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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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Back to Tax Basics: How does PAYE work?

Back to Tax Basics: How does PAYE work? Once you become an employer, you’ll need to set up a pay-as-you-earn (PAYE) scheme. All businesses that employ people earning above the National Insurance (NI) lower earnings limit (£120 per week) must register with HM Revenue & Customs (HMRC) as an employer and operate their own PAYE…
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Autumn Budget 2021

Autumn Budget 2021 Autumn Business Update for UK small business owners Small business owners hopes for some crumbs of comfort from the chancellor in his budget and autumn statement were dashed. The triple hit on small businesses coming from April 2022 is still very much happening.  The triple hit? Hit 1: Corporation tax from April…
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15 things you didn’t know an accountant could do

15 things you didn’t know an accountant could do When asked “What does an accountant do?” many people answer with accounts, tax or compliance work. While that’s true, what many don’t know, is that the good ones do so much more. The best accountants will become a part of your team; they will give you…
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