The cost of running a business goes up every year, but when was the last time you increased your prices?
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Do you really need to pay higher tax rate?
Whilst most people will agree that we pay tax to keep the country running, most of us would be happier if we could find a way to persuade the taxman to take a little less of our hard-earned cash.
There is a simple way for most of us to pay less tax. All it takes is a little forward planning and making careful tactical use of your pension.
Read moreGifts of up to £50 to Team Members
Employers can provide their directors and team members with certain “trivial” benefits in kind tax free. These benefits in kind do not now need to be reported to HMRC and are tax free for the team member.
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New Year Resolutions to Save Tax
This time of year is a good time to start planning your tax affairs before the end of the tax year on 5th April.
Read moreThe Goat Ate My Accounts
Every year Companies House publish a list of unusual excuses directors give for filing their companies accounts late. This year the list includes…
Read moreTapered pension tax relief for those with high income
For most taxpayers the maximum pension input annual allowance is currently £40,000. However, from 2016/17 those taxpayers with ‘adjusted income’ over £150,000 and ‘threshold income’ over £110,000 receive a tapered annual allowance.
Read moreClass 2 NIC to Continue for Self-Employed
In 2016 the government consulted on a proposed abolition of Class 2 National Insurance Contributions (NICs) for the self-employed. This flat rate contribution, currently £2.95 a week is payable by the self-employed in addition to Class 4 contributions based on the level of profits.
Read moreMaking Tax Digital for VAT Guidance Issued
HMRC have now issued their detailed guidance on the digital record keeping and return requirements for Making Tax Digital (MTD) for VAT.
Read moreMaking Tax Digital delayed further, apart from VAT reporting
HMRC have confirmed that no further Making Tax Digital (MTD) for business changes will be brought in before 2020 at the earliest.
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