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Tax-free aids for homeworkers

A director has been injured in a car accident. This has made it difficult for him to commute to the office. The company is paying to provide special equipment at home so he can work. Will this count as a taxable benefit in kind? Working from home Working from home is increasingly common these days, and despite the tax system being slow to react to change, there are a few…  Read more

Another change to tax relief for property loans?

To release capital tied up in a let property you have remortgaged it. In the past HMRC accepted that the interest paid on this type of loan was tax deductible, but it seems to be changing its view. What’s the full story? A matter of interest A change in HMRC’s internal guidance has left tax experts baffled. The trouble relates to a paragraph in HMRC’s business income manual ( BIM45700 ), which…  Read more

Keep your capital and protect your estate from inheritance tax

As your estate grows so does the potential inheritance tax bill. What steps can you take to minimise tax while keeping hold of your underlying wealth? IHT-effective gifts The simplest way for someone to reduce their estate for IHT purposes is for them to pass their wealth to their beneficiaries by making gifts during their lifetime. However, the maximum that an individual can give away to others entirely exempt from…  Read more

Tax on directors’ salary, dividends and perks

The taxation of dividends and benefits in kind has changed significantly in recent times. So if you’re considering taking more income from your company, which should you choose for maximum tax efficiency? Topping up your income Choosing tax and NI-efficient types of income to draw from your company can make a big difference to its worth to you. As a rule of thumb, salary in excess of the NI threshold…  Read more

The Kids are Alright: The tax-free childcare scheme

The new Tax-Free Childcare Scheme (TFCS) is now available to the first tranche of working parents. The scheme has initially been made available to working parents of children who will be aged under 4 on 31 August 2017. The TFCS will help support working families with their childcare costs. The new scheme will eventually replace the salary sacrifice scheme and will be open to all qualifying parents including the self-employed…  Read more

What to Look For In A Payment Management System

Quick and efficient payment options benefit both small business owners and their customers. Consumers are used to flexibility – cash, check or charge? – when buying from large retailers. If you’re a cash-or-check only operation, consider how many sales you may be losing – and how your business would grow if your customers could pay with debit or credit cards. If one of your goals is to start selling online,…  Read more

How Accounting Software Can Increase Profits

Most small business owners who use accounting software quickly master the basics. They automate processes like invoicing and payroll, track expenses and view real time financial reports to manage cash flow and make better business decisions. But what many business owners don’t take advantage of are key insights that can improve customer care and increase sales. Here are some smart ways you can use your accounting software to help boost…  Read more

How to create good habits in business

If you’re like most small business owners, there are never enough hours in the day to complete every task on your list. Often you’re faced with prioritizing what you need to do right now – deal with a customer, meet a deadline, attend an event – and the things you know you should do for the ongoing growth of your business. Scheduling time to attend to these business activities on…  Read more

Bookkeeping Basics for Small Business Owners

On average, small business owners spend 10 hours each week recording, organizing, and processing financial transactions – everything from accounts receivable and payable, to employee payments, expense receipts and supplier invoices. While the process may be time-consuming (and tedious!), effective bookkeeping is the foundation of sound financial management – which in turn, is the lifeblood of your business. Feeling overwhelmed by mountains of paperwork and complex calculations? Here are three…  Read more

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