Take advantage of the 130% Super Deduction available for 2 years only from 1/4/2021 – 31/03/2023

Until recently the self-employed tax status of dental associates was just about certain – they were, and still are until April 2023, almost always categorised as self-employed for tax purposes.‍‍‍A major part of this status determination was based on HMRC’s published guidance that where associates were engaged on an approved BDA or DPA contract, and acted in accordance with that contract, they should be considered to be self-employed for tax purposes.

HMRC has stated it wants to be one of the world’s most digitally advanced tax administrations, and the government describes its Making Tax Digital initiative – which will affect VAT, income tax and corporation tax – as ‘a key part of plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs’. And it may well be, but it also means a lot of disruption.

Most shareholder/directors take money out of their company as a mixture of director’s salary and shareholder’s dividends. There is no rule on how these should be split and we often advise on the most tax efficient way of doing so.

The UK tax rules are ever changing and extremely complex. It can be difficult to keep up to date on all areas of tax which is why we work with a number of tax experts from across the UK. This enables us to offer a wide range of tax services and specialisms to all our clients and ensure we are your first of call for all tax planning and advice, as and when required.

There are so many unknowns at the moment. Your business plan for this year is probably as much use as a chocolate teapot in guiding your business through this challenging time. But how are you going to navigate your way out of the Corona pit if you don’t have a route map?

We're delighted to MTD (Making Tax Digital) prompted so many businesses to review their accounting procedures. For those of you who would still like a hand to do so or take it further then please do get in touch. But are there any other systems that can be moved away from paper?

So much is happening so quickly at the moment but, in reality, we just need to approach Corona Virus like any other business challenge.

There has been a lot of information released recently surrounding government assistance during this Coronavirus pandemic. You’re probably wondering what on earth is going on and what you can or can’t claim.We understand it may be difficult to dissect it all and find out what applies to you, so we have compiled this guide to help you find out what you will be entitled to.

Every year HM Revenue & Customs (HMRC) undertakes hundreds of investigations including criminal prosecutions for tax and VAT fraud, civil investigation of fraud, corporate tax investigations, income tax investigations, VAT investigations, investigations as a result of failure to register for tax, national insurance and VAT.

There is encouragement from the government for people to become self-employed and at first it seems attractive, especially if you have recently become unemployed or redundant. Although one of the main attractions of becoming self-employed is no longer having to work for somebody else there are several disadvantages you should consider.

Every business wants to have a successful trading year. Yet, what can often be forgotten is the associated tax bill, which can lag for a number of months after the year end. While there are many steps businesses can take to reduce the tax bill, the most important step is to consider this BEFORE the company year-end.

Doing your accounts might not be the most exciting part of your business, but it can really pay to keep an eye on what you claim in tax deductible expenses, to make sure you only pay as much tax as you should and don’t miss out on any legitimate savings.