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
Charging a business for mobile phone costs
Companies can provide all directors and staff with one mobile phone (or SIM card) each and, as long as the contract is in the company's name and there is some element of business use, the mobile phone can be used for both business and personal purposes without resulting in a taxable benefit in kind charge on the ...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
VAT flat rate scheme
The VAT flat rate scheme (FRS) is a simple way for small businesses to reduce administration and lower their VAT bills. With standard VAT accounting, the VAT a business pays or claims back from HMRC is the difference between the VAT charged to customers and that paid on purchases. With FRS however a business: ...more