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…

Three Advantages of Operating as a Sole Trader

If you’re a small (or micro) business owner who plans on keeping things this way for the foreseeable future, there’s a good chance that setting up as a sole trader will be in your best interest going forward. When you operate as a sole trader there are a large number of advantages that make it an ideal option for smaller businesses, both when it comes to setting up your business and…

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…

Summer Budget July 2015

Welcome to the 8th July Summer Budget 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. Summary Chancellor George Osborne has delivered the first Budget by a wholly Conservative government in almost 20 years. The March 2015 Budget provided some clues as to possible new…

Ten Ways to Pay Less Tax

Looking for smart ways to pay less tax should be seen as a critical part of your tax planning, both on behalf of your personal finances and the finances of your business. Though some may feel that doing all you legally can to keep your tax bill as low as possible isn't something they would wish to be associated with, the truth is you're already paying for these reliefs and allowances to be…

Tax Tips and News for June 2015

This issue … Make the Best of Allowances; Non-resident Capital Gains Tax; EIS Assurance; Staff Clothes; June Question and Answer Section; June Key Tax Dates Make the Best of Allowances As the sole owner/director of your company you face a dilemma over how to extract income from that company. If you pay yourself a salary of more than £8,060 per year you will have to pay class 1 NIC at the…

Tax Tips and News for May 2015

This issue … Forms P11D and P9D; Cancelling VAT or VAT-MOSS Registration; ATED Reporting; Auto-enrolment exemptions; May Question and Answer Section; May Key Tax Dates Forms P11D and P9D The forms P11D and P9D need to be submitted to HMRC by 6 July 2015 where expenses or benefits were provided to your employees in 2014/15, which are not covered by a dispensation, or are not otherwise exempt…

Capital Gains Tax for Non-UK Residents on Residential Property

From 6 April 2015 non-UK residents wishing to sell or dispose of a UK residential property will be required by law to contact HM Revenue and Customs (HMRC) to let them know, as Capital Gains Tax (CGT) may be due on any gains made. This new capital gains tax for non-UK residents comes after an open consultation was held by the Government between 28 March and 21 June 2014 in a bid to discuss the…