Having a limited company can be a fantastic way of making tax savings, depending on your profit level. This blog addresses a few of the areas to watch out for, and how you can maximise your tax savings. Get your remuneration right. A mix of salary and dividends is best and it can be possible [...]
10 Tax Tips for Mumpreneur Sole Traders
February 23, 2013 by 1 Comment
When we start out in business, many of us choose to set up as sole traders. This is a flexible, easy way of starting out and can have many advantages. I have listed below the ways you can take full advantage of this business structure, and when you might want to consider a change. Claim [...]
Child benefit changes – and how to keep yours
February 22, 2013 by Leave a Comment
From 7th January 2013, child benefit is being reduced in households where there one person earns over £50,000. Those earning between £42,475 and £60,000 will be able to keep some or all of their child benefit depending on their earning levels. If the higher earner in the family earns up to £50k, then no child benefit [...]
5 Tax Tips for Mumpreneurs
February 21, 2013 by Leave a Comment
This blog is designed to alert you, the Mumpreneur, to some tax savings that will have implications for you and your family’s future. 1. Child Benefit and Tax Credits Make sure you know what changes are coming to the child benefit and tax credits system and what you may be able to do to prepare [...]
Tax tips for Mumpreneurs – childcare
February 21, 2013 by Leave a Comment
In order to be tax deductible, business expenses must be wholly and exclusively for business use in a sole trader business. If the expenses fulfil a dual purpose (that of business and personal) they are disallowed. This applies to range of expenses such as work clothes, subsistence while working, and childcare. Childcare costs are not [...]
Cars – what to claim as expenses to save tax
February 21, 2013 by 2 Comments
Often an area of some confusion for my clients, is the question of what to claim for car expenses. Should we be putting our petrol bills through the accounts, or is there another way of claiming these expenses? The answer is that, as a sole trader, you have 2 choices, either to claim the business proportion [...]
What expenses are not allowable for limited companies?
February 18, 2013 by 4 Comments
When you incorporate, you will find that the rules on what you can and can’t claim as expenses against your profit for taxation purposes are a little different to the rules that applied when you were a sole trader. If the taxman thinks that you have claimed something you shouldn’t have, it could impact on [...]
Mums in Business : 10 Practical ways to save you, your business and your family money
February 13, 2013 by Leave a Comment
Careful tax planning and profitability reviews are some of the key ways in which you can save money. Please read my top tips to help you save some cash before the end of the next tax year. Are you a sole trader but think you are heading for profits over £25k? By incorporating sooner rather [...]
Payments on account – double whammy
February 10, 2013 by Leave a Comment
If you are a sole trader, you may well have already come across payments on account. But if you are a fairly new sole trader, please read on to make sure you are prepared for what many see as a double whammy of tax on their profits. Payments on account arise when you have an [...]
VAT and international sales – what should small businesses know?
November 14, 2012 by Leave a Comment
In this global market, we are finding that more and more of our clients are trading with other countries, and an understanding of the VAT treatment of such transactions is essential. We summarise below some of the main areas that a VAT registered business should consider when trading with another country. This is by no [...]
