries. These rules came into effect on 6 April 2000, but they were significantly amended from 6 April 2017 for...

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Should I charge VAT on expenses recharged to my client?

A common question we are asked is whether or not we should charge VAT on expenses recharged to clients. In this article, we will look at when you should or should not charge VAT to your client. The simple answer is that if you are selling a standard rated product or...

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Travel and subsistence

Your obligations for reporting travel expenses. Many employees need to travel as part of their job for various reasons, whether it’s acquiring new customers, working with current ones or attending conferences and events. The system of benefits and taxation surrounding...

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Caseron Insider – June 2018

Tennant fees ban set to cost landlords £82.9m
Businesses call for more government support
HMRC defers launch of digital accounts for individuals
Deadline for reporting benefits in kind nears

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Personal Tax Planning

How to reduce what you owe the taxman.
Nobody wants the taxman to take more than his fair share, and planning your finances early on can ensure you adopt the most tax-efficient strategy for the months and years ahead.

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Company Cars

What’s new for 2018/19? Despite year-on-year tax rises, company cars remain a popular benefit.

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Using My Payroll Portal in Xero

Xero's employee portal has been around for a couple of years now but are you really getting the best out of it? Use My Payroll (the employee portal) to view your payroll details and payslips, submit and edit timesheets and request time off. GDPR rules for protecting...

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Caseron Insider – May 2018

Smallest firms hit by higher pension costs
Late payments affect almost half of small businesses
Selected businesses begin Making Tax Digital testing
Lack of funding holds back 1 in 4 SMEs

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From sole trader to a limited company

What to expect from incorporating your business. With a new tax year almost upon us, many sole traders will be reviewing their business structure and considering whether it’s worth switching to a limited company. There’s no denying that incorporating a business proved...

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Clipping the wings of Phoenix Companies

A guide to measures which discourage ‘phoenixing’ of companies. Companies can fail for several reasons and, for the most part, these aren’t the result of wrongdoing by the directors. For this reason, it’s perfectly legal to start a new company after an old one has become insolvent.

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Spring Statement 2018

A spring statement with few announcements – Chancellor Philip Hammond has delivered his Spring Statement 2018, and on his promise to move away from two major fiscal announcements every year.

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Caseron Insider – April 2018

One million firms comply with auto-enrolment
Food & Drink firms bring in record £22bn in exports
Taxpayers reclaim £493m from HMRC
One in 15 face fines after missing tax return deadline

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Employee Benefits – What are the tax implications?

What to expect when providing staff with perks. Most employers choose to recognise the ongoing commitment made by their members of staff by providing various benefits and rewards. Whether that’s in the form of the Christmas party or it extends to benefits such as a...

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Cash basis for landlords

The default basis for landlords’ accounts. Traders have been able to prepare their accounts using the cash basis since April 2013, as long as they meet certain eligibility conditions. This option was extended to landlords running unincorporated property businesses...

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Caseron Insider – March 2018

One million firms comply with auto-enrolment
Food & Drink firms bring in record £22bn in exports
Taxpayers reclaim £493m from HMRC
One in 15 face fines after missing tax return deadline

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How to deal with late invoices

It happens more often than it should!  You get to the end of your month, quarter or year. Close it off and think you are done -and suddenly up pops a late invoice you have forgotten about. Your supplier forgot to bill you or you found the invoice or receipt in a pile...

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Devolution of tax powers within the UK

What tax powers are moving away from Westminster? It may feel like we’re living in increasingly uncertain times ever since the UK voted to leave the EU. That centred on most of the electorate’s desire to obtain more devolved powers from Brussels, but in reality,...

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Termination payments

New rules are coming into force on 6 April 2018. The tax treatment of termination payments can be complex, not least because a termination package typically comprises several different elements, which may be treated differently for tax and national insurance purposes....

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New UK GAAP: FRS 102 and FRS 105 Reporting Changes

The rules and accounting standards under which limited company accounts are prepared have changed. This article looks at what this means to you and how it could affect your end of year reporting. Before we dive into the detail, let us take a moment to remind ourselves...

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Caseron Insider – February 2018

Disincorporation relief to end in March 2018
Small businesses face skills gaps
HMRC stops use of personal credit cards to pay tax bills
Number of businesses soars to 5.7m

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HMRC Investigations – What to Expect

What to expect when HMRC comes knocking. Anyone whose business comes under the microscope of HMRC is usually in for a roller-coaster ride. HMRC has upped its game in recent years when it comes to probing businesses or sole traders who may be suspected of falsely...

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Giving to charity in life & death

How to include charitable donations in your tax planning strategy. Incorporating charitable giving into your tax planning strategy can be a useful way to reduce both your income tax and the inheritance tax (IHT) that will eventually become payable on your estate. As...

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Caseron Insider – January 2018

Disincorporation relief to end in March 2018
Small businesses face skills gaps
HMRC stops use of personal credit cards to pay tax bills
Number of businesses soars to 5.7m

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Year-End Tax Guide 2017/18

Personal allowances and reliefs – The personal allowance for the current tax year is £11,500. Non-savings income above the personal allowance is taxed at rates from 20% to 45%.

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Accounts for Limited Companies

Audits may be a thing of the past, but certain annual reports still apply. If you’re a business owner, you may be familiar with the process of submitting your accounts for official inspection by an independent body. This is known as an audit. You may also breathe a...

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Online Self-assessment

How to complete your self-assessment tax return online. For self-employed people, company directors and those receiving other sources of income, it’s the time of the year to send your self-assessment tax return. Self-assessment is the process used by HMRC to collect...

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