Gifts
đ 1. Gifts to Clients, Customers, Suppliers As we approach Christmas time there are particular rules around gifts and the tax rules assiocated with them General rule:These are classed as “business entertainment” by HMRC, so costs are non-deductible and no VAT reclaim, unless they meet strict exceptions. [gov.uk], Exceptions (for deductibility and VAT reclaim): If…
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10 VAT Questions
Should I be VAT Registered Navigating VAT (Value Added Tax) registration can be confusing for small business owners, freelancers, and startups. Here’s what you need to know to decide whether you should register. You must register for VAT with HMRC if: This threshold applies to standard-rated, reduced-rated, and zero-rated goods and services. It excludes VAT-exempt…
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Autumn Tax
Advisory fuel rates If you reimburse fuel or charging costs for employees using a company car for business travel there will be no taxable profit and no Class 1A national insurance, provided the mileage amount paid does not exceed the advisory rates From 1 September 2025 the advisory rates per mile for non-electric vehicles are:…
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What Is a Directorâs Loan Account (And Why Does It Matter)?
Directorâs Loan Accounts (DLAs) can be a helpful financial tool for small business owners, but they can also cause unexpected tax problems if not managed correctly. Whether you’re lending money to your company, withdrawing funds for personal use, or just trying to keep everything straight, itâs important to understand how DLAs workâand the tax rules…
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Do I Need a Bookkeeper, an Accountant, or Both?
If you run a business, chances are youâve heard the terms bookkeeper and accountant thrown aroundâbut do you really need both? And whatâs the difference anyway? Whether youâre a sole trader, landlord, or small business owner in Bracknell, understanding the distinction between these two roles can help you stay compliant, save time, and make smarter…
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Xero vs Sage: Which Oneâs Right for Your Business?
Choosing the right cloud accounting software can save you hours every month and take the stress out of your financial admin. Thereâs no one-size-fits-all solutionâwhat works brilliantly for one business might not suit another. At Cubic, we support Xero and Sage clients in Bracknell and across the UK, and Iâve worked with both across different…
Read MoreMileage Records
Importance of Keeping Mileage Records Whether you are and employee of a company or a sole trader it is important that you keep accurate records of your business mileage. These records should be kept in case of a PAYE compliance visit by HM Revenue & Customs or an investigation into your tax return of you…
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Research & Development Tax Credit
HMRC have started writing letters to some companies that have been making claims for Research and Development (R&D) relief suggesting that they may be fraudulent. This is the result of the system being abused by some spurious claims, but the tone of the letter may alarm some recipients. The HMRC Fraud Investigations Services unit has…
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Plan B
Welcome to our round up of the latest business news for our clients. Please contact us if you want to talk about how these updates affect your business. We are here to support you!Prime Minister confirms move to Plan B in EnglandThe Prime Minister confirmed last week that England will move to Plan B following…
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Latest Business News
Inflation, tax rises â and the family budgetApart from the human cost, covid has cost us all a great deal. In the first year of the pandemic, from April 2020 to 2021, the government borrowed ÂŁ299bn, the highest figure since records began in 1946. Another ÂŁ200bn will be needed this year, and as taxpayers, we…
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