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Category: Tax

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Back to Tax Basics: Tax for unincorporated businesses

Back to Tax Basics: Tax for unincorporated businesses You don’t have to be a limited company to trade as a business. It’s possible that you’re operating already as an ‘unincorporated entity’ (usually as a sole trader, or a partnership). And the way that limited companies and unincorporated entities are taxed is very different. Here’s how…
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Capital Gains Tax for residential properties – what you need to know

Capital Gains Tax for residential properties – what you need to know When you make a gain after disposing of an asset, you’ll be aware of the need to pay Capital Gains Tax (CGT). But do you know the full rules around CGT for residential property?  If you’re an individual selling your own property –…
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Getting ready for HMRC’s new penalty regime

Getting ready for HMRC’s new penalty regime Paying your tax bill on time can be a struggle. The HM Revenue & Customs’ (HMRC’s) penalty regime exists, to act as a deterrent for late payment and overdue submissions. But did you know that HMRC is planning to update and change its penalty regime? HMRC currently has…
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Virtual Staff Xmas Party – The tax break

Virtual Staff Christmas Parties – The tax break Due to the coronavirus restrictions, many businesses will again choose not to host the usual Christmas Party for employees. HMRC have are confirm that the annual parties’ exemption will apply to the costs associated with virtual parties in the same way that it would for traditionally held…
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Tax on gifts to employees & directors

Tax on gifts to employees & directors Can directors and employees receive gifts from the company tax free? As we near Christmas Diorectors often start to think whether thay can do something to thank staff for their efforts, particularly given the pst couple of Covid years. Giving gifts to your employees can be a great…
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Back to Tax Basics: How does Corporation Tax work?

Back to Tax Basics: How does Corporation Tax work? Corporation tax is a tax that’s levied on your company’s profits. When you operate your business through a limited company, that company is considered to be a separate entity from you as an individual. Among other things, this means you have to pay corporation tax (CT)…
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Back to Tax Basics: How does VAT work?

Back to Tax Basics: How does VAT work? Value-added tax (VAT) is a consumption tax that’s levied on goods that have had value added at each stage of the supply chain. Most businesses with annual sales of £85,000 or more have to register for VAT. And even if your sales are below that level, you…
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Back to Tax Basics: How capital allowances reduce your tax bill

Back to Tax Basics: How capital allowances reduce your tax bill Generally speaking, the business expenses you incur are allowable against your profits. But when it comes to fixed asset purchases (things like machinery, equipment or vehicles), these purchases are treated slightly differently. To reduce your tax bill when purchasing fixed assets, it’s important to…
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Back to Tax Basics: Capital Gains Tax for Directors

Back to Tax Basics: Capital Gains Tax for Directors When you’re a company director, it’s not just your business taxes that you need to be on top of. Submitting a self-assessment tax return to account for your personal income tax is one responsibility, but you also need to be aware of any capital gains and…
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Back to Tax Basics: What taxes will I need to pay as a director?

Back to Tax Basics: What taxes will I need to pay as a director? When you set up a new company, there are certain business taxes you’ll be liable for as a business. But have you also planned for the personal taxes you must pay as a director? As a company director, it’s not just…
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