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Basically, you can claim for most expenses that are incurred wholly and exclusively for the purposes of a trade. Unfortunately, most of the decision making by HMRC on this topic is guided by tax law, which has been inconsistent. That aside, the following will provide you with guidance in areas where the outcome is reasonably […]

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We are privileged to work with many different types of businesses – some are obviously more successful than others. But what I know to be true is that the path to success is rarely ever straightforward. The images below perfectly shows the ‘perception’ and the ‘reality’ of attaining success (whatever ‘success’ means to you). I […]

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Generally speaking, the purchase of any vehicle where there is any element of private use means any reclaim of VAT may be restricted. HMRC’s website offers the following guidance: You may be able to reclaim all the VAT on a new car if you use it only for business. The car must not be available […]

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Buy-to-let landlords need to start considering their options, in particular, those who have borrowed heavily in order to build their property portfolio. From April 2017 deductions for finance charges will be progressively reduced and replaced by a 20% tax credit. This will promote a number of landlords into the higher rates of Income Tax and […]

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When you reach the State Retirement Age (SRA) you stop paying Class 1 National Insurance contributions (NIC) if you are employed, and Class 2 contributions if you are self-employed. You will still have to pay Class 4 NIC – the most significant self-employed NIC charge – for the entire tax year during which you reach the SRA. […]

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Earlier in the year I wrote an article explaining testimonials and reviews from happy customers and business contacts are the best ways to build your companies credibility and to show potential customers that you are trustworthy, reliable and an expert in your field. Since then I have been asked several times how do you find […]

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While the payment of wages may seem like a simple concept, wage and hour issues can be challenging, no matter how frequently you deal with them. Payroll tax regulations can be complicated and confusing, and when our clients are busy running their business it can be difficult to stay up-to-date with any changes. Even so […]

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HMRC have had a busy few weeks publishing 7 major documents surrounding the Making Tax Digital initiative, and asking individuals affected to participate and share their views in response to the consultations. The aim of Making Tax Digital is to simplify record keeping and digitise tax reporting for businesses and individuals so that taxpayers will […]

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In an unprecedented move, HMRC have issued a statement regarding the accusation that Google were offered a deal that short changed UK taxpayers, and comment on their dealing with multinational corporations in general. The ‘factsheet’ claims to be ‘setting out some facts to help dispel myths which have arisen about how HMRC ensures compliance among multinationals’ and […]

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