When you set up a new company, there are certain business taxes you’ll be liable for as a business. But have you also planned for the personal taxes you must pay as a director? As a company director, it’s not just the company’s corporation tax that you have to pay. You also need to pay…
We were dismayed to see that HM Revenue & Customs (HMRC) shut down their VAT Registration Hotline as of 22 May 2023. This leaves businesses that have a VAT registration query without a direct HMRC team to communicate with. Don’t worry, though, there are ways for you to get your VAT queries to HMRC, as…
Making Tax Digital is changing how we submit tax returns. And with Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) coming into force from April 2026, it’s time to start planning how you’ll meet the compliance requirements for MTD for ITSA. We’ve highlighted the four main areas where you need to take…
When your managers and employees have their own budgets to utilise and spend, it’s important to keep in control of these staff expenses. It used to be standard practice to have a firm-wide company credit card that staff could use to make ad-hoc and recurring payments. But a company card can easily be misused and…
Keeping on top of your accounts is a big part of running a successful and profitable business. But you don’t want to spend ALL your time dealing with accounting tasks, especially when that time could be spent building customer relationships, or developing new products etc. So, how do you keep your finances in check, while…
Worrying whether customers will pay you on time is a continual concern for business owners. Late payment can lead to cashflow issues, unpaid supplier bills and the need to dip into your own pocket to cover your operational expenses. If you can improve the speed and likelihood of customers paying on time, that’s good news…
Paying capital gains tax (CGT) on the sale of a property asset can be a necessary but expensive liability. The good news is that Principal Private Residence Relief (PPR)is available and may help you reduce (or in some cases eliminate) that CGT cost. Let’s take a look at the rules around PPR and how you…
Cashflow and profit are two of the most important financial metrics for any business. But while they’re both related to the financial performance of a company, they measure different things. Knowing the difference – and how cash and profit contribute to your success story – is a vital skill if you want your business to…
Owning a business can be brilliant, but you might not want to do it forever. Whether you’re ready to retire, want to cash up, or you just need a break, at some point you will probably want to move on from your business. Even before that time comes, you’ll need a plan for stepping back.…
A common question we get asked is which Entertaining costs are allowable expenses for tax? We have detailed the main types of costs which can be incurred below and would recommend setting up a different code in your accounting software for each of them to split out the analysis (And keep your accountant happy! 🙂…