Giving occasional gifts to your staff is a great way to keep them engaged and motivated. But how much can you give before these gifts become taxable? Certain lower-value gifts can be given to employees (including directors) tax free. These have to be classed as ‘trivial gifts’ to qualify. But what counts as ‘trivial’ in these circumstances? What...
Give As You Earn (GAYE), commonly called payroll giving, has been around for a long time, yet many UK businesses are still ignorant of it. Because they don't understand it or don't have the time, many of those who have don't engage in the system. However, employers won't miss out on this excellent chance, as social responsibility and...
Helping to fund the causes that are close to your heart is one of the positive side effects of running a successful business. But you also need to keep track of what you’re donating, keep HM Revenue & Customs (HMRC) informed and make sure you’re ticking the compliance boxes. Here’s a quick summary of the rules for companies...
As a small business owner, you always look for ways to save money and reduce expenses. One way for you to do this is to make your small business tax-efficient. Taking advantage of certain tax breaks and deductions can lower your tax bills and help you keep more of your hard-earned money. There are several ways to make...
We're well into the final quarter of the year, with 2023 just a few months around the corner. But are you ready for the year-end? And have you done your homework when it comes to planning your business journey for 2023 and beyond? Let's take a look at the key ways to tie up your year-end and start...
Doing taxes is every law-abiding citizen's responsibility. After all, the government won't have the funds to provide the services we all rely upon without our taxes. For this reason, everyone is encouraged to arrange their taxes before the due date to ensure they avoid penalties. It's also recommended because you get perks, such as returns. Tax returns are...
When it comes to capital gains, there are a few basics that everyone should know. Whether you are a solo trader or in a partnership, understanding how capital gains are taxed can help you make the most of your money. What Are Capital Gains The Capital Gains Tax (CGT) is a tax on the profit you make when...
When it comes to tax, you may be required to file a few different types of returns. Two of the most common are the tax return and the VAT return. Though they may have similar names, some key differences exist between these two types of returns. What is a Tax Return? A tax return is a self-assessment that...
As a small business owner, you must ensure that your business complies with all applicable tax laws. Depending on the structure of your small business, you may be required to pay different types of taxes, including income tax, self-employment tax, and payroll tax. While it can all seem overwhelming, it certainly doesn't have to be. With these essential...
VAT, or Value-Added Tax, is a consumption tax that is placed on a product whenever value is added at each supply chain phase, from production to the point of sale. The end consumer is the one who ultimately pays the tax in the UK. If you are a business owner, it is important to be aware of the...
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