How to complete a CIS self-assessment tax return

Completing tax returns is an often daunting and complex process for anyone, from sole traders to business owners. At Tuchbands we offer advice and assistance to make the process of tax planning and tax returns less stressful and keep it as smooth as possible. In certain industries there are specific types of tax return that need to be completed, including the construction industr… Continue Reading

Tax planning: The most important things for small businesses to consider

Effective tax planning is something of a hurdle for businesses of any size, but for small businesses in particular it can be a real obstacle course. There are many pitfalls to avoid, but finding your way through them and ensuring that you only pay what is necessary is easier than it may seem. It is highly likely to prove worthwhile – individuals and businesses in the UK overpay billion… Continue Reading

Making Tax Digital: The Timetable For 2019

What is ‘Making Tax Digital’?

Very few people enjoy getting their tax affairs in order. Whether you’re a hard working self-employed professional, a landlord or a business with a network of client finances to manage, keeping on top of your corporate taxes is far from easy and mistakes are estimated to cost the Exchequer over £9 billion a year. For this reason, the Making Tax Digital i… Continue Reading

Do companies pay Capital Gains Tax?

Capital Gains Tax is not paid by limited companies or unincorporated associations like community groups or sports clubs.  Instead, companies pay Corporation Tax, which is another type of payment.  It is important that business owners are aware of the difference between certain taxes so that they know which ones they are eligible to pay.

What is Capital Gains Tax?

Capital Gains T… Continue Reading

Top Ten Tax Tips For SMEs

Of course all businesses want to make sure they are handling their tax effectively and benefiting from all of the reliefs and exemptions that are available to them. However, this is arguably even more important for SMEs, who tend to have smaller budgets and fewer resources to be able to handle everything in-house.

So take a look at these ten best tax tips for SMEs in particular:

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Low Corporation Tax Rates in the UK

What is the corporate tax rate in the UK?

Many countries around the world have long competed to attract foreign businesses by having an attractive business tax regime and low corporation tax rates. This explains why Google is based in Ireland, why eBay operates their business from Luxembourg and why McDonalds operates from Switzerland. The United Kingdom has been a part of this co… Continue Reading

Small Business Tax Issues

Setting up on your own could be a long-held dream that you have been working towards for years, it could be an opportunity only made possible by a redundancy payment or may simply be your only option where there are limited permanent employment alternatives. Whatever the reason, you need to be aware that the small business tax rules for the self-employed are significantly more comp… Continue Reading

Is HMRC Tougher on Small Businesses Than Multi-Nationals?

According to a BBC news report, a committee of MPs has suggested that HMRC have not been using all of their available powers to vigorously pursue unpaid tax from multi-national companies and have, in contrast, been tougher on small businesses. The group of MPs feel that the tax authority should seek to prosecute global internet-based companies in order to determine exactly where… Continue Reading

Tax On Residential Property Held By A Company

A new annual UK tax was introduced on 01 April 2013 called the Annual Tax on Enveloped Dwellings, or ATED. This new tax relates to any entity other than individuals; so companies, partnerships, LLPs (Limited Liability Partnerships) that hold a residential UK property worth over £2m. Where an ATED charge applies the first returns have to be submitted by 01 October 2013 and the tax pa… Continue Reading

How to get money out of a Limited Company

Since 5 April 2013 the additional rate of income tax payable on income over £150,000 is reduced from 50% to 45%. Many earners in this tax bracket receive their income as dividends.  A 40% tax payer pays an effective rate of tax on the net dividend of 25% Because of the 5% reduction mentioned above a 45% taxpayer (receiving gross income above £150,000) pays a rate of tax reduced from 36.1… Continue Reading