Avoiding common errors when computing business profits HMRC produce a range of Toolkits for agents, which highlight errors commonly made in returns so that agents can take steps to avoid them. The business profits toolkit provides guidance on errors that are found in relation to business profits for small...
Government childcare scheme – tax-free top-up Working parents can receive a tax-free top up from the Government to help with their childcare costs. The top up is worth £500 every three months (£2,000 a year). A higher top-up of £4,000 a year (£1,000 every three months) is available where...
Inheritance tax and spouses and civil partners Special rules apply for inheritance tax purposes to married couples and civil partners. To ensure valuable tax reliefs are not lost, it is beneficial to consider the combined position, rather than dealing with each individual separately. Married couples and civil partners benefit from...
The word “chartered accountant” gives off a certain vibe that often makes people think of pricey services that they could never afford. In reality, however, the costs of hiring a chartered accountant are trivial compared to how much money you can save. The prospect of...
When starting a business, it is imperative that you completely understand all business functions. One of the most significant business functions is, undoubtedly, accounting. While the idea of going through countless piles of financial documents is intimidating and overwhelming, accounting is still necessary...
From 2013-14 onwards, businesses may use a fixed rate per business mile to compute their vehicle expenses under the new simplified expenses rules. They can use this method of relief as an alternative to keeping detailed records of actual expenditure. The fixed rate deduction covers expenditure...
In any given business, a systematic process of recording, measuring, and communicating financial information and transactions should be in place. That is where the concept of accounting comes in. Accounting is essential in regulating the business cash flow, taxes, and everything else that has to do with a company’s finances. If...
The ‘settlements’ income tax anti-avoidance rules are found in ITTOIA 2005. The principal sets of rules are respectively the ‘revocable, or settlor interested’ settlement rules (ITTOIA 2005, s 624), and the ‘settlements on minors’ rules (s 629). For the purpose of these rules, the term ‘settlement’...
The importance of forward planning At some point you will want to stop working in your business and either sell up – in which case business exit planning is a crucial element of your financial strategy, and could make all the difference to your long-term personal...
How can i pay companies house penalties? You can pay companies house your penalty by cheque, bank transfer (known as BACS) or by credit/debit card. Paying by Cheque You should make it payable to Companies House, with your company name and number on the reverse of the cheque....