Insights

WHAT IS CONSTRUCTION INDUSTRY SCHEME (CIS)? ALL YOU NEED TO KNOW

By Insights

Working within the construction industry can seem quite confusing, and we want to help you get a better handle on the Construction Industry Scheme (CIS). CIS is very beneficial in some circumstances, but it’s important that you understand how it works. In this article, we’ll take a look at key parts of CIS, including:
What is the Construction Industry Scheme (CIS)?
What makes me eligible as a contractor/subcontractor?
What work falls under CIS jurisdiction?
Does any construction work fall outside CIS?
Registering for CIS

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6 EXPENSIVE SELF-ASSESSMENT MISTAKES TO AVOID

By Insights

When carrying out your Self-Assessment tax return, it’s very easy to make some mistakes you wouldn’t notice yourself. With the rules changing so quickly on taxation, it can be easy to make common self-assessment mistakes such as:
Forgetting to file.
Failing to date and sign.
Working with the wrong tax codes.
Forgetting to include interest on all income.
Claiming incorrect/ineligible items.
Lack of supplementary information.

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IS MAKING TAX DIGITAL COMING OR WILL IT BE DELAYED?

By Insights

Making Tax Digital is set to create a significant change in the British taxation system. However, much discussion about a delay in its rollout has led to people wondering when MTD will finally come into action. So, what can we expect in the months to come? Is there likely to be a delay in the rollout of this new and often debated tax system? We’ll look at key topics around the debate such as:
What’s the present political take on Making Tax Digital?
Is the average business ready for an April 2019 rollout?
Making Tax Digital: the cause for a delay
What’s likely to happen?

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BREXIT FOR BUSINESS: WHAT ARE THE PRESENT IMPLICATIONS?

By Insights

The United Kingdom leaving the European Union (EU) is, without doubt, the biggest political event in decades. Ever since UK entry into the EU, however, there has been a lack of understanding and detail about how the partnership works. With the exit more likely than ever to take place, it’s still unclear just how exactly an exit from the EU would impact upon British VAT-registered businesses trading within the EU. We’ll take a look at the potential ramifications to come, including:
Registering for EORI
Arranging supply & shipping
Finding the correct expertise

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GIFT AID FOR CHARITIES: HOW TO BEST HANDLE GIFT AID

By Insights

Many charities in the United Kingdom look to use gift aid to benefit themselves and others in equal measure. However, it’s easy to misunderstand what this service offers you – and why it should be something to consider. Here, we’ll take a look at important information such as:
What is gift aid?
How does gift aid for charities work?
Things to consider
Finding the right expertise for gift aid

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TAX IMPLICATIONS FOR CHRISTMAS GIFTS TO CLIENTS AND STAFF

By Insights

As a business, it’s nice to reward staff for their hard work and commitment to your business. However, many businesses will choose to pick up Christmas gifts for clients and staff as a potential tax benefit. While well-intentioned, it’s easy for a good gesture to become problematic. To help you avoid this, we’ll cover key Christmas gift tax issues such as:
Can my business claim tax relief on Christmas gifts?
What are benefits in kind for Christmas gifts?
Why might my gift be rejected by HMRC?
The VAT implications of Christmas gifts
Getting help with your Christmas gift tax issues

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TAX IMPLICATIONS FOR CHRISTMAS PARTIES FOR EMPLOYEES

By Insights

While the Christmas party might be one of the highlights of the year, it’s important to take the tax implications into account. Making sure you address the following points will help you to make the most of that Christmas party. Now, when everyone is having fun, you won’t need to worry about a thing. Key points to consider when it comes to the tax implications of the Christmas party include:

Should my company throw a Christmas party?
Is the Christmas party a viable business expense?
Is there an annual limit on entertainment costs?
What are the potential VAT implications of having a Christmas party for employees?

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WHEN IS THE 2018 TAX RETURN DEADLINE? HOW CAN I AVOID HMRC PENALTIES?

By Insights

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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HOW TO TELL IF HMRC MESSAGES ARE GENUINE

By Insights

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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ANNUAL INVESTMENT ALLOWANCE (AIA) CLAIMING TAX RELIEF ON EQUIPMENT EXPENSES THE RIGHT WAY

By Insights

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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