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

Why good accountants are essential for start up survival

When first starting out in business, it is important to keep your costs as low as possible. After all, there are so many different things you need to fund, and things can soon spiral out of control if you are not careful. Nevertheless, one thing you should certainly invest in to ensure your start up survival is a good accountant. This may cost you a bit of money in the beginning, but it can… Continue Reading

What business expenses can I claim through my small business?

The 2016 deadline for submitting a company’s annual tax return is approaching. Understanding which business expenses can and can’t be claimed can be a daunting task, especially for owners of small businesses who do not have a dedicated accounting department. Here’s a quick guide to the tax allowable expenses that you can claim back as a small business owner.… Continue Reading

Improving the Profitability of your Small Business

It does not matter what type of business you have, or how large or small the business is, good accounting practices are an imperative part of making every business successful and profitable. Most well-established companies will invest in the services of a reliable accountant and this is highly advised, but as a business owner you still need to have a good understanding of business… 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

SME Pension Obligations: What You Need to Know

Following changes to the Pensions Act in 2008 and 2011 large organisations with 250 or more employees were obliged to automatically enrol all their eligible employees in a workplace pension scheme in the year leading up to October 2013. The changes are being phased in for all employers and are not expected to be complete until 2018, however, small and medium-sized employers with b… 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

Partnerships and LLPS

For several years partnerships and LLPs have provided a very flexible business structure and in some cases have provided tax advantages, mostly because of their flexibility both in terms of tax and legal framework. On 20th of May 2013 HM Revenue and Customs published  a consultation document  titled: “Patnerships: A review of two aspects of the tax rules” This is a 38 page docume… 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

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