Doctor, Doctor: Are Medical Expenses Tax Deductible?

The question of whether medical expenses are tax deductible is one which is frequently posed and we can consider this using the example of a self-employed farmer who seeks treatment from a chiropractor. She believes that the treatment will improve her ability to farm and therefore queries whether she can claim a deduction for this … Continue reading Doctor, Doctor: Are Medical Expenses Tax Deductible?

Year End Tax Planning Tips For Companies

  Corporation tax is set to reduce to 19% with effect from 1 April 2017 but opportunities still remain to reduce and defer corporation tax liabilities. Here are some you may wish to consider. MAXIMISE CAPITAL ALLOWANCE The annual investment allowance (AIA) provides 100% tax relief for qualifying expenditure incurred up to a limit of £200,000 … Continue reading Year End Tax Planning Tips For Companies

Self Employed Landlords: What you need to know about Digital Accounting

By 2020 most businesses, self-employed individuals and landlords will be required to use software or apps to keep their business records and to report their income and expenditure on a quarterly basis to HM Revenue & Customs. This new regime will commence on 6 April 2018 for most small businesses. Self-Assessment tax returns will no longer … Continue reading Self Employed Landlords: What you need to know about Digital Accounting

Research & Development Tax Credits: What could it be worth to your business?

  Many companies are apparently still not aware of Research & Development (R&D) Tax Credits or what it could be worth to their Business. Yet for companies who use them, R & D tax credits usually become an important part of their overall financial position. So what is R & D expenditure? It relates to … Continue reading Research & Development Tax Credits: What could it be worth to your business?

All Change To Incorporate Pay Rises

“Britain deserves a pay rise.” Those were the inspiring words of the Chancellor in his Summer Budget. But deserved or not, there are a lot of implications for British businesses this April, in order to initiate the new Living Wage for those aged 25 and over. The wage hike to £7.20 is expected to affect … Continue reading All Change To Incorporate Pay Rises

Welsh Town Declares Itself “Off-Shore”

Local businesses in the Powys town of Crickhowell have united in submitting their own DIY tax plan to HMRC, stating that they intend to register the whole town as “off-shore”. The move comes after locals became angry at loopholes in the tax legislation which allows big corporates like Amazon and Starbucks to pay relatively little … Continue reading Welsh Town Declares Itself “Off-Shore”

Small Businesses Encouraged To Take Up R&D Relief

More and more businesses are being encouraged to claim Research & Development (R&D) tax relief. Could you benefit? The R&D tax relief encourages companies to invest in new product development and helps them by reducing the amount of corporation tax they have to pay to HMRC on their profits. Around 15,000 UK companies claimed the … Continue reading Small Businesses Encouraged To Take Up R&D Relief

Corporation Tax: Late Filing Penalties

If you are the director of a limited company then you will be aware that you must submit a tax return to HMRC each year, declaring your personal income. The company, as a separate entity, must also submit a tax return and, much like a personal tax return, if the company return (CT600) is not … Continue reading Corporation Tax: Late Filing Penalties

Tax Advantages For Innovative Companies

New and innovative products which will change how we conduct our lives are being thought up, it can seem, every day. It is products like these which keep the majority of businesses profitable, which is extremely important for maintaining an already fragile economy in the UK. HM Revenue & Customs tries to incentivise companies to … Continue reading Tax Advantages For Innovative Companies