There may be situations where a limited company would like to distribute a dividend to its shareholders, but for whatever reason, one or more shareholders would like to waive their rights to their share of the distribution.
[continue reading…]
Small Business Guides on Tax and Business Accounts
When a limited company makes a dividend distribution, all shareholders should be given a dividend voucher, which can be in either paper or electronic form.
[continue reading…]
You may have heard your accountant or your bank manager talk about fixed or variable costs, and wondered what they meant.
[continue reading…]
Given that anyone can set up in business as an ‘accountant’, how can you be sure that accountants hold the necessary qualifications to provide a good quality, regulated service to their clients?
[continue reading…]
As a new study shows that less that one-third of businesses have a savings account, we look at the benefits of setting up a separate deposit account for your surplus funds, and take a look at the best rates available to small firms.
[continue reading…]
Marginal Relief bridges the gap between paying Corporation Tax at the ‘small profits rate’, and the main rate. Businesses are eligible to claim Marginal Relief on profits falling between £300,000 and £1.5m.
[continue reading…]
If you are not a traditional ’employee’ – i.e. you are a company director, self employed, or have additional earnings which have not been taxed though you employment, you will need to complete a self assessment tax return.
[continue reading…]
A company’s profit & loss account is a record of all transactions that took place over the previous 12 months, and shows whether or not the business made a profit during the period in question.
[continue reading…]
A balance sheet is one of the fundamental pieces of accounting information you will become familiar with as a company owner. It provides a snapshot of your company’s financial situation at a specific time.
[continue reading…]
With the help of some industry commentators, we look at the measures the Chancellor is likely to announce when delivering his latest Budget on March 19th, and how they may affect small company owners.
[continue reading…]
If you’re a sole trader, or running a business as a partnership, and turn over £81,000 or less per year, your business could take advantage of the new ‘cash basis’ accounting scheme, potentially saving you time and money.
[continue reading…]
The Government has released new guidance in advance of the new ‘Employment Allowance’ launch in April, which will reduce the amount of Employers’ National Insurance Contributions payable by small firms by up to £2,000.
[continue reading…]
A leading accountancy firm has published some simple tax planning ideas to help small business owners and contractors reduce their tax liabilities in future years.
[continue reading…]
Unlike traditional ‘small business’ accountants, most contractor accountants provide a specialist service tailored to the specific needs of contractors – typically for a monthly fee.
[continue reading…]
With the self-assessment deadline looming once again, a leading accountant has provided his top ten tips to help contractors complete their tax returns correctly.
[continue reading…]
The Research & Development (R&D) tax relief system exists to encourage businesses to invest in innovation. Often misunderstood, and under-claimed by small companies, it can offer substantial benefits to qualifying firms.
[continue reading…]
With little room to manoeuvre given the country’s ongoing economic problems, the Chancellor managed to provide some good news to company owners in today’s Autumn Statement, with a ten-fold increase in the Annual Investment Allowance, and the scrapping of the unpopular ‘controlling persons’ proposals. On the flip side, pension tax relief has been reduced for higher rate taxpayers, and income tax thresholds will not rise in line with inflation.
[continue reading…]
From January 2013, new rules come into force which will make Child Benefit means-tested for the first time. The controversial changes mean than a couple earning £50,000 each could keep the benefit, but a couple with one single earner on £60,000 would lose the benefit entirely.
[continue reading…]
Making a capital gain is usually great news – paying tax on it isn’t! So here are some tax planning tips to help you reduce your Capital Gains Tax (CGT) bill.
[continue reading…]
In this article, we look at how contractors and freelancers can plan in advance to keep their assets safe from Inheritance Tax.
[continue reading…]
