Small Business Tax Attack #3: Employment Status (IR35)

SMALL BUSINESS TAX ATTACK #3   EMPLOYMENT STATUS (IR35)   One of the issues causing most distress to many contractors in particular, and small businesses in general, is the uncertainty surrounding Employment Status, also known as IR35.   Before the Conservatives were in government, there was a fantasy peddled in some quarters t...

Small Business Tax Attack #2: Entrepreneur’s Relief & Capital Distribution

SMALL BUSINESS TAX ATTACK #2     Entrepreneur's Relief & Capital Distributions       Once upon a time, a sole trader could claim Entrepreneur’s Relief on the sale of the goodwill of his or her business to a limited company.  And the company could also get a tax deduction for the purchase of the goodwill.  I...

Year End Tax Saving Tips 2015/16

  With the end of the tax year fast approaching, this is the perfect time to review your tax situation and to make sure you are making the most of the opportunities available to save on your tax bills. Here are a few things to think about regarding your income and your investments.   YOUR INCOME   If you have not been paying f...

Small Business Tax Attack #1: New Dividend Rules 2016

Small Business Tax Attack #1     New Dividend Rules 2016   If you follow the news at all, you probably know about the New Dividend Rules 2016 and that taxes on dividends are increasing from April.   But by how much? And what can you do about it?   In short, each individual will be able to receive dividends of £5,000 tax-free...

Tax Thresholds

Personal Tax Thresholds You Should Know About We’re approaching the end of the tax year and it’s time to review your personal income. Here are some of the main thresholds to be aware of:           **          For employees, these are calculated per pay period. Equivalent weekly or monthly thresholds a...

FILM TAX RELIEF – READY FOR ITS CLOSE UP

    Films. They’re part of our consciousness.  Whether you’re into rom-com, sci-fi or Indie.  They speak to us and live with us.  The one that changed the way we looked at life after we saw it.  The one that we couldn’t sleep with the lights off after we saw it.  The one that messed us up for love for years after we saw it...

State your company name and number

[caption id="attachment_452" align="alignright" width="275"] Companies House, in Cardiff[/caption] When you set up a company, you have to provide a name and registered office address to Companies House, which then issues a registration number. There are some restrictions (but not many) on the words that can be used in the company name and the reg...

The cultural test for video games

The cultural test for video games   British companies involved in video game production can claim extra tax breaks on expenditure from 1 April 2014. But only for games that pass the cultural test. If you're curious about what counts as British culture, read on. But if you think being British means Beefeaters and fish & chips, maybe you s...

EIS and SEIS compared

If you're looking for investment in your future MegaCorp, the Enterprise Investment Scheme (EIS) will certainly help make you more attractive. The EIS (and its younger cousin, the Seed Enterprise Investment Scheme or SEIS) were devised to encourage investment in small businesses. These schemes offer very generous tax breaks on the investment and...

What counts as R&D?

What is R&D? The main definition of R&D for tax purposes comes from guidelines issued by the Department of Business, Innovation and Skills (BIS). R&D for tax purposes takes place when a project seeks to achieve an advance in science or technology. The activities which directly contribute to achieving this advance in science or techno...

Video games tax relief has arrived

Video Games Tax Relief (VGTR), the latest tax break targeted at the creative sector, is now available (since 1 April 2014). Your video games company will be entitled to claim VGTR as long as: the video game is British (there is a test managed by the BFI) the video game is intended to be supplied to the general public (and not for advertising, p...