VAT on Business Expenses – What You Need to Know

VAT on Business Expenses – What You Need to Know Expenses are one of the most perplexing aspects of VAT, so don’t worry if you’re finding it all a little overwhelming. In this piece, we’ll walk you through the minefield of VAT on expenses and highlight the types of issues you can face in real […]

Simple Guide to CIS Tax For Construction Pros

CIS isn’t a new tax law; it was enacted in 1971 to address what was considered to be a major tax evasion problem in the construction industry. Several adjustments have been made over the years, with the most current developments being announced by the UK government at the end of 2020 that took effect on […]

All About Companies House Late Filing Penalties

Limited companies, whether private or public, are required to file annual accounts with Companies House and HMRC. Companies House can and will impose a late filing penalty if you fail to file your accounts on time. Penalties for late filing were first imposed in 1992 in order to reduce the number of businesses that filed […]

Understanding – And Using – a Director’s Loan Account

Understanding – And Using – a Director’s Loan Account  If you own a business, you’ve probably come across the term “directors loan account.” Directors loan accounts (DLA) are one of the many tax provisions that you should be familiar with when you start a business of your own. That’s especially true of DLAs, as, if […]

Tip Pooling, Troncs and a Fairer Workplace for Everyone

Tipping dates from the 18th century, when customers in pubs would attach coins to notes handed to the barkeeper. The purpose of this monetary incentive was “to ensure promptness,” hence the term “TIP.” Tipping, like the industries in which it is found, has changed dramatically since then. In fact, few would have predicted the same […]

How the Employment Allowance Can Help Your Business Grow?

How the Employment Allowance Can Help Your Business Grow  The Employment Allowance – referred to, inaccurately, by some as the employer’s allowance – reduces the amount of National Insurance that businesses must pay by up to £4,000 per year, a possible real boon for a small business. Is it possible for your small business to […]

10 Reasons Your Contract May Fail the IR35 Test

10 Common Reasons Your Contract Might Not Pass the IR35 Test Are you a contractor, or representative of a personal service company trying to keep your contracts outside IR35 and pass the tough IR35 test? If so, this blog post is for you. If, as an entity we just described, you sign a contract that […]

What are CIS Deductions and How Do I Make the Right Ones?

Do you operate in the construction industry? Then this post if for you, especially if you have ever been confused by the rules, and practices, surrounding mandatory CIS deductions.  Contractors deduct money from subcontractor payments and send it to HM Revenue and Customs under the Construction Industry Scheme (CIS)  If the subcontractor is not registered […]