Small and Medium sized Enterprises (SMEs) are a central part of the UK economy. SMEs play an important role in communities and collectively employ a sizeable workforce. It is essential that SME owners pay as much attention to tax planning as larger corporations. Here we explore SME tax planning. SME Tax Planning Prestige Business Management delivers specialist accounting for small to medium enterprises. Our dedicated...
Changes to divorce law mean it’s crucial that complex tax rules are followed carefully to avoid a heavy tax bill. The new ‘no fault’ divorce which came into effect for separating couples from April 2022 has seen the number of divorce applications nearly double compared to the same period last year. New No Fault Divorce Triggers Tax Issues From April 2022, the Divorce, Dissolution and...
UK traders living and working in Spain are liable to pay tax on income and assets there. Make sure that you don’t mistakenly become liable for taxation in both countries, by understanding tax residency in Spain. 90 Day Rule for Visitors to Spain Spain remains a popular destination for many UK traders to live and work. Brexit has made little difference for most people visiting...
Capital gains tax is the tax charged on the increase in value of an asset that you sell, which you have held for more than one year. The amount of tax due, is calculated on the amount of gain made. This is the increase in value of the sale price, compared to the purchase price. What is Capital Gains Tax Charged On? This guide will...
Allowable expenses are the essential costs of running your business that are tax deductible. Any outgoings that are allowable expenses can be deducted from your taxable income, allowing you to save money and reduce your tax bill. What Are Allowable Expenses? Keeping a good tax record will help you be tax efficient by deducting all of your allowable expenses before you submit your profits to...
Welcome to the September 2021 News Update from Prestige Business Management September 2021 News Update – featuring additional news developments from our newsletter series. Stay informed with the latest news in business support and financial affairs. Key Dates Coming Up Corporation Tax Payment – 1st October Due for businesses with 31 December 2020 year end. Additional Customs Requirements at UK Border – 1st October Mandatory...
Everyone can appreciate good record keeping. Especially your accountant, plus it could save you lots of time when you come to file your tax return and save you money on your tax bill if you keep a tax record in good order. Good record keeping is also helpful if HM Revenue and Customs (HMRC) wants to ask any questions. Here we outline what you need...
July 2021 Update – featuring additional news developments from our newsletter series. Stay informed with the latest news in business support and financial affairs. Key Dates Coming Up Payment on Account Due – 31st July If you have a tax payment on account, remember to make your payment on time, which is due by midnight on 31st July Employee Furlough Contributions Rise – 1st August...
Members of the G7 have signed a breakthrough tax reform deal, to establish a minimum global corporation tax, for the first time. The aim of the tax reform deal is to address tax avoidance by some of the world’s biggest multinational trading companies. G7 Summit 2021 The Group of Seven (G7) is an informal club of wealthy “liberal democracies” consisting of Canada, France, Germany, Italy,...
IR35 has come into force from 6 April 2021. IR35 is anti-avoidance tax legislation designed to assess whether a contractor is a genuine contractor rather than a ‘disguised’ employee, for the purposes of paying tax. Disguised employees refers to workers who receive payments from a client via an intermediary, for example, their own limited company, and whose relationship with their client is such that had...
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