Tipping Waiters
Under recent proposals from the Government all tips received from customers will have to be passed on to the staff and businesses will not be able to take deductions.
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Tax Relief on Clothing
A very common question for most business owners is whether or not they can claim tax relief on clothing. The basic principle for an expense to be allowed is that it must be incurred wholly and exclusively for business, i.e. for work purposes. HMRC’s Stand Point HMRC’s view follows on from a basic principle established…
Paying your January tax bill
As a contractor or freelancer, you may have used the festive break to think about the next steps you will take to improve your business. We hope you also used the holiday to think about your self-assessment tax return as the deadline is looming.
Election Manifestos – Points on Tax
The 2017 general election, called just a matter of weeks ago by Conservative party leader Teresa May, is just days away. The polls are suggesting that the initial Tories lead has diminished as the gap closes, making the result unpredictable. If there isn’t a clear victory then a hung parliament will certainly require compromise and…
Should I change my director’s salary this tax year?
With the change from one tax year to the next comes a range of different tax rates, allowances and thresholds that can change the way in which you manage your taxes. A company director is typically paid a salary from the limited company, which is calculated very specifically to maximise tax-efficiency. Should you therefore increase…
My friend told me to incorporate. Is it still worth it for tax?
It is natural for friends and family to want the best for you, and quite often they take the opportunity to give advice based on their own circumstances. Once upon a time incorporation was, more often than not, the sensible option for a business once it’s profits reached a certain level. However, in recent years…
Mileage Claim versus Expenses Claim – which is best for tax?
If you use a car for legitimate business journeys then you are able to claim related motor expenses against your business profits, which will help reduce your overall tax bill. There are a couple of methods for doing this. One is to claim back the business related percentage of your total costs. The other is…
Budget 2017 – Summary For Contractors and Small Business Owners
The Budget 2017 was the first announcement delivered by the Chancellor, Phillip Hammond. On the whole there were no real surprises, as expected. A few things though will affect contractors, freelancers and small business owners, both self-employed and operating through a limited company. Here we summarise.