Accountancy Tips For Small Businesses

As a small business owner you may decide to manage all of your financial affairs yourself, hand it all over to an accountant or do a bit of both, handling day to day tasks yourself or employing a book-keeper to help. The choice will depend on the nature of the business and, of course, your own inclination to be closely involved with the business finances. Whatever route you choose for yo… Continue Reading

Working From Home? How To Reduce The Company Tax Burden

Increasingly many people are running their own small businesses from home but this results in increased household expenses for heating, electricity, phone bills etc.; expenses that would not be incurred by those who go to an external workplace. But when working from home there are opportunities to reduce the tax burden of the company or self-employed individual by considering… Continue Reading

Budget Report 20 March 2014

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What Employee Benefits Are Not Taxable?

In a previous post we looked at checking your PAYE system is correctly set up and which expenses are and are not liable to tax, but there is also a wide range of employee benefits that are not liable to tax which we’ve summarised below. But as always, even when a benefit is not taxable, take care to record all amounts paid out on employee benefits and record exactly what the payment… Continue Reading

Are You Operating Your PAYE System Correctly?

One of the aspects of running a business that is likely to come under investigation by the tax authorities is the PAYE system and how it is being operated. HMRC investigators can request access to all of your PAYE and salary records, if necessary,  in order to check that the amount recorded in the accounts as salaries matches the actual amounts paid out as salaries and recorded on pays… Continue Reading

How To Select the Right Accountant

Whether you have an established business, have just started a business or are still at the planning stage, the choice of accountant is an important decision. For a new company, busy with all the excitement of getting up and running, selecting an accountant may not seem to be a top priority but bringing an accountant on board early can help with setting up a Limited Company and structu… Continue Reading

Tax solutions for US citizens in the UK

We at Tuchbands have just been through this year’s IRS return filings for our US citizen clients. We work closely with a specialist firm of US accountants based in UK to ensure that our clients receive a seamless service for filing both a UK and US tax returns. One feature of the US tax filing is the set of forms known as FBARS which stands for Foreign Bbank and Financial Accounts R… Continue Reading

Employing Family Members

There is a band of earnings which are subject to ‘nil rate National Insurance contributions’ – this apparent contradiction in terms means that no contributions are payable, by employee or employer, but the employee’s contribution record is still franked for pension and Social Security benefit purposes. For 2013/14, the ‘nil rate band’ runs from the ‘Lower Earnings Limit’ of £1… Continue Reading

Tuchbands Budget Report

The Chancellor’s 2013 Budget contained some important announcements and confirmed a number of changes planned for the new tax year. Following this, we are delighted to attach the Tuchbands Budget Report  which contains the latest tax and financial information, which we trust you will find useful. As a result there may be a number of changes that will affect you so please fee… Continue Reading

Notice to Landlords – Flat Conversion Allowances, Energy-Savings Allowances

The special tax relief for flats over shops comes to an end on 5 April 2013. It may be renewed in next weeks budget but if the work is contacted for before 5 April, it can be claimed. The main conditions to obtain relief are: 1. Maximum number of storeys- 4; 2. The flats must have been unoccupied or just used for storage for at least a year before conversion work starts; 3. The flats must be l… Continue Reading