Guidance on the impact of the Budget 2017 on small businesses and contractors. Reduction in dividend allowance Currently an individual may receive up to £5,000 in tax free dividend income each year and from April 2018 this allowance will be reduced to £2,000. Making tax digital For sole traders and partnerships ...more
Autumn statement 2016
Guidance on the impact of the Autumn Statement 2016 on small businesses and contractors. Class 2 National Insurance As announced at Budget 2016, Class 2 NICs will be abolished from April 2018 and self employed contributory benefit entitlement will be accessed through payment of Class 3 and Class 4 NICs. All self ...more
Budget 2016
On 16 March 16 the government delivered the 2016 Budget: Changes in tax rates and allowances The following changes were announced: Corporation tax, which is currently 20%, will be reduced to 17% by 2020. The personal allowance which for 2016/7 is £11,000 will for 2017/8 increase to £11,500. Similarly, the higher ...more
Running a limited company
Many small business owners set up and operate through a limited company but are often unsure of what exactly is involved in running their company. What is a limited company? A limited company is an organisation which has been set up to run a business. The people who own shares in the company are known as shareholders ...more
Why choose a specialist chartered accountant?
We often come across small business owners and contractors who use the services of a traditional firm of accountants. When questioned about their businesses, financial issues affecting them and the support they receive from their accountants, a number of issues commonly emerge: Ever increasing fees but the service ...more
Director loans
There may be times when a director needs to borrow money from their own limited company. From an accounting perspective director loans are treated as follows: Loans outstanding at the balance sheet date must be disclosed in the company's financial statements and corporation tax return. Loans not repaid within 9 ...more