For anyone running a business in 2019, the likelihood is that you have recently handled your 2018/19 taxes. This is a good thing and allows you to know you are fully up-to-date with your financial expectations. Sadly, at this time of year, many people fall victim to ‘Springtime tax refund scams’ – a common blight on modern business owners. These are increasingly easy to fall for, and we recommend that you read our simple guide to avoid falling foul of these scams which are harming so many. Our Springtime tax refund scams article will cover:

• What are Springtime Tax Scams?

• Signs of a potential Springtime Tax Refund Scam

• What to do if you believe you are being scammed

• Keeping yourself safe from fraud 
  
  

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For any business owner, recognising the difference between profits and cash flow is essential. Weak cash flow is a common problem for many small businesses that can leave them struggling to grow and succeed. Managing business cash flow can be tough, so this guide should help you to better understand just how to stay on top of it. In this article, we’ll cover some important factors such as:

• What is Cash Flow?

• Managing Receivables

• Prioritising Payments

• Financing your Business – overdrafts, loans, equity.

• Getting Help with Cash Flow Management

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For some time now Making Tax Digital (MTD) has been on the horizon. It's the biggest change in UK tax management processes for a long time. MTD for VAT reporting became mandatory in April 2019 for the majority of VAT registered businesses, such that the details of all relevant transactions from the next VAT period commencing after 1st April must be recorded and submitted to HMRC in a digital format. In this article, we’re going to check you're ready for MTD and can comfortably meet your first MTD VAT return deadline, including:

• What does MTD for VAT mean for a business?

• Are you signed up to MTD?

• Are your records and software MTD compliant?

• Penalties for wrong or late submissions of VAT returns

• Help and assistance with MTD 

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Buying or owning a second property in the United Kingdom has tax implications which must be considered when deciding how to manage it. These can add to the costs of a purchase or sale of the property. This article looks at the key taxes which relate to residential properties and what the implications of them are, including:

• Stamp duty for a second property

• Capital Gains Tax on a secondary property

• Deciding on the length of investment and income streams

• Considerations when utilising Buy to let

• Rental income streams and Income Tax

• Getting help with your second property finances

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For business owners, keeping up-to-date with changes to payslips and payroll is important. As of April 2019, new changes will mean that you will have to become well-versed in payroll legislation. There are some changes to payslips, pension contributions, increases in statutory family-related pay and statutory sickness pay. Also, adjustments to redundancy pay calculations and post-graduate loan repayments means it’s vital to understand the requirements you need to adapt to. In this article, we’ll cover:

• What are the latest payslip changes from April 2019?

• Pension contributions

• National Minimum Wage changes

• Statutory family-related pay and statutory sick pay changes

• Redundancy payment calculation adjustments

• Postgraduate loan repayments

• Finding help with payslip and payroll changes

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In 2018, HMRC introduced new draft legislation for VAT treatment of supplies in the construction industry. As of 1st October 2019, the new Construction Services Domestic Reverse Charge (CSDRC) regime will come into effect for various supplies in construction. This will impact upon construction services businesses and how to account for VAT on some transactions. It may influence whether your business meets the threshold for VAT registration with HMRC. These proposed changes are set to pose some interesting questions, including:

• Which supplies are covered by Construction Services Domestic Reverse Charge (CSDRC) VAT changes?

• Which goods and services are excluded from the change?

• Accounting for changes in VAT treatment of supplies in construction

• How does this impact upon construction businesses?

• What action should you take as a construction business?

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For any business owner, selecting the right accounting software is a key decision. Having control of your books and access to timely financial data is essential for a modern business. With such a range of packages to choose from, knowing where to start can be somewhat confusing. In this article we will break down important points to consider when looking at your choice of accountancy software. This includes:

• Selecting accounting software based on your needs

• Picking cloud accounting software

• Is your accounting software MTD compliant?

• Keeping your budget in mind

• Other things to consider

• Making a choice on accounting software

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Following announcements made in the Autumn Budget 2018, changes were set out for the new tax year starting on the 6th April 2019. It’s important to understand what these new tax rules are so you can adjust accordingly. A failure to take into account increases or decreases in tax rates and thresholds could mean miscalculating your expected tax bill in the future. This article will break down key tax amendments for the 2019/20 tax year, including:

• What changes are taking place regarding Personal Taxes?

• Income Tax allowances and thresholds for 2019/20

• Capital Gains Tax annual exemption

• Business Tax adjustments to take note of

• Charity Tax rules to prepare for

• Finding out how tax changes in 2019/20 impact you

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In our previous article we looked ways in which you can make the most of any surplus cash held in your business. Following on from that, we want to look at another tax allowance which is available to sole traders or partners and even company directors: Entrepreneurs’ Relief. If you have built up significant retained profits or have seen a rise in the valuation of assets in your business, you might wish to use Entrepreneurs’ Relief to your advantage, now or in the future. The rules for this are changing – so how does it work? In this article, we’ll cover:

• What is Entrepreneurs’ Relief?

• Rule changes announced in the 2018 Autumn Budget

• Will Entrepreneurs’ Relief on the sale of EMI shares be affected?

• Should you use Entrepreneurs’ Relief for winding up?

• Making the right decision

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When running a company, it’s possible to have surplus cash left over at the end of a year. With regards to a private limited company, you might not be sure how to best use that money. However, there are many things to bear in mind about making it work to your advantage, such as the impact any decision might have on tax. In this article, we’re going to take a closer look at what you could do with surplus cash in your company. What is surplus cash, exactly? And how can you put it to good use? In this article, we’ll cover:

• What is surplus cash?

• Dealing with surplus cash appropriately

• Investing your surplus cash in bonds and shares

• Buying and renting properties

• Pension contributions from a cash surplus

• Establishing a retirement company

• Distributing it to shareholders as dividends

• Making the right choice

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With the 2018/19 tax year end just around the corner, it’s important that you take advantage of your tax-free dividend allowance. If you haven’t yet made use of dividends as a way of drawing money from your company, then you are running out of time to do so for this tax year. In this article we will look at:

• Using your £2,000 dividend allowance

• How does your dividend allowance work with your personal allowance?

• Can you pay your dividend out of profits and losses?

• Getting the help that you need when handling the tax year end

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As the 2018/19 tax year end comes closer, you may still have some tax allowances that you haven’t taken advantage of or fully utilised. No one likes to pay out more than they need to, especially when it comes to paying the taxman. There are numerous ways you could make a legitimate tax saving, which include benefiting from allowances such as those on charitable donations and payments into a pension scheme. In this article we will take you through the key allowances:

• Charitable Donations

• Pension Allowances

• Personal Allowances

• ISAs

• Married Couples and Children’s ISAs

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At regular intervals, a pension deductions increase will come into place. Other times, though, this may decrease. However, this year, we’re expected to see a significant increase in the amount of money being deducted from pay to go towards your pension. These new pension increases can be confusing, so we’ve tried to cover everything you’ll need to know. This includes:

• What are pension deductions?

• Why are pension deductions put in place?

• Why do pension deductions change?

• How should I deal with pension deduction increases?

• Benefiting from a pension deductions increase

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When running a limited company, you should take into consideration what pension contributions you can make. While finding tax deductible expenses that you can legitimately claim can feel like a challenge, pensions as a business expense are both justifiable and worthwhile. By contributing to a pension plan, you can find several beneficial tax advantages. Not only that, but pensions in a limited company will it help you to protect your long-term future. In this article, we’ll cover:

• Why you should set up pension contributions

• Pensions in a limited company

• Pensions as a business expense: is this allowed?

• Getting help setting up your pension fund

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For many professionals, spearheading their own business is the ideal long-term objective. Working for yourself, and for your clients, is always an enjoyable experience. However, when setting up your own company, it pays to be vigilant with regards to paying yourself. There are a few options that you could use to pay yourself and ensure you can earn a living from your business. In this article, we’ll look at:

• Paying yourself as a business owner

• Salary or draw? What’s the best option?

• PAYE and dividends

• Making the right decision for your business

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Are you looking to work for yourself and utilise your skills as a self-employed professional? It’s easier than you think. Registering, and running, as self-employed in the United Kingdom is much simpler today. However, to run your business properly, you need to take into account a few important factors, including:

• What makes you self-employed in the United Kingdom?

• Registering your self-employed business properly.

• Getting to grips with taxation as a self-employed professional.

• Dealing with cash flow when self-employed.

• Preparing for the future.

• Bringing in the right assistance.

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Running a business can be challenging, especially when it comes to the business structure. Many businesses choose to ignore the opportunity to incorporate their business into a limited company, without realising the various benefits a limited company has to offer. In this article, we’re going to look at the benefits of running a limited company, which includes:

• Ease of set-up

• Reputational gains

• Tax benefits

• Limited liability

• Finding funding

• Pension assistance

• Making the right decision

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Claiming tax relief on your equipment expenses can be a confusing process. If you are trying to work out your capital allowances to populate the right boxes on your tax return but aren’t sure on where to start, this guide will help you to pick up some of the most important do’s and don’ts. It’s very easy to miscalculate or misinterpret what you can and cannot claim back for tax relief. Here, we’ll do what we can to help you make smart choices on equipment expenses. To do this, you need to use what is known as your Annual Investment Allowance (AIA). In this article, we’ll cover:

• What is your Annual Investment Allowance?

• Is there an Annual Investment Allowance limit?

• Who can claim Annual Investment Allowance?

• How can I make my claim?

• Things to consider about Annual Investment Allowance

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To run a successful business, you need to have consistent contact with the most important institutions. While keeping regular contact with suppliers and clients is important, contact with the government is essential. However, when HMRC reaches out to you, how can you tell if the correspondence is genuine or not? The web poses many risks for those who are not careful. To help you avoid phishing scams disguised as government correspondence, we’ll cover important issues such as:

• Ways HMRC might try to contact you

• What kinds of HMRC messages could be fraudulent?

• How to deal with a potentially fraudulent HMRC message

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As we move into a new year, the 2018 tax return deadline is just a few short weeks away. With that in mind, it’s crucial that you get your tax return filed as soon as you possibly can. Otherwise, you face the risk of penalties. In this article, we’ll look at important factors such as:

• When is the 2018 tax return deadline?

• Why do I need to send a tax return?

• What happens if I miss the deadline?

• What should I do if I miss the deadline?

• Getting professional help

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