Sources of Funding

Whether your business needs help with day-to-day cash flow, funding for a significant purchase, or money to fuel expansion plans, there are many different sources of funding available to businesses. The initial challenge will be to decide which finance option best suits your needs and eligibility. In this guide, we delve into some of the […]

Claim HMRC Self Employed Capital Allowances

If you are running your own business you may be able to reduce your tax bill by taking advantage of capital allowances. In this guide, we examine the basic principles relating to HMRC self-employed capital allowances and how these can help to minimise your tax liability.   What are HMRC self-employed capital allowances?   The […]

Corporation Tax Payment Deadline

Each year limited companies are required to pay corporation tax to HMRC on their profits and file a company tax return (CT600). It’s important to check when your corporation tax is due as late payment can lead to penalties from HMRC.   When is your corporation tax due?   The corporation tax payment deadline for […]

What are Capital Allowances?

Capital allowances are a tax relief designed to encourage business investment. When a business purchases certain qualifying assets, capital allowances can be claimed, thereby allowing the business to write off the cost of those assets against taxable income. Capital allowances are generally available to limited companies, property companies, the self-employed and partnerships. To benefit fully […]

Self-Employment Explained

While going into business to work for yourself is an exciting time, there will be a lot you will need to consider. Self-employment means you will be taking on many responsibilities in the course of running your business, including meeting your tax obligations.   What is self-employment status?   If you start to work for […]

Ultimate Guide To Allowable Expenses

Business owners and sole traders have a responsibility to calculate and file their total trading profits each year and to pay tax on that amount. A company’s tax liability can be reduced by deducting the cost of allowable expenses from your total trading profits.   What are allowable expenses? Allowable expenses are essential business costs necessary […]

Content Marketing 2023 (Must-Read Guide!)

High-performance content marketing lies at the intersection of data insights, market and product knowledge and creativity. But while the concept of content marketing is generally well recognised and understood, effective implementation can still elude many businesses, leaving content performance and impact lacking. Content marketing in 2023 Content marketing is the strategic approach to creating and […]

Corporate Branding for SMEs

Corporate branding is just as important for start-ups and SMEs as it is for larger companies.  By branding we mean your visual identity – the physical, recognisable markers that distinguish you from your competitors. It’s usually made up of your logo, along with the specific colours, fonts and images you use to identify and promote […]

Non Dom Tax Status (What does it Mean?)

What is a ‘non-dom’ and how is it connected to your tax status? A person’s domicile is an important factor when it comes to deciding on their tax status. The term ‘non-dom’ is used to describe a person who for tax purposes has a domicile outside the UK. The non-dom status generally brings with it […]

How to Close a Business

Whether you are retiring, ready for your next challenge or your business has not been the financial success that you initially hoped it would be, there are a number of requirements that must be fulfilled in order to formally close a business. In this guide, we explain the steps that must be taken to close […]

What is an Interest in Possession Trust?

Setting up a trust can be an ideal way to control and protect family assets, ensuring these assets are passed to future generations, while minimising liability to inheritance tax on death. However, there are various types of trusts to choose from, with different practical, legal and financial implications. The following guide on interest in possession […]

Loans to Shareholders Rules

It is not uncommon for business-owners to want to borrow money from their company from time to time, and it is important to know how these types of loans work in practice. The following guide to the rules on businesses loaning to shareholders, or director-shareholders, looks at what is allowed, what interest should be charged, […]

Mileage Allowance Rules 2023

If using a car for work purposes, it’s important to understand the rules on what can be claimed back and how much. This guide covers everything you need to know about the mileage allowance rules, from the fundamentals of claiming car mileage, to who can claim and the mileage rates for hybrid and electric cars. […]

Can You Claim Property & Trading Allowances?

When in receipt of either self-employed income or income from letting out property as a landlord, you may eb eligible to reduce your tax liability through tax-free allowances such as trading allowance and property allowance.   What is the trading allowance? The trading allowance, or trading income allowance, is a tax-free allowance against income from […]

Why Now is the Best Time to Do Your Will & Estate Planning

Making sure that your assets – property, belongings and capital – are protected by your will and estate planning can become a complicated process when tackling the many and varied tax laws regarding the issue of inheritance, especially where your estate features a diverse portfolio of assets such as property, shares and savings. Whilst the […]

Private Residence Relief When Selling Your Home

In most cases, when a person disposes of an asset in the UK, including both residential or commercial property, they will be liable to pay tax on any capital gains made on that disposal. However, under the private residence relief rules, a qualifying homeowner can often avoid paying Capital Gains Tax altogether when selling their […]

What are Preference Shares?

Preference shares hold status as a special class of share, affording specific advantages to those purchasing them. The following guide on preference shares looks at what these are, the different types, how these differ to ordinary shares, and how preference shares are treated in the event of bankruptcy. We also provide a useful summary of […]

Dormant Company Requirements

Even if a company is dormant, there are still a number of filing and reporting obligations that arise in relation to both HM Revenue and Customs (HMRC) and Companies House. As a business owner, it’s therefore important to know what these obligations are and when these arise, to ensure compliance at all times, regardless of […]

Sole Trader Tax Rules 2023

Among the responsibilities of working for yourself is ensuring you meet your sole trader tax liabilities. The following guide on sole trader tax provides a look at the rules relating to income tax, national insurance contributions and VAT for self-employed workers, from what rates of tax you will be liable to pay on your trading […]

Estate Planning & Wills: Where Should You Start?

While the prospect of passing away is an unwanted thought, it’s important to plan ahead, both to make the process of managing your estate easier for your loved ones, and to ensure your wishes are carried out. Anticipating things like how your care home costs will be covered and making financial provision for those that […]