Does DRD Give HMRC The Right To Access Your Bank Account? Ever since George Osborne announced in the 2014 budget that HMRC would be given the power to take money directly from individuals bank accounts there has been a lot of media coverage, which is understandable. HMRC’s track record doesn’t fill us with confidence that … Continue reading DRD – Do HMRC Have The Power To Take Money From Your Bank Account? →

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HMRC Are Now Charging Interest on Late PAYE As of 20th May HMRC are charging interest on late payments of PAYE. Penalties for late submission of RTI returns have been postponed until October so that’s some good news. However, I have a few clients who are still paying PAYE by cheque and very often don’t … Continue reading Employers Beware – Interest to be charged on late PAYE →

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Teamwork This weekend I tried dragon boat racing for the first time and it was so much fun, I thoroughly recommend it to anyone. However, I especially recommend it to businesses who are struggling to think of what to do at their next team event as it was a great lesson in the importance of … Continue reading Dragon Boats, Timing & Teamwork →

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2014 Tax Credits To Be Calculated Using RTI HMRC are now using the information provided by employers through the PAYE RTI system to calculate the amount of tax credits due. Tax credits are due to be renewed by 31st July so this means that if you are an employer you could face questions from your … Continue reading 2014 Tax Credits – Employers May Face Queries →

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How To Avoid An Inheritance Tax (IHT) Trap When Incorporating Your Business Take The Advice But Pay The Price? If you are a profitable sole trader or partnership then I am sure your accountant will have mentioned the tax savings you could make from transferring your business to a Limited Company. In fact, I’d be … Continue reading IHT on Your Directors Loan Account →

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Use A VAT Break To Reduce Property Renovation Costs Buy To Let Property Property prices are increasing at a rapid rate which means that the buy to let market will also be on the increase. Most people I speak to are aiming to have at least one investment property at some point in the future … Continue reading Reduce Property Renovation Costs Using A VAT Break →

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Capital Gains Tax (CGT) CGT is due on the sale of shares in a company when you sell them for more than you paid for them. The normal rate of CGT is 18% or 28%. Entrepreneurs Relief (ER) ER reduces the rate of capital gains tax to just 10% as long as the following conditions … Continue reading How To Reduce Capital Gains Tax When Selling Your Company →

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Rental Property & Second Residence Issues Just a reminder: As of April 2013, the replacement of stand-alone white goods in unfurnished rental properties are not an allowable expense. So don’t include them in your 2014 tax return. However, if you replace an integrated appliance then you are still able to offset the cost against the … Continue reading Do you have a rental property or a second residence? →

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Cloud Accounting Are you still using the same old software you’ve been using since you started your business? I’m sure that you’ve upgraded your computer, your website and probably your branding in that time, so why not update your bookkeeping software? Most people think that the training involved in learning a new software package will … Continue reading Cloud Accounting. Is It Time To Make The Change? →

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How much would your business be worth if you weren’t there to run it? If you run an owner-managed business then the chances are that it is, quite frankly, practically worthless. That’s because you are your business, if you are taken out of the equation then there is nothing left. How often do you spend … Continue reading Easily Increase The Value of Your Business →

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