The Importance of Cash Flow Management Can’t Be Undersold

In a recent report issued by The Institute of Chartered Accountants in England and Wales (ICAEW), small business start-ups were called upon to improve their cash flow management skills in an effort to avoid burning through their financial resources at too fast a pace. This consideration came as a result of a survey conducted by the ICAEW whereby 23 percent of all small business advisors…

Five Tax Saving Tips for Entrepreneurs

Whether you’re a seasoned entrepreneur looking for your next challenge, or this is the first time you’ve traded as a start-up, when you begin a new venture you should waste no time in looking into ways in which you can save money on your tax bill at every step of the way. Below we’ve complied five of our best tax saving tips for entrepreneurs. This list is perfect to get your new venture…

Tax Tips and News for August 2015

This issue … Tax-free Childcare; Rent a Room; Help to Buy ISAs; Employment Allowance; August Questions and Answers; August Key Tax Dates Tax-free Childcare Tax-free childcare is part of the government's long-term plan to support working families and will provide up to 1.8m families across the UK with up to £2,000 of childcare support per year, per child, via a new online system. It was…

How the Emergency Budget Impacts Individuals and SME Owners

On Wednesday Chancellor of the Exchequer George Osborne delivered an emergency (summer) Budget, just four months after Budget 2015 was delivered on 18 March, ahead of the general election. The Budget focused, for the first time in almost twenty years by a Conservative government, on a surprise rise in the minimum wage. Also looking at an increase in the Employment Allowance, a cut in…

Understanding The Small Business, Enterprise and Employment Act

First announced on 4 June 2014, and billed as a way to help make the United Kingdom be seen as a trusted, attractive, and fair country in which to do business, the Small Business, Enterprise and Employment Act (SBEE) finally came into law last month. If you have questions about how this will affect your small business, read on for a brief summary of the key changes. Defined by Business…

What Are Simplified Expenses

Recently we published a post on allowable self-employed business expenses, an article that’s of particular use if you’re recently self-employed, as understanding the differences between allowable and non-allowable self-employed expenses can cause some frustration. This week we’re looking at simplified expenses; a way of calculating certain business expenses using flat rates. You can apply…

How to Get Corporation Tax Relief on Work Training Costs

If you’re the owner of a small to medium-sized business (SME) currently operating as a Limited company, you can receive Corporation Tax relief against work-related training costs occurred when you and your employees attend corporate training courses. Business Expense vs. Capital Expenditure In a recent article on how to understand self-employed expenses we gave the example of a self-employed…

Tax Tips and News for December 2014

This issue … Autumn Statement 2014 Summary, Property Taxes, Employers, Business Taxes, Individuals, Tax Favoured Investments, Capital Taxes Welcome to the 3rd December 2014 Autumn Statement edition of Tax Tips & News. In this analysis we have mainly concentrated on the tax measures that will directly affect individuals, employers and small businesses. Autumn Statement 2014 Summary…

Working as a CIS Subcontractor

The Construction Industry Scheme (CIS), a scheme overseen by HMRC, creates and governs the rules for how subcontractors performing construction work should be paid by their contractors. Though the scheme was developed with mainstream contractors and subcontractors in mind, it’s since been adopted by large companies and organisations spending a significant annual sum on construction costs that…

Tax Tips and News for November 2014

This issue … Pensions Death Tax, Taskforce at Large, National Insurance Contributions, Mini One Stop Shop (MOSS), November Questions and Answers, November Key Tax Dates Pensions Death Tax Currently, if you die before you have started to draw your pension, the value of your pension fund will not usually be subject to inheritance tax (IHT) at 40%, as it is excluded from your estate. However,…