Starting next spring, thousands of businesses will have to meet new requirements for digital tax record-keeping and reporting. Is your business one of them? Making Tax Digital (MTD) is a government initiative to deliver a digital taxation system, theoretically making...
If you’re a residential landlord with undeclared rental income in the UK or abroad, you have the chance to save on HMRC’s penalties by making a disclosure now. You can do this through the let property campaign, which intends to give individual landlords “an...
In the middle of the holiday season, preparing for self-assessment is probably the last thing on your mind. But as a landlord, the tax rules you’ll need to consider are often complicated and frequently subject to change. It’s a lot to get to grips with, and not...
With the all the tax changes that have affected landlords in recent years, you’d be forgiven for not noticing an accounting change that came into effect on 6 April 2017. For those not in the know, most landlords now prepare their accounts using the cash basis. The...
One of the biggest changes to data regulation to date is set to come into force next week, and the clock is ticking for businesses to make sure they’re compliant. You’ve probably heard a lot about the General Data Protection Regulation (GDPR) – but what will it mean...
No one likes to pay more tax than they have to. Contractors who work through a limited company and are outside the scope of IR35 have 3 main ways to take money from their business: salary dividends pension contributions. For most people, using a combination of the 3...
Dividends used to be a tax-efficient way for company owners to extract profits from their business but recent changes have seen the tax advantages reduce significantly. The latest blow to owner-directors will take effect from 6 April 2018 when the tax-free allowance...
Although the term research and development (R&D) conjures up images of scientists in laboratories conducting super-scientific experiments, R&D tax relief has a much wider scope than the name suggests. The relief allows small companies that take part in R&D projects to...
Until recently renting out residential property as a sole trader was relatively profitable. However, tax changes, such as the end of the wear and tear allowance and the restriction of mortgage interest relief, mean that making a healthy profit is getting harder. So...
Self-assessment is not just about filling in a tax return, sending it to HMRC and paying your bill. With a bit of planning it’s also an opportunity to minimise your tax liability, meaning more money stays in your pocket. The next tax return deadline – 31 January 2018...
When you start seeing results, you’ll have more time to focus on what matters most. That’s the joy of a great partnership.