Shareholders Agreements and Why They Are Important

By Gary Robinson / September 2, 2023

The importance of a shareholders agreement    For limited companies, when it comes to making decisions, Company Law states shareholders who own more than 50% can pass a motion at a company meeting regardless of the views of other shareholders and if a shareholder(s) owns 75% or more of the shares they, control the company outright…

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How high could interest rates rise?

By Gary Robinson / May 27, 2023

Earlier this month the Bank of England (BOE) raised interest rates for a 12th consecutive time as the rate of rising prices remains high. The Bank rate has gone up from 4.25% to 4.5%. The BOE has been under pressure to put rates up because it has a target to keep inflation at 2%, but…

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High Income Benefit Charge Catching You Out?

By Gary Robinson / June 5, 2022

Mistakes made when claiming higher rate child benefit are most frequently the result of poor communication from HMRC and it is more difficult for those with complex, fluctuating earnings The high income child benefit charge (HICBC) raised £416m in 2019-20 but it is a hard tax charge to administer as many of the families affected…

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Virtual Christmas Party

By Gary Robinson / December 14, 2020

Due to the coronavirus restrictions, you may be unable to host your usual Christmas Party for your employees. We are pleased to confirm that the annual parties’ exemption (s264 ITEPA03) will apply to the costs associated with virtual parties in the same way that it would for traditionally held parties. Therefore, subject to the normal…

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Payroll

By Gary Robinson / October 5, 2024

Payroll If you are running a limited company, partnership or a sole reader employing people is the same process and principles. When you need to employee a person you will need to register this first with HM Revenue & Customs (https://www.gov.uk) and then once set up HM Revenue & Customs will send you’re the payroll…

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Autumn Tax Update

By Gary Robinson / September 28, 2024

RTI reporting changes delayed HMRC has delayed planned changes to real-time information (RTI) reporting requirements for employee hours worked. Draft legislation was published in May aimed at improving the range of data collected by HMRC. The proposed changes will require businesses to provide more detailed information to HMRC via self assessment (SA) and PAYE real-time…

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Payments on Account

By Gary Robinson / September 21, 2024

Payments on Account What are payment on account in tax and on your self-assessment tax return. Payments on account’ are advance payments towards your tax bill (including Class 4 National Insurance if you’re self-employed). You have to make 2 payments on account every year unless: Each payment is half your previous year’s tax bill. Payments…

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Partnerships

By Gary Robinson / September 14, 2024

Partnerships A partnership is defined a one or more people joining together in business with a view to make a profit and each partner receiving a share of the profit according to their share ratio for example 3 partners each holding 33 shares each. Partnership Tax Partnerships do not pay tax, but all partners pay…

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P11d Benefits

By Gary Robinson / September 7, 2024

If you have a team of employees, you have several options for rewarding them in addition to paying wages or a salary. One of the most flexible options is to offer benefit in kind, also known as fringe benefits. Benefit in kind take several different forms, which we’ll describe later, and they can be offered…

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Making Tax Digital

By Gary Robinson / August 24, 2024

The way that the self-employed and landlords’ pay their tax is changing and form April 2026 they will be required to use the Making Tax Digital for Income Tax. This is where you will no longer complete a tax return, but you make data submissions every quarter and the period are as follows: Quarter 1…

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Goal Setting

By Gary Robinson / August 10, 2024

Goal Setting How often do you set goals? How often do you revisit your list? We all know that setting goals is important, but we often don’t realize how important they are as we continue to move through life. Goal setting does not have to be boring. There are many benefits and advantages to having…

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Electric Cars

By Gary Robinson / August 3, 2024

Electric Cars As more and more businesses consider more sustainable and eco-friendly ways to operate, we are seeing an increase in the acquisition of electric cars. There are tax surrounding electric cars, and they are: The company car that is available for an employee’s private use will usually attract a benefit in kind charge. As…

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Summer Tax Brief

By Gary Robinson / July 27, 2024

Cash basis by default From 6 April 2024 the cash basis has replaced accruals as the default method for preparing sole trader and partnership accounts for tax purposes. Previously, only unincorporated businesses with total receipts below £150,000 were entitled to opt out of accruals and file their accounts with HMRC using the cash basis. That…

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