What items can I reclaim VAT on?
You can usually reclaim the VAT paid on goods and services purchased for use in your business. If a purchase is also for personal or private use, you can only reclaim the business proportion of the VAT. You must have a copy of the VAT receipt to reclaim the VAT. There are some typical business costs that are […]
Continue ReadingHow can businesses reduce their Carbon Footprint?
With climate change at the forefront of people’s minds, many businesses want to do everything they can to reduce their carbon footprint. Here are some of the ways in which a business can reduce its carbon emissions: Reduce, reuse & recycle: Encourage your workforce to limit the amount of waste they are throwing away Send […]
Continue ReadingA guide to Christmas gifts and parties for your employee
With the festive season fast approaching, we thought a quick reminder of the tax implications of Christmas gifts and staff parties would be beneficial. When employers provide additional benefits to their employees then they may be liable to additional tax and National Insurance on a benefit in kind. Benefits in Kind are reportable on a […]
Continue ReadingBudget October 2021
October 28th, 2021On 27th October 2021 Chancellor Rishi Sunak delivered the Autumn 2021 budget. Whilst this budget was more focussed on spending, there are a few key points from this budget and previously announced tax rises. The Health and Social Care Levy: A levy of 1.25% will be added to Class 1 (employers and employees) and […]
Continue ReadingProfit Vs Cashflow – What’s the difference?
Cashflow and profit are very different. Business owners can often be confused into believing they are highly profitable because they have a large amount of cash and vice versa. It is important to understand the difference between the two concepts. What is cashflow? The money that comes into, through and out of your business. […]
Continue ReadingCorporate Expenses Guide – What business costs are tax allowable for Limited Companies
In general, tax-deductible expenses in a Limited Company must be wholly and exclusively for the use of the business. If an expense has a dual purpose for both personal and business, you can only claim for the business element. A summary of the rules for typical costs incurred by a company include: Staff expenses – […]
Continue ReadingSeptember 2021 Dates for your Diary
September 13th, 2021 Continue ReadingAn Employer’s Guide to Payrolling Statutory Payments
As an employer there are various statutory payments that you must pay your employees when they become eligible for them. Thinking about if your employee is eligible and what they need to be paid can seem like a daunting subject! This guide contains everything you need to know about making statutory payments. Statutory […]
Continue ReadingDates for your diary August 2021
August 2nd, 2021 Continue ReadingShould I put my car through my Limited Company?
Believe it or not, this is not as straightforward a question as it may seem. There are many factors to consider when deciding whether to put your car through your Limited Company. Here is a summary of some of the key factors: If you use the vehicle privately, you will pay tax on the company […]
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