TECHNICAL UPDATES

  •   DOWNLOAD PDF Running a company car schemeA guide to setting up a company car scheme and the tax implications of doing so. A company car is something that can benefit both employers and employees, provided you plan accordingly. Important questions to ask yourself are: what kind of car should …
  •   DOWNLOAD PDF The what, when, how and why of completing your self-assessment tax return. At the end of the year, most people have other things on their minds than tax returns. It would be a stretch to say it’s an enjoyable experience, but getting self-assessment done and dusted as …
  •   DOWNLOAD PDF A guide to tax when buying, renting out and selling property. When the Chancellor George Osborne announced that he was curbing tax breaks for landlords in Summer Budget 2015, there was speculation that it would result in thousands of landlords selling up and getting out of the …
  •   DOWNLOAD PDF Rewarding your staff This article outlines some of the different ways employers can reward their staff and the tax implications of each approach. Seemingly as quickly as it came, another year is galloping off into the distance and people’s minds are beginning to turn to the festive …
  •   DOWNLOAD PDF Running a payrollThis guide looks at some of the common payroll problems and choosing payroll software. Running payroll is one of the less glamorous aspects of being an employer. However, it is often the mundane tasks that are the most crucial. Failing to pay your staff would …
  •   DOWNLOAD PDF A guide to how dividend taxation will change from April 2016. The chancellor George Osborne wasn't exaggerating when he said he was undertaking a "major and long overdue reform to simplify the taxation of dividends" in his Summer Budget speech. The current dividend system was set up …
  •   DOWNLOAD PDF A guide to the new accounting standards Accountants aren’t known for being in the business of change. While the external environment around them and the numbers coming in may change, an accountant brings stability and reliability to a business by using established practices to ensure complete compliance. …
  • Improving cashflow

    Improving cashflow

      DOWNLOAD PDF A guide to improving cashflow and tackling late payment   More than any other factor, a business is defined by the balance between the money coming in and the money going out over any period of time. Ideally, the scales should be tipped in favour of the …
  • Auto-enrolment: infrequently asked questions

    Auto-enrolment: infrequently asked questions

      DOWNLOAD PDF A guide to the finer points of auto-enrolment The process of auto-enrolment continues to rumble on quietly with the majority of companies passing their staging dates without major incident. However, for the few that fail to comply with their workplace obligations, the consequences can be costly in …
  • Estate planning

    Estate planning

      DOWNLOAD PDF An overview of things to consider when planning how to pass on your wealth What you are going to leave behind you at the end of your life is something that everyone needs to think about seriously at some point. Whether you want to guarantee that your …
  • Setting targets and forecasting

    Setting targets and forecasting

      DOWNLOAD PDF A guide to choosing, measuring and using targets in your business As exhilarating as it may be to set off on an adventure without a plan, any explorer, sailor or business owner will tell you that not knowing where you want to go can be a recipe …
  • An introduction to VAT

    An introduction to VAT

      DOWNLOAD PDF This article looks at VAT for beginners including rates and schemes If you’re expecting your turnover to exceed £82,000 this year, then you’re probably having mixed feelings. On the one hand reaching this figure, the VAT registration threshold, is a sign of success. Many consider this a …
  • Capital gains tax planning

    Capital gains tax planning

      DOWNLOAD PDF A guide to capital gains tax and how to make the most of your exemptions Selling something you own for more than you bought it for is not only the basis of making a profit and doing 'good business'; it is also the start of your liability …
  • Personal tax planning

    Personal tax planning

      DOWNLOAD PDF This guide looks at tax planning for individuals including available reliefs, allowances and exemptions No one likes to pay more tax than they have to. However, for many, there is a very fine line between tax avoidance and tax evasion. This is why careful and expert tax …
  • Travel and subsistence

    Travel and subsistence

      DOWNLOAD PDF This guide looks at employee benefits relating to travel and how they relate to the taxes that a business is liable for   For many businesses, regular employee travel is an essential part of their operations. Whether it is generating new customers, servicing existing ones or attending …
  • Minimising corporation tax

    Minimising corporation tax

      DOWNLOAD PDF A guide to the allowances and reliefs available to help minimise your corporation tax Limited companies and most unincorporated associations such as sports clubs and cooperatives have to pay corporation tax. This is a tax levied against the profits a company makes. It includes profits from: trading …
  • Choosing a company secretary

    Choosing a company secretary

      DOWNLOAD PDF This guide looks at the role of the company secretary and how to select a suitable candidate Compliance for private limited companies in the UK means ensuring that the business is trading lawfully with all the many rules and regulations being adhered to. In the past, the …
  • Financial planning for individuals

    Financial planning for individuals

      DOWNLOAD PDF This guide looks at how financial planning can help you realise your goals for you and your family Consistent financial planning is essential to growing your wealth and building your financial security. A plan that is on course to meet your expectations in later life is also …
  • Capital allowances

    Capital allowances

      DOWNLOAD PDF This guide looks at claiming capital allowances to minimise your business' tax bill A capital allowance is the tax equivalent of depreciation. For example, a business buys a lathe for £10,000 and believes the lathe has an estimated useful working life of 10 years. The business may …
  • Tax and your business

    Tax and your business

      DOWNLOAD PDF This guide is intended to help unincorporated business owners with their tax planning Individuals pay tax on the profits of their unincorporated business at income tax rates ranging from 20% to 45%. In addition, there is a liability to class 4 national insurance contributions (NICs), which is …
  • Retirement planning

    Retirement planning

      DOWNLOAD PDF Have you considered what your retirement might look like financially?   It's important to think about what you want to do and achieve in your retired years. We can then help you understand how much you need to save to secure the income you'll need and how …
  • Company car taxation

    Company car taxation

      DOWNLOAD PDF The company car tax rules and how legislation encourages businesses to acquire more environmentally-friendly vehicles For many, the company car remains an essential business requirement and an important benefit in attracting, rewarding and retaining staff. Company car benefit A company car is normally a taxable benefit for …
  • Reducing your personal tax liability

    Reducing your personal tax liability

      DOWNLOAD PDF This guide is intended to help individuals with their financial and tax planning   Good tax planning is an essential component in personal financial planning. Everyone's situation is different and tax rates, allowances and legislation change every year. Without personal tax planning, you may pay more tax …
  • Salary or dividends

    Salary or dividends

      DOWNLOAD PDF When is it beneficial for a company owner or director to take a dividend rather than salary? Many people running businesses prefer to do so through a limited company rather than as a sole trader. One reason is that the company pays corporation tax at rates of …
  • Financial planning for businesses

    Financial planning for businesses

      DOWNLOAD PDF This guide looks at how financial planning can help you and your business succeed. Financial planning is essential to the success of any business, whichever stage it is at. Having an accurate idea of your current and likely future finances can help reduce the impact of any …
  • Subsistence and entertainment

    Subsistence and entertainment

      DOWNLOAD PDF This guide explains how tax relief works for subsistence and entertainment costs. Subsistence is a payment for an individual in relation to work-related travel, accommodation and meals beyond those normally required. Entertainment is when someone in business provides a meal or social event to a customer, potential …
  • Economic update: August 2014

    Economic update: August 2014

    This guide looks at key UK economic indicators and the economic prospects for the coming months. Following a period of faster than anticipated growth at the end of 2013, the economy has continued to strengthen with consistent growth throughout the first half of 2014. Gross domestic product (GDP) increased 0.8% …
  • VAT accounting schemes

    VAT accounting schemes

      DOWNLOAD PDF This guide looks at how the 3 main accounting schemes work and how they can help businesses. Special VAT accounting schemes for small businesses have been available for a number of years, but they are still underused.The 3 main schemes are: cash accounting, annual accounting and the …
  • Prepare for auto enrolment

    Prepare for auto enrolment

      DOWNLOAD PDF This guide looks at what employers must do to implement auto enrolment The law on workplace pensions has changed to make it easier for people to save for their retirement. Automatic - or auto - enrolment means every employer must enrol eligible staff into a qualifying pension …
  • Reduce your company tax liability

    Reduce your company tax liability

      DOWNLOAD PDF This guide is intended to help you with your 2014/15 company tax planning Don’t let tax be a problem this year. Stay ahead of developments and make sure you take advantage of ways to legitimately reduce your company's liability to tax. Here are some of the allowances …
  • Leaving your business

    Leaving your business

      DOWNLOAD PDF Every business owner should have a personal exit plan. We sometimes refer to this as a 'starting with the end in mind' strategy. Whatever thoughts you have concerning the sale of your business, creating and putting into practice appropriate strategies is essential if you want to secure the …
  • Planning your estate

    Planning your estate

      DOWNLOAD PDF Estate planning should start early in life. If your estate is worth in excess of £325,000 it could be subject to inheritance tax (IHT). Even if it isn't, careful planning and a well-drafted will can ensure that your assets will go to your chosen beneficiaries. Do you …
  • Loans to employees and directors

    Loans to employees and directors

      DOWNLOAD PDF This guide looks at the rules regarding loans made to employees or directors by a company. As an employer, you may often be willing to lend company money to a director or employee. This could be to help them pay for a season ticket to commute to …
  • Residence and domicile

    Residence and domicile

      DOWNLOAD PDF A guide to the differences between residence and domicile for tax purposes Domicile and residence can each have a significant impact on how much UK tax you must pay, or indeed if you must pay UK tax at all. Both terms are used for tax purposes and …