What are the best ways to pay yourself as a business owner?
Top tips for getting started as Self-employed
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
What are the benefits of running a limited company?
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.
Annual Investment Allowance (AIA) Claiming tax relief on equipment expenses the right way
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:
How to tell if HMRC messages are genuine
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
When is the 2018 Tax return deadline? How can I avoid HMRC penalties?
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
Tax implications for Christmas parties for employees
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
Tax implications for Christmas gifts to clients and staff
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?
Gift Aid for Charities: How to best handle gift aid
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
Brexit for Business: What are the present implications?
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:
Is Making Tax Digital coming or will it be delayed?
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:
6 expensive self-assessment mistakes to avoid
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?
What is Construction Industry Scheme (CIS)? All You Need to Know
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.
How to set up and register your business as a sole trader?
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
Quick Step Guide to Setting Up a Limited Company as a Contractor
In business, there are many reasons why you might choose to set up as a sole trader. However, making sure you follow the right path to sole trader registration is very important. In this article, we’ll cover the key points of how to register your business as a sole trader, including:
The benefits of sole trader registration
How to register as a sole trader
Choosing a business name
The responsibilities of a sole trader
5 Tips for Finding the Best Contractor Accountants
Any business owner who is interested in setting up a limited company may be unsure of the process. If you want to know more, this quick-step guide breaks down the challenges of setting up a limited company as a contractor. This includes important steps such as:
Form a limited company
Open a business bank account
Get PAYE Registered
Evaluate VAT for your limited company
Handle all insurance needs
Take care of all expense records
Top 10 Tax Tips for Limited Company Directors
When running a business, one of the biggest decisions you can make is hiring a contractor accountant. If you are unsure of how to hire an accountant of this kind, we recommend that you check out this article. We’ll provide you with key tips such as:
Always pick specialist contractor accountants
The best contractor accountants are IR35 compliant
Find a contractor accountant who is tech-savvy
Know what kind of accountant you need
Listen to those who know
TAXING GAINS MADE BY NON-UK RESIDENTS ON UK IMMOVABLE PROPERTY
As a company director, it’s imperative that you do what you can to make the right tax savings. If you want to better manage your finances, it pays to make use of tax tips that help you to get the most out of the money that you earn.
MAKING TAX DIGITAL
From April 2019 non-residents will be subject to capital gains tax on disposals of all UK property. In the 2017 Autumn Budget, the Government announced that from April 2019 tax will be charged on gains made by non-UK residents on the disposal of all types of UK immovable property; effectively extending the rules that currently apply to non-UK residents on disposals of UK property.
Scope of the new charge
Direct disposals by non-UK residents
Indirect disposals by non-UK residents
Anti-forestalling rule and TAAR
Interaction with the ATED rules
LIMITED COMPANY OR LLP FOR BUY TO LETS
Making Tax Digital (MTD) marks the end of paper record-keeping for millions of businesses and self-employed professionals in the UK. If you have a VAT-registered business, you need to prepare for MTD by 1st April 2019. Read further on the various topics below:
What’s happening in April 2019?
What VAT records will need to be kept digitally?
How will Devonshire Green prepare for MTD?
What else is changing?
Recent tax changes have caused an increase in the number of landlords moving ownership of their property portfolio into partnerships and limited companies in order to benefit from relief from capital gains tax (CGT) and stamp duty land tax (SDLT). The key elements on this subject are:
Capital gains tax (CGT) and stamp duty land tax (SDLT)
Tax planning and negotiation with the tax authorities
Budget changes and the implications on property
Differences and similarities between limited companies and LLPs
Benefits of limited companies or LLPs