This quick guide to capital gains tax covers rates and allowances, along with calculating your bill and when to pay it. Capital gains tax rates for 2021-22 and 2020-21 There are two different rates of CGT – one for property and one for other assets. How much you pay will depend on the asset...
Recently a lot of clients have been asking me about the tax benefits of electric vehicles. Replacing your company vehicle with an electric vehicle offers several tax benefits that can not only reduce your costs but also help protect the environment. As electric cars become ever more accessible and the Government is offering several...
What’s worse: no strategic plan at all, or an outdated and ineffective one? Strategic planning is an essential component for your business’ growth plan. Taking the time to look ahead will help you overcome unique challenges, leverage emerging opportunities, grow steadily and build a foundation for success. Without a strategic plan, you’ll struggle to...
It’s that time again when we need to select the best way of paying ourselves as directors and shareholders of our own company. This quick guide is to make sure you get things set up correctly and don’t end up losing out. Please note this advice is for the 2021/22 tax year. Although individual...
A quick IR35 definition – and why IR35 exists IR35 is another name for the off payroll working rules. It’s designed to assess whether a contractor is a genuine contractor rather than a ‘disguised’ employee, for the purposes of paying tax. Contractors who work through their limited company enjoy a level of tax efficiency....
HMRC’s new domestic reverse charge for construction services came into force on 1 March 2021. There are lots of rules surrounding this which I have tried to summarise as simply as possible, however you must familiarise yourself with the full rules if they apply to you. Any errors will have a significant impact on...
So you want to know why and how to set up a limited company? Well in this video I’m going to break it all down for you....
How many times have you sat with your head in your hands worrying about cash flows? Lots of work, preparation, calculations, adjustments…and damn it, figures just do not add up! It’s very frustrating and creates headaches. You might find making cash flow statements one of the most challenging issues but it’s only a statement prepared...
What is Self Assessment? Self Assessment, put simply, is the tax return process for self-employed people. Whereas HMRC collects tax from employees directly through the PAYE system, the self-employed need to work out their income and expenses and then pay their bill each January. You might even need to complete a Self Assessment return...
Know your VAT VAT is a common area where business owners are losing out. Are you paying the right amount? Have you looked at the Flat Rate Scheme? Many businesses are unaware of the Flat Rate VAT scheme, but for the right business it can be an unexpected source of profit. In a nutshell,...
STEP 1 – don’t panic When we fail, we often look back and try and figure out the reasons why. But what if we took a more proactive approach? I’m lucky enough to work with a range of businesses at every stage of their journey. And every business is different in their own unique...
Most people dream of being their own boss, to ditch their day to day jobs and go it alone. And whilst the prospect of earning more money and the ability to work in a more flexible manner are all strong motivators, it is often the financial fears and the processing of paperwork that is...
A spot of post lockdown shopping… I spent this afternoon shopping. “So?” you say? After being in lockdown for 14 weeks it was really strange to be able to wander in and out of shops. Okay I had a face mask on but it was still weird! I couldn’t help thinking about the little...
While we miss our loved ones, we’re actually seeing more of our immediate family than ever before. Have you taken the time to reflect? Perhaps you’ve been thinking about the times you missed meals at home because you were working for small margins. Or all those weekends you worked; missing out on time with...
Making profit is key to building and running any successful business. My latest video, which was filmed pre-lock-down, is all about profit. It may seem a little strange to talk about profit during times like these but turning a profit is more important than ever right now. Wouldn’t you agree? Make the time...