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Category: Tax

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A beginners guide to business expenses

Business Expenses – A few basic rules Over the years I have seen some amazing claims for what taxpayers believe should be an allowable expense against their profits. From make-up to pet food for the guard dog. With this in mind I thought it worthwhile just going back to a few basic rules. The “Wholly…
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What is a Dividend ?

What is a dividend? One of the most common questions I am asked is whether a Company Director / Shareholder can take a dividend to reduce their corporation tax bill ? I believe it is a popular misconception that a dividend is some sort of business expense that helps to reduce bills but it most…
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Profit extraction – the optimal salary for 2020/21

Profit extraction in 2020/21 – What is the optimal salary? A popular tax-efficient profit extraction strategy used by personal and family companies is to take a small salary and extract further profits as dividends. Where this approach is adopted, the starting point is to determine the optimal salary. While this will depend on personal circumstances…
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Why you should get the Accounts done early

Why you should get the Accounts done early If you are self employed you will know that your Self-Assessment tax and NIC payments on account are based on profits earned in the previous tax year and balancing payments due are not payable until the 31 January following the tax year end date. From a cash…
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How to correct an error in your Tax Return

What to do if you need to change your tax return You made it and filed your self-assessment return for 2018/19 by the 31 January 2020. However, having felt pleased with yourself, you realise to your horror that you have made a mistake and need to correct your return. Can you do this and if…
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Self Assessment Tax – Time to Pay Help

Self Assessment – Time to Pay Help For anyone with a self assessment payment due by 31 January, it is now possible to set up a time to pay arrangement, subject to electronic approval, solely online without contacting HMRC. If an installment plan for direct debit payments is agreed with HMRC then there will be…
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Mileage rates for self employed…make it easy on yourself

Mileage rates for the self employed Using  mileage rates if you are self employed can save you much of the record keeping. If you are a sole trader or in partnership and you use a car, motor cycle or goods vehicle for the purposes of your trade, you can claim a deduction for the costs…
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Incorporation…sole trader to Limited Company

Incorporation – from Sole Trader to Limited Company Thinking of changing from a sole trader to a Limited Company ? Why would you do that ? There are a number of ways that businesses can trade – the most common legal structures for businesses are sole-traders, partnerships, Limited Liability Partnerships (LLPs) and Limited Companies. What…
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Use the Dividends allowance…don’t lose it !

Use the Dividend Allowance – don’t lose it ! Utilising the 2019/20 dividend allowance The dividend allowance is quite unusual in that it is available to everyone and everyone has the same allowance. For 2019/20 the allowance is set at £2,000. In common with many allowances, it is a case of use it or lose…
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Can I claim for Entertaining clients and staff ?

Entertaining Clients and Staff Can we deduct entertaining expenses? The tax rules on the deductibility of entertaining expenses are harsh and often misunderstood – the fact that the expenditure is incurred for businesses purposes does not make it deductible. Subject to certain limited exceptions, no deduction is allowed for business entertaining and gifts in calculating…
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