Please find below all the articles that have been tagged as 'business advice'.
While some might complain about Christmas paraphernalia popping up in the shops earlier and earlier each year, the tax-savvy will tell you that planning ahead for the Christmas party is vital if you want to avoid giving HMRC an unplanned and costly gift.
The annual celebration is a time to relax and to toast the successes of the year.
And it is perhaps an opportunity to get reacquainted with colleagues on a more personal basis, after a year of simply nodding to them on the way in…
Read MoreOnce the dust has settled on what was a radical far reaching budget by Chancellor of the Exchequer George Osborne, one of the more unexpected changes was the reform that will be brought in to change the way that property landlords will be taxed in future. There were several changes which we will examine in this blog
Tax relief on mortgage interest
Currently where a loan or mortgage is taken out to purchase, or renovate an investment property full tax relief…
Read MoreA question we are often asked is, how can I reduce my tax bill?
A simple question on the face of it, but how simple is the UK tax system?
An income taxpayer might reasonably assume that there are only three rates of tax within the UK, basic rate tax at 20%, higher rate tax at 40% and the additional rate at 45%, and they would technically be correct. However the reality of the UK tax system is that your personal circumstances…
Read MoreIf you help to run a charity you need to keep on top of the tax and audit regulations that apply to charities, and the gift aid scheme.
A person with earnings or pension income of less than £10,600 and interest of up to £5,000 will pay no income tax in 2015/16. These individuals should not make gift aid declarations for donations made on or after 6 April 2015, as they do not pay the income tax which the charity reclaims in respect of that donation.
As a charity you…
Read MoreIf you have not made arrangements to settle your outstanding self-assessment tax, which was due for payment on 31 January 2015, penalties could be levied by HMRC. In order to avoid a 5% surcharge being levied on your balancing payment for 2013/14, payment will need to be made no later than 2 March 2015. HMRC is taking a very stringent approach with taxpayers with little clemency for late payment. The easiest method to settle the outstanding tax is via…
Read MoreThis sounds like a friendly retail outlet where you might buy a pint of milk on a Sunday evening. In fact it is short-hand for the online portal which UK businesses should use from 2015 to account for VAT they owe in respect of digital services provided to customers in other EU countries.
We mentioned this new rule in our July 2014 newsletter. “Digital services” includes a multitude of products such as:
– music downloads;
– video on demand;
– electronic books;
– online games;
– anti-virus services;
– software purchased by download;
– charges by…
Here at Morgan Hemp we are keen to keep our clients abreast of news, issues and events to help you keep your finances in order and to make sure you are not losing out.
Heading in to the festive period you are probably making plans for a Christmas party. But have you thought about making sure the big annual celebration isn’t a gift to the taxman?
Entertaining your employees can be allowable for tax relief in your business accounts, and it…
Read MoreCould your creative company benefit from a boost to its cash flow? If it produces computer games, films, high-end TV or animation programmes, it may qualify for a new payable tax credit.
All of these products can qualify for extra tax relief if they can be certified as culturally British, and at least a quarter of the core production costs are incurred in the UK. There are some other conditions:
– only businesses trading as…
Read MoreMorgan Hemp is proud to announce the launch of its ground-breaking smartphone app.
The app, allows individuals and businesses to log their expenses, keep on top of important dates in the annual tax calendar — and in light of recent changes to the VAT system — to accurately log business mileage.
The free app uses the smartphone inbuilt GPS system to allow users to generate a report at the end of each month that can be sent directly on…
All small businesses will need to be aware of what Auto-Enrolment means for their business, and what their obligations are. Follow these easy steps to create an action plan.
Find out your business staging date
This depends on the number of employees in your PAYE scheme on 1 April 2012. Find out your exact staging date on The Pensions Regulator website, http://tinyurl.com/d946fkd, all you need is your business PAYE reference. This is the most crucial step to understand when you need to…
