What happens if I make a mistake on my tax return?

It’s that time of year when, for many small business owners, self-employed professionals and more, the impending deadline of the tax return looms large and heavy. It can be overwhelming for some, but it needn’t set you into a panic. The main thing to remember is to file it. If you’ve been informed that you need to file a self-assessment tax return, then you must file it - even if there is no tax … [Read more...]

What if I miss the tax return deadline?

Should you fail to meet the deadline to submit your self-assessment tax return there are penalties which HMRC will charge automatically. The first deadline is the 31st October for paper returns, but if you miss that deadline you are not fined as long as you submit the electronic version before the 31st January, but if you miss this deadline, and fail to pay any tax due by the same date then the … [Read more...]

What are the tax implications of staff rewards?

Good work should not go unnoticed, correct? We think so too.  As a business owner, manager or director, a natural part of your role is to motivate and reward staff when targets are hit, milestones achieved or just as a general thank you for contributing to the bottom line. Types of staff rewards There are many different types of staff rewards, such as:- A physical gift such as a case of wine … [Read more...]

Changes to the Apprenticeship Levy 2017

Hiring an apprentice brings a number of advantages to your business, here’s just a few: Advantages of hiring an apprentice Lower recruitment and training costs Greater productivity, 76% of employers with apprentices state Plug skills gaps Highly motivated and loyal staff Job-specific training Company knowledge and skills passed on Improved staff retention Increased … [Read more...]

Save up to 18% Capital Gains Tax with Entrepreneur’s Relief

Are you looking to take advantage of Entrepreneur’s Relief? You have spent valuable time and effort in nurturing your start-up or business into a successful operation and are now planning your exit strategy. When you sell your business you will be liable for Capital Gains Tax at the rate of 18-28%. However, under the tax rules of Entrepreneur’s Relief you can reduce this amount to just 10% … [Read more...]

Do I need an accountant for my part-time business?

Many people start a small business selling services or products whilst still working for another company, and think their business is too small to need an accountant. However, unless you are experienced in accounting and tax you may find yourself facing a very steep learning curve, whilst also trying to master being a business person and meeting your client’s expectations. If you don’t get … [Read more...]