Second Payment on Account due 31 July – Do You Need to Pay it?

If you are in the self assessment tax system then you may be due to pay your second payment on account for the 2018/19 tax year by 31 July 2019. However many people are not aware that you may not …

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Capital Gains Tax

Capital Gains Tax is a tax on the profit when you dispose of an asset that’s increased in value. You are taxed on the gain you make and not the amount of money you receive. Disposing of an asset includes …

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Are you thinking of building or purchasing a new asset for your business? Capital allowances may be available to save you tax.

Capital allowances provide tax relief for capital expenditure on assets purchased for use in your business. Example of assets which qualify include machinery, equipment, computers and business vehicles. Capital allowance rates are dependent on the type of asset purchased. Annual …

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Tax Credits – Renewal time!

Most people should have received their Tax Credit renewal packs by now, but if you haven’t, don’t panic. HMRC are still issuing these and should be with you no later than 30 June 2019. You should only contact tax credits …

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How to take money out of a limited company

As a director, you can pay yourself a salary from your company. In order to do this, the company must register with HMRC as an employer. Payments made to you from your company are tax deductible for the company, however, …

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Are you using Management Accounting?

Are you making the most of your business? Do you have a plan for where you want your business to be in the future? Are you keeping track of your business’s finances? If not, then management accounting may be just …

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New tax year ushers in key business and tax changes

As the 2019/20 tax year begins, some significant changes to tax and business legislation have taken effect. Here, we review some of the key measures that could affect your business or personal finances. Changes to income tax For 2019-20, the …

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Making Tax Digital (MTD)

April 1 2019 marked a further step in HMRC’s ambition to become one of the most digitally advanced tax administrations in the world, with the introduction of Making Tax Digital for VAT. From this date it will be compulsory for …

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How Brexit could affect your business and the need to plan

Currently MPs have rejected Theresa May’s Brexit deal, voted against leaving the EU with no deal and voted in favour of a delay. In the absence of a deal, at the minute, the default position is the UK will leave …

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Year End Tax Planning 2018/19

Below are some key tax and financial planning tips which should be considered prior to the end of the tax year on 5 April 2019, or for companies, the end of the financial year on 31 March 2019. The starting …

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