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Free Business Guides Now AvailableThese invaluable guides cover a wide range of business and tax planning areas. To request your free copies please click on the guide and complete the request information, the guides will then be sent to you by email.
Failing to plan is often likened to planning to fail. It is essential for all business owners to take time out from the day-to-day running of their business to focus on plans and strategies for future prosperity and success.
 For many businesses, motoring costs are a significant expense in the profit and loss account. This cost has increased in recent years as a result of the spiralling cost of fuel and the scale charges for VAT and Class 1A National Insurance contributions (NICs).
Managing the cost of motoring is not restricted to tax efficiency – you must also consider ownership (should the car be personally owned), financing and running costs.
Value Added Tax (VAT) is a tax chargeable on taxable supplies made in the UK, by taxable persons. Credit is given for tax paid to other businesses and the net balance is then payable or reclaimable.
In this guide we highlight a range of basic VAT planning options, including an introduction to some of the schemes available for businesses with a smaller turnover.
Tax and financial planning may not be the first activity of choice for many people, but if you want to ensure that you are making the most of your hard-earned cash, and that your family will enjoy financial security into the future, it is essential to plan ahead.
As well as helping to minimise your tax liability, and providing for the needs of you and your family in the longer term, effective personal financial planning can help to ensure that you are covered in the event of an accident or change of circumstances.
 Inheritance Tax (IHT) has been described as ‘voluntary’ for the very wealthy (because they can afford to give wealth away during their lifetimes), but a serious problem for the merely comfortable (because they need to keep personal wealth to fund their retirement). Large numbers of ‘comfortable’ people are finding that increased property values mean that their estates will be liable for IHT when they die.IHT is currently payable where a person’s taxable estate is in excess of £325,000. Therefore, if you own your own house and have some savings, life assurance policies or other assets, your estate could be liable.
Retirement isn’t what it used to be. In many ways it is better: people are living longer and enjoying healthier and more active retirement years.
On the financial side, however, trends are not as positive. For a combination of reasons, the goal of a financially secure retirement is becoming increasingly difficult to achieve. This guide highlights some of the issues you need to consider if you wish to enjoy the comfortable retirement you deserve.
Few people starting a business will have a clear plan for its end. Nevertheless, it is essential to give early consideration to how you will make an exit from your business when the time comes.
Any form of exit strategy requires careful and early planning. Besides the commercial realities and legal complexities, steps must be taken to ensure that you minimise the tax liabilities and maximise your financial gains. These are areas in which we have experience and expertise.
Recent trends in the housing market have served to boost the popularity of investing in property – while also leaving an increasing number of homeowners liable to taxes such as Inheritance Tax (IHT).
Property ownership has a number of different tax implications, which is why it is essential to put in place adequate tax planning measures now. This guide sets out some of the key aspects of tax and your property.
Tax planning is about knowing the personal and business taxes you are liable to pay, and acting to minimise them. It is also about maximising your net income, and creating opportunities to invest and save tax-efficiently, for the current and future needs of your business, your family and yourself.
While there is no doubt that the tax system is complex, you should not let complexity deter you from a simple goal: keeping your taxes as low as possible. That’s where we can help.
It is a fundamental part of the Self assessment system that responsibility lies with you, the taxpayer, to file Returns and pay the right amount of tax, at the right time – you must not wait for HM Revenue & Customs (HMRC) to ask.
Starting your own business can be an extremely rewarding experience, but it can also prove a significant challenge.
Many small businesses fail in the early stages, which is why it is essential to plan your venture carefully. You should start by including us in your initial planning.
The more forethought you can give to the task of running your business, the more likely you are to succeed.
Pay As You Earn (PAYE) is a system overseen by HM Revenue and Customs (HMRC), under which employers deduct from employees’ wages, salaries, pensions, etc, an amount of Income Tax and National Insurance contributions (NICs) in accordance with PAYE codes, tables and other instructions and procedures laid down by HMRC. Over the course of the year, the amounts deducted should match the employees’ tax and NIC liability.
Employers deduct tax and NICs, add their own NICs, and pay the total over to HMRC, net of certain adjustments – for example, where they have paid statutory sick pay – every month or quarter. The overall liability is reviewed and calculated when the annual return is completed after the end of the tax year.
These guides are guidance only and do not constitute specific advice. Detailed professional advice should be taken before action or refraining from action ---
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