Running Your Business as a Company

The question of whether to run a business as a limited company is a major decision. Here we look at some of the key areas to consider. Tax implications Income tax vs corporation tax For limited companies, it is the company and not the director-shareholder that pays tax. The current rate for corporation tax is … Continue reading Running Your Business as a Company

Year End Tax Planning

With 5th April fast approaching, here are some tax planning suggestions you may like to consider before the end of the tax year. Income Tax and Capital Gains From 6th April the Personal Allowance increases to £11,850 and the Capital Gains annual exemption to £11,700. This provides opportunities to defer income and gains to the … Continue reading Year End Tax Planning

Accountancy firm develop its own software in bid to perfect service to clients

This weeks edition of the South Wales Argus features an article on the development of our own software. An accountancy firm has developed its own software suite in order to help businesses manage their taxation and finances better. Cwmbran-based accountancy firm Green & Co Accountants and Tax Advisors has spent over two years researching what their … Continue reading Accountancy firm develop its own software in bid to perfect service to clients

Ways To Save Tax Ahead Of The 5 April Year End

The end of the tax year of 5 April is fast approaching, and this is always a good time of year to think about ways to structure your business and personal finances so that they are as tax-efficient as possible. With new rates and various legislative changes due in the 2016/17 year, here are some … Continue reading Ways To Save Tax Ahead Of The 5 April Year End

Do You Employ Any Scottish Nationals? – If So Read This

A Scottish rate of income tax (yet to be announced) will apply from 6 April 2016, allowing the Scottish Parliament to reduce the basic, higher and additional rates by up to 10% or increase them by any amount without limit. The Scottish rate will be administered by HMRC as part of the UK income tax … Continue reading Do You Employ Any Scottish Nationals? – If So Read This

How Pension Planning Can Help Retain Child Benefit And Save Inheritance Tax

If you or your spouse/partner has an income between £50,000 and £60,000, your child benefit is clawed back at the rate of 1% for every £100, and for those earning above this, the claw back equals the whole amount of the benefit received. By making additional pension contributions, you could retain child benefits. For example, … Continue reading How Pension Planning Can Help Retain Child Benefit And Save Inheritance Tax

‘Tis The Season To Be Jolly…

In the spirit of seasonal cheer, it's that time of year again to remind you all that HMRC has a festive loophole that means businesses pay no tax on corporate Christmas parties. Businesses of all sizes are allowed to spend a tax-free amount of up to £150 (inc. VAT) per member of staff each year. … Continue reading ‘Tis The Season To Be Jolly…

When is a hobby not a hobby?

Many of us partake in hobbies which are purely for our own pleasure.  Sometimes,  however, particularly if those hobbies are of a creative nature, they can be appreciated or utilized by third parties, which often means they are accompanied by a monetary transaction.  Is this type of income taxable?  It depends. WHAT IS YOUR INTENT? … Continue reading When is a hobby not a hobby?