VAT purchases is another area on which HMRC is becoming more aggressive. They have always been particular but recent indications are that they are looking more closely at VAT reclaimed. Legally, in order to claim VAT back on supplies you receive, ... [Continue Reading]
Buying a business – get someone on your side
Buying a business is often seen as a quick way for you to get started or expand. But beware. The business agent isn’t working for you. They are working for the seller. The agent is usually paid a commission on the sale price so the more they can ... [Continue Reading]
Transfer Shares to your spouse
Letting your spouse have shares in your Ltd company is a well tried method of reducing tax. By owning shares, your spouse will become entitled to the tax-free dividend allowance (currently £2,000 pa) and can take dividends taxed at 7.5% where you ... [Continue Reading]
Is running your own business fun?
Fun? What’s fun? You have a business so life should be more enjoyable. After all, you are the boss and can do what you like! You probably find this is what people around you think and say. All too frequently, the truth is completely the opposite. ... [Continue Reading]
Buy-to-Let CGT changes
Many buy-to-let landlords aren’t aware of the new Capital Gains Tax (CGT) rules which will apply from April 2020. Are you? Your lack of knowledge could get very expensive because of the fines and penalties which will be charged. Less time Put ... [Continue Reading]
The Drowning Man
There is a parable attributed to Irving Zola which highlights how we concentrate on what is happening – rather than looking for the cause and finding a solution. The parable is told in several forms and this is one interpretation. "I am standing ... [Continue Reading]
Good news for IR35
The good news is that a review of the revised IR35 rule implementation has been announced by the government. Theoretically the review should be completed by mid-February - which doesn't leave a lot of time to make changes before the start date of 1 ... [Continue Reading]
Charity Accounts
All charities need to produce charity accounts. The level of detail required varies depending on the size of the charity. There are 168,000 registered charities but 104,000 of these have income of less than £25,000 per year. There are only 712 ... [Continue Reading]
Plan now for NMW increases
The National Living Wage (NLW) and National Minimum Wage (NMW) are set to rise substantially from April 2020. This could mean careful planning and thought for employers so Plan now. You have around three months to decide how to deal with the ... [Continue Reading]
Business Challenges
For most people in business, either self-employed people or directors of small companies, a few days off over Christmas & New Year may give time to reflect on the business challenges overcome in the last year and challenges likely to be faced in ... [Continue Reading]
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