Should you lease or buy equipment?

We are often asked by clients if they should buy or lease capital equipment for their businesses. The answer, as usual, is not simple and it depends upon the nature of your business, but there are nevertheless a few guidelines you can follow to help you decide what you should do. Broadly speaking, if you …

How To Incentivise Key Employees By Gifting Them Shares

One of our most frequently asked questions is “Can I give shares to key employees? And what are the tax implications of this?” Why do you want to do this? The answer is yes you can give your employees shares, but before we investigate how, we should look at your reasoning for giving shares to …

Fines And Penalties – What To Be Aware Of When Running A Business?

HMRC collected £1.4 billion in fines and penalties in the year to 31st March 2021. These are entirely avoidable penalties for late tax returns, unpaid tax etc. Companies House also collected millions in late filing penalties. To be forewarned is forearmed, so it is good to know the range and scope of penalties you will …

BREXIT – Are you ready for VAT and customs duty requirements from 1 Jan 21?

The UK/EU withdrawal agreement expires at 11pm GMT on 31 December 2020. After that date, the UK will become a separate customs territory from the EU. This means that from 1 January 2021, all imports and exports of goods to, and from, the EU will become subject to customs procedures, both in respect of EU …

Furlough or Redundancy – The harsh decision facing businesses this Christmas

As the new tier system kicks in, many businesses are finding themselves facing tough times and some very difficult decisions this Christmas. Over the last six months, you have probably already had to make some hard choices, as your business has seen its work dry up and its income drop off a cliff. More than …

Company Car-is it time to go electric?

Company cars are an easy target for HMRC – people need a car, and they often desire an expensive one! So maybe it’s time to ditch the petrol and diesel and think about going electric…here we help you consider whether an electric car would be more beneficial for you. Traditionally, the bigger the engine and …

Reverse charge VAT for CIS construction services

If you are CIS registered and VAT registered, then from the 1st of March 2021 there will be changes to the way you account for VAT. This blog investigates these changes and what they mean for your business. The changes mean a VAT-registered business, which supplies certain construction services to another VAT-registered business for onward …

How should I own my rental property – Personally or in a Ltd Company?

Whether you are a professional or a reluctant landlord, many people are unsure of the tax implications of owning their property in a limited company and whether this would work out more financially beneficial for them. The answer is, as it usually is, that it depends on your personal circumstances and intentions. Owning property personally …

HOW LIKELY IS A TAX INVESTIGATION?

One of the perpetual fears of many business owners is HMRC. Sometimes this is an irrational fear and sometimes it justified. HMRC have enormous powers that seemingly increase year on year. Tax, Payroll and VAT are getting increasingly complex and its up to you, as a business owner, to get it right. How on earth …

Warning Companies house are stopping paper reminders!

Companies house have announced that from Monday 9th of November they will no longer sending paper reminders for important deadlines. An example would be dates on when a business owners confirmation statement is due. Companies house are now urging companies to opt for their email reminder service which is free this service allows you to …