Improving Equality Diversity & Inclusion at Work
It is no longer acceptable for organisations to pay lip service to equality, diversity and inclusion within the workplace. As well as meeting legal requirements in these areas, employers should also be attune to the social and cultural expectations that people are treated fairly and equally and that opportunities are made available without discrimination or […]
Non Doms Tax in the UK Rules
If you are UK tax resident but not domiciled in the UK, special rules apply to determine the basis upon which you pay UK tax. In this guide, we explain the rules on non doms and UK tax obligations. Domicile Your domicile is usually the country in which you officially have your permanent […]
Apprenticeship Levy Explained
The introduction of an apprenticeship levy has made a significant contribution to funding developments. The apprenticeship landscape has changed significantly over recent years, providing greater opportunities for individuals to combine work with study to gain skills and knowledge in a controlled environment, and for businesses to benefit from recruiting and developing talent. In this guide, […]
Bookkeeping for Small Businesses & Sole Traders
Bookkeeping plays a vital role in running your own business, especially when it comes to declaring any profit or loss in your annual tax return, and offsetting allowable expenses against your taxable income. The following guide for small business owners and sole traders looks at the importance of good bookkeeping and provides essential best practice […]
Creditors Voluntary Liquidation (Directors’ Guide)
If a company cannot pay its debts, its directors may decide to put the company into liquidation. Creditors’ Voluntary Liquidation offers directors a way to close their company voluntarily, rather than being forced to close under a winding up order. What is Creditors Voluntary Liquidation (CVL)? Liquidation is a legal process involving the […]
Sole Trader Expenses: What Can You Claim?
As a sole trader, your business is likely to incur various running costs, some of which can be deducted from your profits to reduce your taxable income, meaning you pay less tax. In this guide for self-employed workers, we explain which expenses are allowable, how to make a claim for expenses and what records you […]
Hiring Happy Employees (Boost Morale & Productivity!)
Boosting employee happiness is one of the most effective ways for an employer to maximise productivity, reduce absenteeism, attract talent and create a compelling employee brand for their business. Traditionally, organisations have sought to improve output among their workforce by focusing on material rewards such as pay rises, bonuses or other employee benefits to incentivise […]
Corporation Tax & Trading Loss
If your company or business makes a loss from trading, the sale or other disposal of a capital asset, or on income from property, and it is liable to pay Corporation Tax, relief for corporation tax losses may be available. Tax relief for corporation tax losses is obtained by offsetting the loss against other profits […]
HMRC Travel Expenses & Temporary Workplace Rules
Employees who travel for work purposes may be eligible for tax relief on travel expenses that are not reimbursed by their employer. The general rule is that travel expenses between an employee’s home and workplace are not allowable under HMRC rules, while expenses for travel between the employee’s home and a temporary workplace may be […]
What is Ordinary Share Capital?
When running a limited company, it’s important to understand the different legal concepts involved, from both an accounting and company law perspective. In particular, a number of key UK tax provisions turn, in part, upon the meaning of ‘ordinary share capital’. Equally, it’s important to understand the benefits and drawbacks of ordinary share capital, when […]
P45 Form (Employers’ Guide)
Employers play a crucial role in ensuring the PAYE system works effectively, especially when it comes to issuing a P45 when an employee leaves a job, or requesting a P45 when an employee starts a new job, and submitting the relevant starter and leaver information to HM Revenue and Customs (HMRC). Below we set out […]
P60 Form Guide for Employers
As an employer running payroll, you have various year-end obligations, from sending your final payroll report to HMRC to giving each of your employees a P60. In this guide, we explain the rules relating to P60s, including what these are, who needs to be given one and when, how to issue a P60, what information […]
What is the Inheritance Tax on Property?
Inheritance tax relates to the estate left by a person when they die. This could be the amount of money they have, property they own or any other assets that belong to them. Gifts made during that person’s lifetime may also be affected by inheritance tax. There is generally no inheritance tax on property passed […]
How to Prepare a Statement of Financial Position
Preparing a statement of financial position is just one of the many financial reports that will need to be regularly generated when running a limited company. It’s often best to secure professional advice and support to prepare these types of reports, although it can still be useful to understand the principles and purpose behind this […]
Construction Industry Scheme (CIS) Guide
If you’re self-employed in the construction industry, you may need to register under what’s known as the Construction Industry Scheme (CIS). Equally, if you’re a construction-industry contractor, with sub-contractors working for you on a self-employed basis, you’ll need to be CIS registered. Below we look at what the CIS is, the CIS registration process for […]
Directors Loan Account (What Are The Rules?)
Borrowing money from the company can make financial sense for directors, compared with using a commercial lender. But using from the company bank account for personal expenditure has to be managed carefully, as complex tax and accounting rules apply. Failure to follow the rules can result in HMRC action against the director, such as disqualification. What […]
What is a Directors’ Service Contract?
Directors’ service contracts have an important function for companies. Not only are they are used to define the role, responsibilities and remuneration of the company’s directors, they also provide key legal protections to safeguard the interests of the business. Since directors are the most senior employees in the company, the directors’ service agreement is used […]
Winding Up a Company
If you’re a business owner looking to wind up your limited company because it can’t pay its debts, or a creditor wanting to petition for a winding up order because a company owes you money that it can’t repay, the following guide will help you to navigate the legal process. Sometimes winding up a company […]
Money Laundering Reporting Officer Responsibilities
What is a Money Laundering Reporting Officer? The Money Laundering Reporting Officer (MLRO) is the person in an organisation who is nominated to receive disclosures from employees within the firm regarding suspected money laundering. Sometimes known as the ‘nominated officer’, the MLRO is then responsible for deciding whether to report these concerns to the National […]
Business Property Relief & IHT
If you own a business, or an interest in a business, your estate may be entitled to relief from Inheritance Tax. Business Property Relief (BPR) provides relief from Inheritance Tax (IHT) on the transfer of relevant business assets at a rate of 50% or 100%. Business Property Relief and IHT Inheritance Tax is the […]