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9 Tax Saving Tips for Company Directors

For those who do not want to pay more taxes than they are legally obliged to, here are some methods that the government has made available to you.

Featured

Fiscal Statement

With a new King at the Palace and a new Prime Minister at Number 10, it was no surprise that the new Chancellor at Number 11 used his first statement to the House of Commons to signal a “new era” for fiscal policy.

Featured

Business right caret

Small business confidence dips ahead of new customs controls coming into force

Four in 10 exporters have reported a fall in international sales since the end of the Brexit transition period, a major study has revealed. According to the tracker, four in 10 – around 41 per cent of traders – have reported a “drop off” in international sales in the three months to September 2021.

Business

Large number of businesses looking to recruit more staff

It is perhaps a sign of confidence returning to the UK economy that a significant number of British businesses believe they will be recruiting staff over the coming year.

Business

Spring Statement 2022 summary

Mr Sunak found himself addressing MPs against a background of crisis, with the residual impact of COVID, the invasion of Ukraine and the cost-of-living crisis all affecting the economy in different ways.

Business

Bank campaign launched as businesses baffled by carbon jargon

The British Business Bank has launched a campaign to alert and encourage SMEs to make the most of the commercial benefits of investing in decarbonisation.

Business

Hundreds of thousands of jobs saved by loans says report

Business

Commercial property values affected by poor ESG performance

Business

Be prepared if you decide to adopt a working from home policy

So, it seems sensible that both employers and members of staff take full advantage of any tax breaks or allowances available for those not in the office.

Business

Be aware of your obligations when using subcontractors

They carry out work that the contractor can’t perform, but remains responsible for, while the subcontractor provides his or her services under a contract for service.

Business

The benefits of taking on an apprentice

With the current labour shortage affecting pretty much all areas of the economy, taking on an apprentice could reap rewards for many businesses.

Business

Neglected commercial properties could be transformed by new initiative

Hundreds of neglected commercial properties could be transformed by a coalition of landlords and retailers with Government support.

Business

How can tourism businesses achieve Net Zero?

Whilst the Government has outlined its plan to be Net Zero by 2050, your business should have a plan in place to lower its carbon footprint.

Business

Extended Enterprise Management Incentive valuation period to be wound down

Businesses have been reminded of a change in a share option scheme that enables companies to attract and keep key staff by rewarding them with a share of the business.

Business

Taxman reminds couples to take advantage of Marriage Allowance

Marriage Allowance allows married couples or people in civil partnerships to share their personal tax allowances if one partner earns below the Personal Allowance threshold of £12,570, and the other is a basic rate taxpayer

Business

Savers facing being taxed on interest for the first time

Rising interest rates are a worry for those with a mortgage or loan, but for savers, it means an increase in their investment as savings rates rise.

Business

Tax year basis reform: Should I change my year-end?

In the first blog of this series on tax year basis reforms, we will be discussing the new rules that will affect how unincorporated businesses are taxed from 2023/24.

Business

Tax year basis reform: How does this change affect me?

Business

First lenders announced for new Recovery Loan Scheme

The first batch of lenders accredited to take part in the latest version of the Recovery Loan Scheme (RLS) has been announced.

Business

Interest rate hike puts pressure on taxpayers behind on payments

In light of the recent increase in the Bank of England’s base rate, HM Revenue & Customs (HMRC) has announced a rise in interest on both late paid tax and repayments of tax.

Business

More than 90 businesses created every hour

A new survey has revealed that 93 new businesses were created every hour across the UK in the first half of 2022.

Business

SMEs struggle as number of late payments increase

Small businesses are still struggling from the scourge of late payments, with a new survey showing a six per cent increase in the amount owed over a year ago

Business

The recipe to business success and how to deal with it

Success comes with its own unique challenges and we have several tips for you to manage growth and success in the best way possible.

Business

Struggling with your cashflow? Here are our top tips

Maintaining a healthy cashflow sometimes feels like a big headache, especially with the ongoing cost of living crisis hiking your costs.

Business

Firms involved in four-day week pilot satisfied with progress

Firms that signed up to take part in a four-day working week trial have reported the scheme is going well at the halfway point.

Business

Fiscal Statement

With a new King at the Palace and a new Prime Minister at Number 10, it was no surprise that the new Chancellor at Number 11 used his first statement to the House of Commons to signal a “new era” for fiscal policy.

Business

Why management accounts are vitally important for businesses

It may seem obvious, and the clue is in the name, but management accounting reports can provide vital insights into the performance of a business.

Business

Late payments add to the costs burden for SMEs

Small businesses, or SMEs, are the lifeblood of the country and their financial stability is a major factor in keeping the economy moving

Business

Self Assessment customers could be a target for fraudsters as deadline approaches

With the deadline for returning paper Self Assessment tax returns for the 2021 to 2022 tax year rapidly approaching, HM Revenue & Customs (HMRC) has warned taxpayers to be on the lookout for fraudsters.

Business

How you can make your payroll run smoothly

The smooth running of payroll is vital as your staff are one of the most important parts of your business

Business

Looking to grow – What are the benefits of networking? And how can your accountant help?

Communication and networking may not seem a priority for busy SMEs struggling against economic headwinds at the moment.

Business

Taxpayers urged to file Self-Assessment form online

The deadline for filing paper returns for Self-Assessment is now imminent, but the taxman is also reminding taxpayers that there are now less than 100 days left to file their returns online.

Business

Top tips for launching a successful start-up

Although many new entrepreneurs already have a clear vision of what they want to do, they may not know where to start.

Business

Avoiding obstacles with the Construction Industry Scheme

Under the Construction Industry Scheme (CIS), contractors take money from a subcontractor’s payments and send it to HM Revenue and Customs (HMRC).

Business

HMRC raises interest rates on late payments from 22 November

HM Revenue & Customs (HMRC) will raise the interest rates on tax debt from 22 November following the 0.75 per cent increase in the Bank of England base rate.

Business

Number of R&D claims fall in HMRC fraud crackdown

A crackdown on suspected Research and Development (R&D) tax credits fraud by HM Revenue & Customs (HMRC) has led to a fall in claims for the first time.

Business

Accountants helping businesses make savings, says survey

Accountants are saving businesses time and money as well as easing the pressure of rising inflation, according to a new survey.

Business

Autumn Statement 2022

The message from the Chancellor, Jeremy Hunt, in the days before he rose to the despatch box in the House of Commons to deliver the Autumn Statement was clear; he would be outlining billions of pounds of tax rises and spending cuts.

Business

Be prepared for changes to Capital Gains Tax thresholds 

The Capital Gains Tax allowance (CGT) reductions announced by Chancellor Jeremy Hunt in November’s Autumn Statement could have a significant impact on investors. 

Business

The importance of cash flow for tourism businesses

With the busy Christmas period approaching, businesses operating in the hospitality and tourism sector will be dealing with increased demand.

Business

Small businesses gearing up for a bumper Christmas 

Small businesses expect to make two-thirds of their yearly revenue over the festive period. 

Business

Business goals – how should you keep track of your performance?

Business goals are vital to future success but it is equally as important to keep track of how your business is performing.

Business

Company name or trading name – what is the difference?

What’s in a name is a question often asked. Well, quite a lot actually when it comes to establishing a business.

Business

Furnished Holiday Let Tax: What do you need to know?

Business

Compliance right caret

HMRC asks sole traders to correctly report SEISS grants or “repay in full”

Sole traders who have not correctly reported their Self Employment Income Support Scheme (SEISS) grants may be forced to repay them in full, it has been warned.

Compliance

Making Tax Digital – what you need to know ahead of 2022-23

From April 2022 all VAT-registered businesses need to comply with MTD for VAT. MTD applies to taxpayers who file Income Tax Self Assessments for business or property income of more than £10,000

Compliance

Real-time online sanctions tracker to assist importers and exporters

Any business involved in international trade, whether importing, exporting or part of the supply chain supply to those firms, is faced with a rapidly changing regulatory environment.

Compliance

Can a business fund a garden office and what are the drawbacks?

As the debate over home working, returning to the office or some form of hybrid working plays out in the wake of the pandemic, some novel, but still workable solutions have come to the fore, including the garden office.

Compliance

HMRC taking a hardline approach over suspect R&D claims

The tax authority has been sending thousands of letters to taxpayers probing potential dishonest activity and claims, which has provoked alarm over possible criminal action.

Compliance

Survey shows taxpayers are still unprepared for Making Tax Digital switchover

A new survey on Making Tax Digital (MTD) shows taxpayers have an alarming lack of readiness and enthusiasm for the changeover and a lack of awareness that MTD for Income Tax begins in less than two years.

Compliance

‘Umbrella’ contracts firm loses £11m tribunal case against HMRC

A company has lost an £11 million dispute with the taxman over whether contract construction workers were entitled to claim travel costs tax-free.

Compliance

Economy right caret

Small businesses call for Government support to tackle climate change

According to new research, many are addressing energy usage, increasing recycling and investing in microgeneration, but only a third of those have a formal plan to tackle climate change within their business.

Economy

Hospitality bosses develop new strategies to cope with staff shortages

Hospitality business owners have responded positively to the staff shortages caused by the pandemic, by increasing wages and implementing improved staff retention strategies.

Economy

Everything you need to know about the new WTO Services Domestic Regulation

New World Trade Organisation (WTO) rules are set to cut the cost of global trade by billions of pounds every year, it has been announced.

Economy

Brexit Freedoms Bill to be brought forward

The Brexit Freedoms Bill will be brought forward to “cut red tape” and improve trading conditions for British businesses, it has been announced. The new laws will make it easier to amend or repeal outdated “retained EU law” to support international growth.

Economy

Brexit: have your say on the future of customs

The Government is calling on businesses, traders and the public to have their say on the future of customs. The call for evidence comes after the introduction of full customs controls in January this year, forcing thousands of traders to change the way they do business.

Economy

UK Single Trade Window to save traders time and money in wake of Brexit

The Government is planning to build a central hub to “encompass everything traders do” to support businesses in the wake of Brexit. Known as the Single Trade Window, the digital service will allow international traders to input all of their import and export data in one place.

Economy

Brexit: new competition rules to replace retained EU laws

The Government is set to repeal EU laws that discourage “efficiencies, investment, and innovation” and replace them with regulations that work for British businesses, it has been announced. 

Economy

International trade: UK moves into second and final phase of accession to join CPTPP

The UK has moved into the second and final phase of accession to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), it has been announced.

Economy

Industry leader says economy will be hit by removal of diesel rebate

The removal of the red diesel rebate in April will have a major impact on the economy, a leading construction business organisation has claimed, and called for the measure to be deferred.

Economy

Brexit: UK exports to single market fall amid “unstable” trading environment

UK exports to the European Union have fallen by almost £20 billion since leaving the single market in 2021, a major study has revealed.

Economy

Post-Brexit customs rules eased to allow aid to flow to Ukraine

The Government has relaxed customs rules for goods heading to Ukraine after aid donations to the embattled country were held up due to Brexit confusion. The rules have been eased after post-Brexit bureaucracy left lorries with supplies meant for Ukraine stuck at the border in Dover for days.

Economy

£1.1m training fund gives helping hand to UK exporters

British exporters are being offered a helping hand with a training and consultancy package to help them boost their businesses. They are being given access to a £1.1 million programme to help them trade more effectively overseas.

Economy

How the Spring Statement will affect businesses and individuals

The Chancellor’s Spring Statement has attracted a mixed reaction, with some tax changes going ahead, some promised later and a hoped for move on VAT in the hospitality sector not appearing.

Economy

Divided opinion over the introduction of new border import controls

The Independent news website earlier this week that the Government is exploring a delay to new controls on imports from the EU because of growing alarm over the cost of living crisis.

Economy

Big fall in businesses exporting to EU ‘caused by Brexit red tape’

Industry experts said the fall is due to the extra red tape UK businesses must now comply with when exporting to the EU.

Economy

Setting up in the EU – An alternative solution to Brexit trade challenges?

Many businesses are still trying to get to grips with the new and changing EU-UK trade rules more than two years on from Brexit. However, a growing number of UK companies are trying an alternative approach – setting up in the EU.

Economy

What impact are Brexit rules having on EU-UK trade?

According to the latest LSE Centre for Economic Performance study, imports from the EU to the UK fell by a quarter relative to those from elsewhere in 2021

Economy

Ports consider legal action after border controls delayed again

Further delays on border controls at UK ports caused by Brexit have led to some of the country’s biggest ports threatening to sue the Government.

Economy

Post-Brexit row over Northern Ireland sparks trade war fear

The UK Government has announced it will introduce a new law to change the post-Brexit trade deal for Northern Ireland, known as the Northern Ireland Protocol.

Economy

British science projects hit by Brexit row with EU

The EU is preventing British scientists from joining the €95 billion (£80 billion) Horizon Europe research funding programme.

Economy

Exports have still not recovered to pre-Brexit levels says survey

UK exports to the EU are still significantly below pre-Brexit levels, according to the Office for National Statistics (ONS).

Economy

Home Office facing probe over post-Brexit EU resettlement scheme

The Home Office is under investigation over whether it has fulfilled its obligations to EU citizens in this country who are seeking settled status.

Economy

How can tourism businesses achieve Net Zero?

Whilst the Government has outlined its plan to be Net Zero by 2050, your business should have a plan in place to lower its carbon footprint.

Economy

Tourism Tax – Will it help or hamper small tourist businesses?

Firms that signed up to take part in a four-day working week trial have reported the scheme is going well at the halfway point.

Economy

Chancellor implements basic rate tax cut a year early

Millions of workers will be paying less Income Tax from April next year.

Economy

Late payments add to the costs burden for SMEs

Small businesses, or SMEs, are the lifeblood of the country and their financial stability is a major factor in keeping the economy moving

Economy

Tax Planning right caret

Almost 800,000 tax scams reported to HMRC in past 12 months, figures reveal

Nearly 800,000 tax-related scams were reported to HM Revenue & Customs (HMRC) in the past 12 months, a major study has revealed. According to the report, HMRC responded to 797,010 referrals of suspicious contact from the public in the last year. Around 358,000 of these involved scams where taxpayers were offered bogus tax rebates.

Tax Planning

Be aware of tax liabilities if you are using cryptocurrencies

For those who have dabbled in the market, its important for them to understand that there may be tax liabilities with Captial Gains Tax and Income Tax, with any transactions whether with currency or other crypto assets.

Tax Planning

Did you use a Bounce Back Loan to cover personal expenses during the pandemic? Act now to avoid tax consequences

If you received a Bounce Back Loan (BBL) during the coronavirus pandemic and took the cash as drawings, there may be additional tax consequences.

Tax Planning

Tax cut and Employment Allowance rise comes into effect

Due to the increase of the employment allowance, smaller companies will be able to claim up to £5,000 off their employer National Insurance Contributions (NICs).

Tax Planning

Be prepared if you decide to adopt a working from home policy

So, it seems sensible that both employers and members of staff take full advantage of any tax breaks or allowances available for those not in the office.

Tax Planning

How to minimise Inheritance Tax bills as house prices surge

More and more people are being drawn into paying Inheritance Tax (IHT), as the price of property soars.

Tax Planning

Britons lose millions in penalty charges as they cash in LISAs

Millions of Britons facing a cost-of-living crunch have been withdrawing funds from their Lifetime ISA (LISA) accounts and getting hit with significant penalty charges.

Tax Planning

Tax credit claimants reminded of deadline as 33,600 use new app

As the deadline for renewing tax credits approaches, HM Revenue & Customs (HMRC) has revealed that 33,600 people have used their new app to renew.

Tax Planning

Back to Basics on Business Mileage

Ask anyone who either uses their vehicle for business reasons, or puts fuel in a company car, and you will soon realise business mileage can be a confusing topic.

Tax Planning

9 Tax Saving Tips for Company Directors

For those who do not want to pay more taxes than they are legally obliged to, here are some methods that the government has made available to you.

Tax Planning

Tax year basis reform: Should I change my year-end?

In the first blog of this series on tax year basis reforms, we will be discussing the new rules that will affect how unincorporated businesses are taxed from 2023/24.

Tax Planning

Furnished Holiday Lets – What tax reliefs are available?

The UK has seen a boom in the ownership of Furnished Holiday Lets thanks to the increase in staycations.

Tax Planning

Back to basics: Job expenses

Expenses incurred by employees are generally the responsibility of the employer.

Tax Planning

Homebuyers make savings as stamp duty thresholds rise

For those homebuyers facing higher mortgages, changes to Stamp Duty Land Tax (SDLT), or stamp duty, announced in September’s mini-Budget will ease some of the pain.

Tax Planning

The significance of ‘One To Many’ letters from HMRC

Letters have been sent out to individuals listed as ‘Persons of Significant Control’ (PSC), urging them to check and, where necessary, correct their tax returns.

Tax Planning