My mate says… ‘I can reduce my tax bill by paying wages to my spouse and family’. The answer to this is yes and no! As with any expenses for a self-employed person they must be wholly and exclusively for the purposes of the trade. So, if you employ a spouse any claim for their wages […]

My Mate Says…the change in Tax year will effect the tax you pay on your company electric vehicle? With the knowledge around climate change improving daily and the technology behind electric cars evolving, there has been a surge in employers and employees becoming more environmentally conscious and opting for the use of electric vehicles. Additionally, […]

My Mate says… ‘I can raise funds for my business through the Enterprise Investment scheme (EIS)’ EIS is one of the four venture capital schemes, it is designed so that your company can raise money to help grow your business. You must receive investment under a venture capital scheme within 7 years of your first […]

My Mate says… if I’m struggling for a Valentines gift then I should speak to my Accountant. If you wanted to think outside of the box for a Valentines Gift this year then we have a unique suggestion for you! HMRC have introduced a tax relief called the Marriage Allowance which allows £1,250 of your […]

My Mate says… ‘I should start preparing for the end of the personal tax year’. The end of the personal tax year is the 05/04/2020 and now is the time to ensure that you utilise any available tax allowances and/or exemptions. Failure to do so may result in you losing it for the 2019/2020 tax […]

My Mate Says… ‘I don’t have to charge VAT on food that is delivered cold to my customers’. Under VAT notice 709/1, cold takeaway food and drink is zero-rated for VAT, if it’s not of a type of food that is always standard rated such as crisps, sweets and beverages. If food comes out of […]

My Mate Say… ‘I can avoid the late filing penalty for my self-assessment tax return if I have a reasonable excuse’.   Online Self-Assessment Tax returns need to be filed by 31st January, failure to meet with this deadline will result in a late filing penalty starting from £100. The penalty rises by £10 a […]

My mate says… ‘Its easy to start a new Limited Company’.   Welcome to 2020! If you’ve decided that this is the year to set up your own business, don’t rush the process, there are things for you to consider. Setting up a Limited Company can be quick and easy however you shouldn’t just form […]

On the 12th day of Christmas my accountant gave to me: 12 Drummers Drumming In India, drummers play an important role in assisting tax enforcement. Sometimes the local government officials send drum bands to businesses to shame the business owners into paying their tax arrears. Apparently, tax revenue went up 20% in Mumbai when they […]

My mate says… ‘that I still need to complete a Corporation Tax Return for my Limited company even though I’m making losses’. Yes, if your company meets the criteria for filing a Corporation Tax Return you will need to file one regardless of whether your company has made a profit or loss. Making a loss […]