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,…
Top Ten Tips for staying cool at work
The sun is shining (finally), the beer gardens are full and public transport is even more unbearable than usual. British summertime is finally here! Here are our top ten tips on how to stay cool in the work…
‘Trivial Benefits’ – tax free benefits you can give your employees
We are often asked what benefits a company owner can award themselves and staff, and what the tax implications of those benefits are. Most benefits will be taxable, and have to be included on a P11D form, with…
How to stay on top of your emails
Ever feel overwhelmed by the amount of emails your receive into your inbox? You spend all day replying to them but at the end of the day you still have more than when you started? That needs to…
Do you have to pay tax on your redundancy pay?
The simple answer is no, redundancy pay is tax free up to £30,000. This is because it is not considered income but rather compensation for loss of position, therefore not subject to income tax. Anything over the £30k limit…
How to improve your business cash flow
When inflation rises and businesses are faced with increasing costs, cash flow can become a problem. There is more going out than coming in – but that cannot carry on forever. Most businesses that go bust do so…