Accountancy Blog

Tax planning for 2018/19 – the facts

How to reduce what you owe the taxman.

Nobody wants the taxman to take more than his fair share, and planning your finances early on can ensure you adopt the most tax-efficient strategy for the months and years ahead.

Effective tax planning will help protect your wealth and any assets, ready to pass on when the time comes, while also providing you with peace of mind.

Our complex tax system has a variety of reliefs and allowances to enable you to reduce your tax liabilities with HMRC and help you navigate your way to a wealthier future, but where do you start? More…

The company car benefit – or not?

What’s new for 2018/19?

Despite year-on-year tax rises, company cars remain a popular benefit.

While the tax cost of expensive high-emission cars can be eye-watering, by choosing carefully it’s possible to enjoy the convenience that comes with a company car for a relatively low tax cost.

So, as the new tax year gathers steam, what’s changed for 2018/19? More…

Funding and cashflow – we can help

Difficulty accessing funding is causing around one in four small and medium-sized firms to miss out on business opportunities, research shows.

A survey by Aldermore of 1,004 senior decision-makers in SMEs revealed that 23% had missed out on at least one new business opportunity due to lack of funding in the past 12 months.

The issue shows no signs of improvement, with 4% more businesses reporting this problem since the same survey was conducted in 2017. More…

Making Tax Digital – are you ready?

A number of selected small businesses have begun submitting tax returns under HMRC’s Making Tax Digital (MTD) pilot scheme.

The Revenue asked for businesses to step forward and trial the digital process from April 2018.

HMRC is monitoring the progress of businesses and sole traders, who have been submitting tax returns to help shape the system before it’s rolled out for VAT only next year.

Five products are believed to be involved in the pilot scheme, following an extensive beta testing programme which involved 18 developers and took a year. More…

Late payments and differing processes

Almost half of small and medium-sized businesses have struggled with late payments in the last year, according to research by the Institute of Directors (IoD).

Of the 787 business leaders surveyed, 48% have faced issues with late payments since April 2017.

Almost a third (31%) said this was the result of an “excessively bureaucratic payments system” in the company being invoiced. More…

Sole trader to Limited company the pros and cons

What to expect from incorporating your business.

With a new tax year upon us, many sole traders will be reviewing their business structure and considering whether it’s worth switching to a limited company.

There’s no denying that incorporating a business proved popular in 2017, with Companies House reporting a 7% rise in the number of actively trading companies – bringing the UK total to 1.9 million.

Last year’s statistics also showed this trend is no flash in the pan as the number of actively trading companies increased by around 610,000 since 2010.

If you’re a sole trader who has weighed up the pros and cons and decided to form a limited company, here’s what you need to know to complete the transition. More…

Phoenix wings are clipped

A guide to measures which discourage ‘phoenixing’ of companies.

Companies can fail for several reasons and, for the most part, these aren’t the result of wrongdoing by the directors. For this reason, it’s perfectly legal to start a new company after an old one has become insolvent.

However, there are a number of rules that surround carrying on a similar business through a new company after the original company has gone into insolvency.

Known as ‘phoenixing’, this practice transfers the business, but not the debts, of the insolvent company to a new company.

But what is the problem with phoenixing, and what does the law say about it? More…

GDPR – ready or not here it comes

Small businesses are worryingly underprepared with little over a month to go before new data protection regulations are introduced.

The Federation of Small Businesses (FSB) claims 33% of SMEs have not started preparing for the EU-wide General Data Protection Regulation, which takes effect on 25 May 2018.

A similar number (35%) have only recently started preparing for it, with 52% of those approaching the Information Commissioner’s Office (ICO) for advice.

Only 8% of 934 small businesses polled by the FSB are ready to be fully compliant with the introduction of the GDPR. More…