HMRC Tax Investigation: What To Expect

HMRC tax investigations into whether a person or business have met their tax obligations vary greatly depending on the details of the individual case, from relatively informal checks to a more in-depth investigation into your tax situation. It may be that an HMRC tax investigation is opened to confirm that the information supplied in a […]

How to File a Companies House Confirmation Statement

Limited companies have to meet certain compliance obligations to Companies House, such as filing annual accounts and filing an annual confirmation statement. In this guide, we look at the rules relating to confirmation statements, including their purpose, what information needs to be checked, the filing process and submission date, and the consequences of not filing […]

What is Capital Gains Tax on a Buy to Let Property?

As with any form of income, buy to let property investment carries various tax implications, including that of capital gains tax. Buy to let property is generally seen as a medium to long term investment, building on the initial cost of purchase, legal fees and refurbishment to ideally enjoy regular rental income and eventually, a […]

Capital Allowance Rates 2023

Understanding the rules for capital allowance and how those rules apply to your business’s circumstances can be a complicated process with an ongoing need to stay up to date with changes in tax legislation, although taking professional advice can help to clarify your tax situation. One important element in this process is an awareness of […]

How To Do Self-Employed Accounts

If you work for yourself as a sole trader, you’ll need to familiarise yourself with the rules on self-employed accounts. Sole traders have to keep financial records relating to the income generated and expenses incurred while doing business. At the end of each tax year, you will be required to report your business income and […]

What is Input VAT & Output VAT?

VAT registered companies must meet a number of obligations, including calculating, reporting and paying VAT liability on a regular basis and retaining specific records. If the taxable turnover of your business for the last 12 months by the end of any month was over £85,000, (known as the registration threshold for Value Added Tax), you […]

Can You Avoid Inheritance Tax Legally?

Inheritance tax planning is critical to maximising the amount that can be passed on from your estate to your beneficiaries. In this guide, we look at whether it is possible to avoid, or at least reduce, inheritance tax so as to minimise the amount of IHT payable.   What is inheritance tax?   Inheritance tax […]

Vat Return Deadline & Payment Dates

VAT registered companies in the UK are required to submit VAT returns and make VAT payments on time. Failure to meet the VAT deadline can result in fines and interest being charged on the outstanding amount.   Vat payment dates & VAT return deadlines   As a general rule, the VAT deadline for both returns […]

What is a Public Company Limited By Shares?

If you run a successful private limited company and are looking to transition to public status, it’s important to understand the implications of your decision and the obligations involved. In thie guide, we explain the benefits and risks of becoming a public limited company, together with the additional administrative and regulatory requirements that must be […]

Annual Investment Allowance AIA 2023

If you purchase plant or machinery that qualifies for the annual investment allowance (AIA), you can deduct the full cost of that asset from your profits before calculating your tax liability.   What is Annual Investment Allowance (AIA)?   The annual investment allowance (AIA) allows businesses to claim tax relief on purchases of certain assets […]

Capital Allowance (What Can You Claim?)

Capital allowance relief may be available on assets purchased for use in your business, such as transport vehicles, machinery or equipment. Any claimed amount may then be deducted from your taxable profit. A broad range of assets can be claimed for, though there are exceptions not eligible for a capital allowance claim, including: Items you […]

How Does Capital Allowance Super Deduction Work?

When looking to grow, companies need as much financial support as possible to help cover expansion costs and increase cash flow. This is where the new super deduction allowance can make a significant difference to the overall tax liability of an enterprise, enabling investment at a time when business owners remain understandably cautious in the […]

Enhanced Capital Allowances & Enterprise Zones

The enhanced capital allowances scheme changed in April 2020. Under the current rules, qualifying expenditure must have been incurred between 1 April 2012 and 31 March 2020, and the area where the plant or machinery was to be used must have been a designated Assisted Area at the time that the expenditure was incurred. This means […]

Essential Guide to Alphabet Shares

Alphabet shares are the different classes of shares issued by a company using different letters to differentiate between them, for example ‘A’, ‘B’ and ‘C’ shares. Allocating these varying share classes allows a company to attach different rights to each class, allowing them to be used for different purposes. This guide to alphabet shares helps […]

Guide to Issuing New Shares

Share issue is the process whereby a company creates and issues new shares, usually to raise finance, bring in new business partners or grow the business. Issuing new shares in a company has implications for existing shareholders as the share structure may be altered. This practical guide to issuing new shares helps UK businesses understand […]

What is EBITDA?

Understanding EBITDA is important for business owners for two main reasons. First, it provides a clear picture of a company’s value. Secondly, it demonstrates a company’s worth to potential buyers and investors, showcasing its financial health and profitability. The following guide to EBITDA for businesses looks at what this acronym means, what it shows, why […]

Asset-Based Lending: Guide for SMEs

Through asset-based lending, businesses can access credit against company assets. But as with all funding options, there are pros and cons to be considered. The following essential guide looks at how asset-based lending works, from the different types of asset-based lending to the factors you should consider when looking at whether asset-based lending could work […]

Operating Lease: How Does It Work?

Operating leases can offer businesses a more cost-effective and flexible way to access equipment without the risks and burden of ownership. In this guide, we explain what operating leases are, how they differ to finance leases – which is important for tax and accounting purposes – and consider the pros and cons of this type […]

Start-Up Business Financing Guide

Raising the money necessary to get your business off the ground is one of the biggest challenges facing start up owners. Whether you need to purchase stock and equipment, rent premises or pay professional fees, there are many essentials you will need to find the funding for. While there are a wide range of start-up […]

Small Business Grants (Funding For SMEs)

Small business grants, as an injection of much-needed funding, can offer the springboard to take your business to the next level. With an overwhelming range of grants available, it will take considerable research, often with professional advice, to find out which best suit your needs by matching the scheme criteria with your business circumstances and […]