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Are you employed or self-employed?

The new intermediary legislation introduced on 6 April 2016 makes important changes in order to determine whether someone is employed or self-employed. For example the right to send a substitute is no longer a pointer to self-employment. Now the level of supervision, direction and control the end user is able to exercise over the worker[...] Read more »

HOW WILL DIVIDENDS BE TAXED FROM 2016? WILL INCORPORATION TO REDUCE TAX STILL BE A VALID OPTION?

The new tax rate of ¬£7.5% on dividends to be introduced in 2016 is potentially designed to discourage forming a company for tax purposes. Under the current system 2 shareholders in a company (typically husband and wife) can receive dividends up to the basic rate tax threshold without having to pay any income tax. FROM[...] Read more »

What is a Service Company?

This is a question which is often asked by HMRC on many of their forms. It is a tricky question because a positive answer implies that the limited company is an intermediary, the sole purpose of which is to provide services to a client by the director of the company who, without the intermediary, would[...] Read more »

What is the best form of tax relief? How about the Enterprise Investment Scheme (EIS) or Seed Enterprise Investment Scheme (SEIS)?

If you pay tax at the higher rate and have spare cash, no doubt you may be thinking about ways to reduce your tax bill. There are different things that you can do, but one of the most effective ways is to invest in a company which meets the Enterprise Investment Scheme (EIS) or Seed[...] Read more »

Will Buying a Company Car Ever Result in a Tax Advantage?

Most company cars can be a rather expensive luxury for a director/employee. However, CO2 low emission cars provide an interesting alternative to company owners who are also directors of their own business. You may be interested in the car benefit calculator which you will find on our website: http://www.bestchoiceaccountancy.co.uk/resources/tax_centre/tax_calculators/car_fuel_benef.php As you can see with a[...] Read more »

Are you starting your own business?

Most people love the idea of running a business. What factors should you keep in mind before launching into a new venture?¬†Here is some practical advice. 1. Products & Services A product or service on its own cannot create a great business. You need to understand what it is about your offering that gives you[...] Read more »

Is the Construction Industry Scheme (CIS) due for a review?

The UK construction sector is a vital contributor to the UK economy and a key driver of growth. Despite the challenges the sector has recently faced, construction continues to be one of the largest UK sectors and a key source of the UK’s gross domestic product and employment. According to a report by the department[...] Read more »

Cash flow: Why so important to business?

Like the body needs food so a business needs cash to live. With our body we work or we enjoy ourselves and we carry out many other activities, but it is food that powers the body. Similarly a business may have many objectives, but it is cash which makes it possible to achieve those objectives.[...] Read more »

Should I be registered for VAT?

VAT (Value Added Tax) is a vast subject. Although the basic VAT principles are relatively easy to understand, when a business registers for VAT, it enters a new phase which will affect its procedures and the way business itself is conducted. A business registered for VAT must keep accurate records of income and expenditure, it[...] Read more »

Why Change Your Accountant?

Changing your accountant is a serious step. One that is normally only considered when there is a breakdown in the relationship or the fees charged are too steep in relation to the service the accountant is providing. Also, a change of location may encourage someone to look for a different accountant. However, there are other[...] Read more »