Best Combination of Salary and Dividends for Tax Year 2023-2024
Introduction As an owner-managed business, you have the flexibility to decide how you pay yourself – through a salary, dividends, or a combination of both. However, it’s important to determine the best salary and dividends combination for directors in 2023-2024 to ensure that you’re paying yourself in the most tax-efficient way possible. Worry not; we’ve […]
Why bookkeeping is important for your business and how an outsourced bookkeeper can help you
Introduction If you run a business, chances are you need to do some bookkeeping. It’s a necessary part of running any business, but what exactly is bookkeeping? Bookkeeping refers to the process of recording financial transactions and using that information to evaluate the financial health of your company. Bookkeepers provide important insights into how much […]
Self Employed Expenses- What you can claim Guide in 2023
It’s a question I get asked time and time again. As a self-employed business that is a sole trader or partnership that is not incorporated, what expenses can you legitimately claim through your business that gives you income tax and national insurance relief? This blog will cover what I mean by tax-deductible or allowable expenses, […]
Best Combination of Director’s Salary and Dividend 2022/23
In the corporate world, a limited company is treated as an entirely separate legal entity from its owners and from the directors responsible to run the company. That means the director or the owner will have a separate income tax assessment and the company will have its own corporation tax assessment. That being said, a […]
5 steps to save money/tax leaks in your business that most business owners miss and how you can improve on it
Growing your business and managing its finances can be hard. Many business owners neglect to have an action plan in place for their company’s growth because they are too involved in working IN the business rather than ON the business. If things go on like this for far too long, you end up not being […]
Gift cards and the trivial benefits exemption
The trivial benefits exemption allows employers to ignore benefits in kind that cost £50 or less for tax purposes, as long as the conditions of the exemption are met. Where the exemption applies the benefit does not need to be reported to HMRC. Staying within the scope of the exemption is perhaps easier said than […]
Should you employ family member for tax saving purpose?
If someone in your family has no other income, you could take them on as an employee in your company and save tax as a result. This could be your spouse or your adult children – and it could even be used as a method to help fund their costs of further education whilst gaining tax […]
Common misconceptions around software R&D tax credit claims
Most people who are in technology often have common misconceptions in regards to R&D tax relief. I have listed some of the most common ones- Only new software qualifies This is not true. Even if the software currently exists, improving existing software and overcoming new challenges, still counts as genuine R&D. A rival […]
How can SaaS or Software Companies can utilise their Research and Development (R&D) Tax Relief claim from HMRC
Over the past two years, the number of new technology companies launched in the UK increased by 80%. The main driver of this growth was London. This growth has in fact exploded over the past ten years, with the UK’s technology sector now estimated to have a value of more than £180 billion. HMRC recognises […]
