Limited Companies Description
Please find below all the articles that have been tagged as 'Limited Companies'.
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 MoreSemi Senior Accountant PERMANENT – FULL TIME Swansea Area, Salary TBC
We are broadening our horizons. Do you want to do the same? Morgan Hemp, one of the most respected Chartered Certified Accountancy Firms in South West Wales, is looking for a semi-senior accountant to join its expanding team.
We are looking for a diligent practitioner with over three years experience for this role, which will be focused on preparing financial statements, management accounts, corporate and personal tax returns,…
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 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 MoreCompanies (not unincorporated businesses), can claim enhanced deductions for qualifying costs they incur on research and development (R&D) projects. For small companies the deduction can be 225% of the qualifying costs, and since April 2012 there is no minimum spend required in an accounting period.
The major barrier to claiming this tax relief is working out whether your project qualifies as R&D. To qualify it must push the boundaries of scientific or technical knowledge. Ask yourself:
a) Has anyone else done what we are trying to achieve with this project?
b)…
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 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…
Was your business mis-sold an interest rate hedging product (IRHP) by its bank? The Financial Conduct Authority (FCA) has required the banks concerned to make redress payments to the wronged businesses, and some of those payments are coming through now.
If you receive an IRHP redress payment it will be made up of:
– consequential losses and basic redress; and
– interest is paid at 8%.
The bank may deduct tax at 20% from the interest element, where it is paid to an unincorporated business. Look out for such tax deductions declared…
Read MoreIf you invest through a firm of financial advisers, you may well receive a repayment of commission from that firm each year. In previous years any refunded commission was rolled into the earnings from your investments or set against charges, so you may not have been aware of it. However, from 6 April 2013 the financial adviser must deduct interest from any refunded commission and show the amounts paid and deducted separately on your annual statement .
You should look out for these refunded amounts on your investment statement…
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