HMRC tax scam messages – record number reported

Fake tax messages tops 900k, according to HMRC The number of HMRC tax scam messages involving bogus communications is increasing and particularly as the self assessment payment deadline approaches. What are the warning signs you should be looking for? The number and type of HMRC tax scam is rising. According to HMRC statistics, in 2018/19 […]

Your Business Plan – What Should It Include?

We all know that a new business needs a business plan. But What should you include? In this issue of Business Fundamentals, we look at what should a business plan include. With the end of the year approaching, many people will be taking time out to look at their business plans for the coming twelve […]

Claiming Capital Allowances For Your Rental Business

What are the Capital Allowances rules for rental businesses? In this episode of Property Investing 101 we look at how your rental business is affected by Capital Allowance rules. The rules around Capital Allowances for a rental business are essential for you to understand. When you run any business, your day to day expenses are […]

Business tax and cryptocurrencies: HMRC’s new guidance

Do you know the regulations around business tax and cryptocurrencies like bitcoin or Litecoin? Until now, HMRC’s guidance on the tax consequences of using or trading in cryptoassets, such as digital currencies like Bitcoin, was mainly aimed at individuals. It’s now published new guidance for businesses. So, what’s the story? In November 2019 HMRC issued […]

Making Tax Digital for VAT – are you ready for the next step?

Making Tax Digital for VAT became compulsory in April 2019 which means another important digital deadline is looming, but what is it? Making Tax Digital for VAT (MTDfV) is about particular VAT records in digital form, then sending your VAT return information to HMRC digitally. But if you digital records aren’t all in one place, […]

KPI – What Is a KPI And Why Are They Important?

There is a familiar phrase in business circles which goes something on the line of ‘If it can be measured, it can be managed.’ A KPI is a Key Performance Indicator and it is essentially a measurement of an activity within the business. The objective behind the recording of KPIs is to monitor the outcome […]

Your Property Business – What Expenses Can You Claim?

Recording property business expenses are important for two reasons: You need to know whether the business is making a profit or not; and To reduce your tax liabilities by offsetting them against profit As a rule of thumb, all expenditure made on behalf of the business should be recorded. Areas to include are: Property purchases […]

Selling Your Business: Tax Traps to Avoid

You’re selling your business and as part of the deal you’ll stay on in a managerial role for three years. You’ll then be paid an additional sum based on the profits made over that period. How should you structure the payment to avoid tax traps? When selling your business, a business in which you’ve played […]

Children Shares and Long Term Planning

Your long-term plan is for your children to take over the family company but they are too young at the moment. Nevertheless, is it worth giving them shares in the business now as a tax saving measure? For almost as long as income tax has existed parents have tried ways to mitigate their tax bills […]

Do You Understand Balance Sheets?

Getting the Balance Right: how to understand balance sheets Understanding balance sheets is key to assessing the health of your business. In the second of our series Business Fundamentals, Mathew Forshaw looks at how to understand balance sheets. A Profit & Loss Account is all about financial performance, showing the totals of the ‘ins and […]