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

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

How can a personal tax accountant help your business?

A specialist tax accountant can be highly beneficial in assisting with your personal tax planning, from guiding you through your annual self assessment tax return to advising on your financial goals – from inheritance and retirement planning to pensions and investments. A tax accountant can also be invaluable in assisting with your business tax needs. Whether you are a s… Continue Reading

Fairer treatment for modest earners under Labour’s proposed mansion tax

According to a recent BBC report, the Shadow Chancellor Ed Balls has stated that those who are “asset rich but cash poor” will be treated fairly under Labour’s proposed mansion tax. People who own homes valued at over £2m but who do not have large incomes could obtain tax relief. A mansion tax is opposed by the Tories but supported by the Lib Dems. The Labour plan is… 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

VAT registration

Businesses have to register for VAT as soon as  the turnover exceeds £77,000. A common misconception is that this is measured by reference to the annual accounts. However, it is actually measured on a rolling 12 month period. Once the registration is level has been exceeded, registration has to be done withing 30 days thereafter. HMRC will then register from the first day of the ne… Continue Reading