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Don’t waste this year’s Dividend Allowance

The way in which Dividends are taxed are changing in the next tax year which is only weeks away. The way in which Dividends are taxed changed completely with effect from 6 April 2016 onwards. A dividend allowance was introduced which was available to all taxpayers regardless of whether they pay tax at the basic,…

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Taxman Friend or Foe?

Many of us have recently had to file our tax returns and paid the tax due. It hurts. We can be forgiven for feeling that the taxman is our foe at these times but is that the case… When we read in the papers about certain individuals or companies getting away with not paying their…

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Tax Return Deadline is Looming

Keep our number (0800 002 9460)… where you keep your Aspirins With Tax Returns as low as £70 why wait? Over 9 million people need to complete a self-assessment tax return this year, so you are not alone.  The deadline for filing a return on paper has passed (31 Oct) so the only way to…

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Cut Your Tax Bill in 2018

If you’re a Director of a small business, there are lots of ways to reduce your tax bill legally. Some simple checks, such as making sure you’re getting any tax credits you might be eligible for, could put money back in your pocket with minimal effort. So make 2018 the year that you max your tax benefits…

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It’s Party Time – So What Will the Taxman Let Us Have?

The Taxman’s not a complete Scrooge (no, really!), and there are some tax-free benefits to be had this Christmas. So whether it’s providing your team with a well-earned festive blowout, or giving yourself a tax free treat, here’s how to avoid the taxman’s naughty list this Christmas! Party Time! Even if your company is a personal or family…

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Directors Loans – Avoid the Pitfalls

Getting money out of your business in the most tax efficient way is a common challenge in owner managed businesses. The most common scenario is Directors taking money out in lump sums or regular amounts and at the end of the year these amounts are formalised by the company’s accountants as either Dividends, Remuneration or…

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Spouses Wages – Genuine Expense or Tax Dodge?

The Accounts for many self employed individuals contain deductions for family members especially a “spouse”. But what does the taxman make of these deductions? Most claims for these deductions are valid and can be justified providing that:   The amounts paid are realistic for the work done. Payments are recorded in the business records. PAYE…

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Avoid Tax on your Sideline Business (or Casual Trading)

These days many people have a little sideline business (casual traders) especially with the advent of online marketplaces (eBay, Amazon etc) What people forget is that income from these “businesses” is taxable and that you should be registered with HMRC and submit Tax Returns. In many cases the amounts involved are very small so people…