What’s the difference between mark up and margin?
When pricing your services and products it is important that you do so in order to make a profit. Most businesses will look at either mark up or margin to come up with their prices but not everyone…
Who should be in your work place pension?
Since they were introduced in 2012 more than 20 million people have been automatically enrolled into workplace pensions. Every business that employs staff who meet the criteria should be automatically enrolling workers into a pension scheme, deducting contributions…
Tax evasion or tax avoidance?
What’s the difference between tax evasion and tax avoidance? Celebrities and sports stars alike have been in the news in recent years, hitting the headlines for their tax avoidance. But they haven’t actually done anything illegal. We will…
Business gifts for Christmas
Are you thinking of giving a business gift for Christmas? If so, make sure you know the tax implications before it ends up costing you more than you originally thought. Christmas is not that far away and you…
What interest can you charge customers on late payments?
From time a customer may pay you late, and you may be ok with that. But when the problem becomes persistent, it can effect your own cash flow and the ability to run your own business. However, you…
Autumn Budget 2024
This week saw the first Labour Budget in over a decade, and the first ever delivered by a female Chancellor. Many of the announcements did not come as a surprise whilst some others did. Not all of the…
Can you borrow money from your limited company?
The simple answer is yes you can borrow money from your limited company, but there are tax consequences so it’s important you understand what you are doing. From time to time directors of a company may wish to…
What’s the difference between a realised and an unrealised gain or loss?
Many businesses deal in more than one currency these days, both buying and selling, and this results in realised or unrealised gains or losses in their accounts. But what is the difference between realised and unrealised, and how…
Can my limited company contribute to my pension scheme?
If you are director/shareholder of your own limited company, then yes, the company can make contributions to your private pension scheme, and this will be an allowable expense to deduct from profits before the calculation of corporation tax.…
Claiming expenses – the ‘wholly and exclusively’ concept
We are often asked by our clients what expenses are allowable and which are not for tax purposes. Unfortunately, there is no comprehensive or definitive list of what is or what isn’t claimable as each business is different,…