The UK tax system is pretty complicated and VAT in particular causes many headaches for small businesses. Here’s a summary of the key aspects to help you determine whether you should be VAT registered and ensure you are on the best scheme
An employer can provide an employee with a mobile phone and this is tax free. This includes smart phones. However, the contract must be in the company’s name. If the contract is in the employee’s name and the company pays
As an accountant working exclusively with small, owner managed businesses, we are often asked can I employ family to save tax? Well the simple answer is yes – however you must be careful to ensure that they have a “proper
There are many ways to reduce your capital gains tax bill and the use of the spousal exemption is a very effective way of doing this. Everyone in the UK has an annual Capital Gains Tax exemption of £10,900 (2013/14).
If you are a small business you may be better off on the flat rate VAT scheme rather than the standard scheme. Under the flat rate VAT scheme, you use a flat rate percentage to work out how much VAT you
In our previous article we looked at how to register as self employed. Here we look at national insurance for self employed people. In particular, the Class 2 national insurance contribution small earnings exception. When you are self employed you