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Sole Traders / Partnerships

Sole Traders / Partnerships Description

Please find below all the articles that have been tagged as 'Sole Traders / Partnerships'.

Don’t get a Tax Hangover from your Christmas Party

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…

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New Job Vacancy

Semi 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,…

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Landlords Tax Reform

Once 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…

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Make the Best of Allowances

As the sole owner/director of your company you face a dilemma over how to extract income from that company. If you pay yourself a salary of more than £8,060 per year you will have to pay class 1 NIC at the rate of 12% on the excess pay above that threshold up to £42,385 pa. However, income tax is not due until your salary tops £10,600 (the value of your personal allowance for 2015/16).

One solution is to take a salary of up to £8,060 and any further income…

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What Tax Rate do you Pay?

A 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…

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Unpaid Self Assessment Tax Surcharge Imminent

If 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…

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Cash Basis

From 6 April 2013 you can use two “simplifications” to make accounting easier for your unincorporated businesses: the cash basis and fixed rate deductions. If your business falls within the size criteria you can use one or both of these simplifications, or neither, the choice is yours.

To start to use the cash basis your business must have annual turnover of less than the VAT registration threshold (currently £81,000). There are slightly different rules if you also claim the Universal Credit benefit (successor to tax credits). You must stop…

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Tax Tracking App Launched

Morgan 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…

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Salaried Members of LLPs

Do you operate your business as an LLP? If you do, you need to be aware of the change in tax treatment of certain LLP members from 6 April 2014. Members who meet all of these conditions will be taxed as employees:

 

A. works for the LLP as an LLP member and at least 80% of the amounts paid to him for that work are disguised salary;

 

B. does not have significant influence over the affairs of the whole of the LLP; and

 

C. is not required to contribute funds to…

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