Do Dentists need Accountants? The short (and unbiased) answer is yes. The more detailed answer is based on the premise that dentists need an accountant that understands the intricacies behind dental funding, pensions, and general practice. Associate dentists tend to find themselves in a unique spot when it comes to accounting. The majority are in […]
Tax Reducers – Fact or Fiction? “I wish I was paying less tax” is probably a thought that has crossed the minds of many of us at least once in our lifetimes, and it would not be a surprise at all if many were resigned to that thought. It may come as a welcome surprise […]
Your guide to EMIs Enterprise Management Incentive (EMI) schemes are great for keeping and encouraging employees by awarding significant tax benefits to both company and worker. Typically, you may see EMIs being used as a tax-efficient tool to aid with a company’s internal growth (such as bringing up key workers to have a stake in […]
Tax-Exempt Benefits: What are they and how do they work? A significant number of employees will find that they receive non-cash benefits as a part of their remuneration often in the form of company cars, loans, mobile phones, private medical insurance, or contributions to a pension scheme. For the most part, an employee will […]
I’m a Sole Trader and I’ve made a loss in opening years; can I claim relief? A sole trader or an individual in a partnership making a loss has zero taxable profit for the year. Keeping in mind that losses are calculated in the same way as profits, loss relief is an option for […]
Car Benefits: Your 2021/22 Tax Guide Car benefits are a topic which is often brought up in enquiries with our clients, so this article will go over some concepts in the interest of tax planning for the acquiring cars through businesses. Generally, when a business owner uses their own car in the interests […]
Your Pension Obligations as an Employer Pensions are an essential resource for individuals as a reliable source of income to live on when they retire from working. A recent investigation found that the average pension pot savings across the UK are £61,897 which tends to also come with an extra £12,000 annually in retirement income. […]
What is the Film Tax Relief and can I claim it? Filming is an expensive trade which probably does not come as a surprise to those involved with the creative industries. But there is a lifeline for those in the business via the government Film Tax Relief (FTR). No matter how small your business may […]
Are you missing out on potential tax reliefs? What is tax relief? Tax relief enables you to deduct the amount you pay to the government during a tax year from your tax payable to HMRC. Essentially meaning there is less tax for you to pay and we also call them tax reducers. Tax reliefs can […]
May 2021: Updated HMRC guidance on COVID support Agent Update: Issue 84 provided useful insight into the latest guidance and changes HMRC have implemented over the recent months to help mitigate the financial damage caused by the pandemic to businesses. Below is a summary of the points which caught our eye and may have usefulness […]
R&D Tax Credits in the Food and Drinks Industry We all love food and beverages, even more so when there’s something new on the block. Luckily for those of us in the UK, the food and beverage industry is one of the largest (approximately £29bn contributing to the UK economy) so there is a huge […]
Claiming a Tax Refund under the Construction Industry Scheme What is CIS? The Construction Industry Scheme (CIS) is a government scheme that obliges contractors to deduct money from a subcontractors payment as advance payments for subcontractors tax and National Insurance Contributions (NIC). Contractors are required to register for the scheme, but subcontractors have the flexibility […]
