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Our News page is updated daily and the news feed is supplied by Sift media who are well respected writers in the industry. If you are interested in new laws, guidance and reports on anything that is happening in Government that could affect your business, these posts -will be useful. You can also sign up to receive them in your inbox.
Making Tax Digital for VAT registered businesses.
Making Tax Digital is a new rule coming in two stages. This Q&A session covers stage one which is for VAT and came into effect in April 2019. When does MTD start? Stage one affects VAT registered businesses with turnovers above £85k with effect from their first...
Will I pay tax on foreign earnings?
If you are Not UK resident for tax purposes, then you don’t need to pay UK income tax on your overseas earnings. But the rules for deciding whether or not you are UK resident are rather complicated: You must consider, in order: also see HMRC Guidance notes The 183...
Changing from a sole trader to a Limited Company
Transferring from a sole-trader or partnership, to a Limited Company is sometimes recommended by accountants for tax planning reasons or to benefit from Limited Liability and they will consider the following issues. When: Work out which side of a tax year end to...
Zero Rated VAT items
Zero-rated VAT is applied to things like food, children’s clothes, and books etc. Also if selling abroad, say to the US, your goods will be Zero-rated. If you are VAT registered, you can reclaim the VAT on your overheads and...
Should I register for VAT?
You must register for VAT when your turnover reaches £85,000 in any 12 month period. VAT registration must take place 30 days, following the end of the month in which the threshold was reached in which to register. From that...
What is a Business Partnership?
When 2 or more people go into business together it is a Partnership. There should be an agreement on how to split profits and who does what (essential when a partnership splits up). Simply advise...
How much can I earn before paying income tax?
Every person who is resident in the UK is given a personal allowance each tax year. It operates as follows: The personal allowance is the amount of income you can receive before paying tax – and it generally increases each tax year. For the 2019/20 tax year, it is...
How Limited Company Dividends work
When a Limited Company makes profit it can pay the profit out to its owners by Dividends - which are paid out in proportion to the shares held by the shareholders. Someone with 100 shares will be paid...
Can I make myself redundant from my own limited company?
Oh no! It’s a bit like trying to sue yourself! As a Director/Shareholder of your own Company, you’ll have no employment contract, so can’t make yourself redundant. Also, as a Director you have a legal duty to act in the interests of the Company - which this clearly...
Should we set up our family business as a Partnership
There are many reasons for not choosing a Partnership in your position, for instance: They are less tax efficient than Limited Companies Partners must pay Class 4 National Insurance All Partners are responsible for all debts Partnerships can result in disagreements if...
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