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Information for small businesses & individuals

The issue

Any taxpayer who submits a tax return can be selected for an HM Revenue and Customs (HMRC) enquiry at random. Those taxpayers unfortunate enough to be selected may find HMRC’s tax return enquiries rather obtrusive.Is HMRC entitled to see a self-employed taxpayer’s privat...
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Directors' Loan Accounts

February 9, 2019

Tax planning

The opportunity to borrow funds from a personal or family company can provide an attractive source of cheap finance. In a family or personal company, transactions between the company and the individual directors are commonplace. A director's loan account is a simple mechanis...
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Close Companies

February 8, 2019

What is a close company?

A company is close if it is UK resident and either condition A or B is met: Condition A: It is under the “control” of: Five or fewer participators, orParticipators who are directors. Condition B: That five or fewer participators, or participators who are directors togeth...
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IR35 (Off-payroll rules)

February 7, 2019

What is IR35?

If you’re not directly employed by your client in a traditional sense, but you use an intermediary (such as a Limited Company) to provide your services to them, the intermediaries’ legislation – known as ‘IR35’ – may apply to you.Under IR35, you have th...
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Auto-enrolment

February 6, 2019

What is auto-enrolment?

Automatic enrolment is a government initiative which aims to help people save more money for later life through a compulsory workplace pension scheme. This means that every employer, no matter what size, is legally obligated to provide a pension for all eligible employees. I...
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The cash basis simply takes account of money in and money out – there is no need to worry about debtors and creditors and prepayments and accruals. Income is recognised when received and expenditure is recognised when paid. Since 6 April 2017, the cash basis has been the d...
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There are various exemptions, and potential exemptions, which make it possible to make gifts free of inheritance tax. Making tax-free gifts is a useful way to reduce the value of your estate – and ultimately the inheritance tax that may be payable on gifts....
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...as presented by The Chancellor.

1. Public Finances - Turning Point Since 2009-2010 the deficit has fallen by four-fifths, from 9.9% to 1.9%. Public debt peaked in 2016-17 and is now falling. On average, spending on public services will grow 1.2% above inflation a year from next year until 2023-24. 2. Emplo...
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CHARITIES AND FRAUD

August 1, 2017

Are you bereaved?

July 23, 2017

Important financial steps

There are important financial actions that you need take in the event of a bereavement. This blog talks you through some of the support that’s available.  'Tell Us Once' is a service that lets you report a death to most government organisations in one go. Th...
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