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employing family members in your business

Can I employ family members in my business?

Can I employ family members in my business? 1024 683 Nadim

Employing Family Members Profit extraction is a complicated issue for all small businesses. Employing family members provides an opportunity to maximise extraction of cash from your business in a tax efficient manner, by employing family members it allows you to take advantage of personal allowances and basic rate bands which otherwise would have gone wasted.…

Entrepreneurs’ relief: what is it and how does it work?

Entrepreneurs’ relief: what is it and how does it work? 1000 668 Nadim

Entrepreneurs’ Relief reduces the amount of capital gains tax that individuals pay on disposals of your business or certain business assets from 20% to 10%. The Basics If you’re selling your business you must be a sole trader or in a partnership. You must also have owned the business for at least 2 years before…

How being a locum healthcare professional effects your tax

How being a locum healthcare professional effects your tax 1000 667 tom

What is a locum healthcare professional? Locum healthcare professionals are people working temporarily at a healthcare establishment – usually on behalf of the absent employee. As such, locums often don’t have an employer, at least not in the traditional sense. If you are a locum healthcare professional, you must notify HMRC and register online before…

Rental profit: what do you have to do as a property owner?

Rental profit: what do you have to do as a property owner? 1000 667 tom

If you’re an owner of a property the chances are you’ll be earning income from the rental. Any income earned from a property needs to be declared to HMRC. But what exactly are your obligations? We take a look at how you register as a landlord, what is rental profit and how you minimise the…

Did you know HMRC imposes a tax on company cars?

Did you know HMRC imposes a tax on company cars? 1000 667 tom

Did you know HMRC imposes a tax on company cars? What is the tax? The tax is known as a ‘benefit in kind tax’. It is applied because the car is seen as an additional taxable benefit that is not included in someone’s salary. A car that is provided by your employer that you can…

Bookkeeping

Tips for Bookkeeping as a Small Business

Tips for Bookkeeping as a Small Business 1000 668 tom

Small businesses are required to keep records of financial affairs. They’re necessary for the success of the business. Bookkeeping as a small business, as crucial as it is, can be tricky to get your head around. To help, here are a few tips to make it more manageable. Keep business and personal accounts separate This…

What is IR35 and how does it affect me?

What is IR35 and how does it affect me? 1000 568 tom

IR35 is the UK’s latest anti-avoidance tax legislation. The legislation is designed to assess whether a worker is a contractor or a ‘disguised’ employee. ‘Disguised’ employees refer to workers who receive payments from a client via an intermediary, like their own limited company, but who would be an employee if the intermediary was not used.…

What’s better – a limited company or umbrella company?

What’s better – a limited company or umbrella company? 1000 667 tom

If you’re a contractor in the private sector, you can choose to be your own limited company or through an umbrella company. We look at the differences and see which one is better for your needs. What is a Limited Company? A limited company is a structure that makes the company a legal ‘person’. It…

VAT on Food

VAT on Food 1000 667 tom

The VAT on food industry can be quite taxing (pun intended) to get your head around. An instance which demonstrated the complexity of VAT is the Nesquik case. Nesquik is required to pay VAT on strawberry and banana flavoured powder but not on chocolate flavoured powder. This is because the chocolate flavoured powder contains cocoa…

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