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MTD – Yes, you can keep your beloved spreadsheets if you want to

MTD - Yes, you can keep your beloved spreadsheets if you want to

If you run a VAT-registered business with a taxable turnover above the VAT registration threshold (currently £85,000) you are required to keep digital business records and to file VAT returns with HMRC using software which is compatible with Making Tax Digital (MTD). Most on-line accounting packages will allow you to keep the necessary records

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Tax Allowances – Use them or lose them!

Tax Allowances - Use them or lose them!

Basic personal allowance Most of the people paying income tax in the UK are allowed to receive a certain amount of income before having to pay income tax. In 2019-20, the basic personal allowance is £12,500. The allowance begins to reduce if your taxable income is more than £100,000 and disappears altogether at

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Tax on company cars – how low can you go ?

Tax on company cars - how low can you go ?

If you run your business through a limited company, you probably charge the company for business mileage.  This is tax-free up to 45p per mile.  An additional 5p is allowed for every passenger and the payments are usually the most tax-efficient way of doing things. However, there

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Countdown to Making Tax Digital

Countdown to Making Tax Digital

Making Tax Digital is the Government’s drive to bring the UK tax system into the digital age. The countdown is on, but the timetable has been relaxed recently so that only VAT will require digital submissions in 2019.  From 2020, most business-owners, self-employed people and property landlords

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Extra stamp duty land tax (SDLT)

Extra stamp duty land tax (SDLT)

You may have heard that an extra stamp duty land tax (SDLT) charge applies to second properties from 1 April 2016.  What’s it about ? From April 2016 an extra 3% SDLT will be charged on purchases of additional residential properties such as buy-to-lets and second homes

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Removal of tax relief for interest costs on property loans

Removal of tax relief for interest costs on property loans

On 8 July 2015 George Osborne announced that relief for interest costs on loans taken out by residential property investors will be cut. What is happening ? and what does it mean ? If you have no borrowings, it will not affect you.  However, if you have

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NIC Saving for Yorkshire business: from the Harrogate accountant

By Paul Bushell, the Harrogate Accountant. From April an estimated 450,000 businesses will be eligible for National Insurance savings of up to £2,000 per year.  The Employment Allowance, announced by the Chancellor in last April’s budget, applies to businesses with less than 250 employees, charities and community

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What Steve Pipe says about our 7 Step Guide

The ‘7 Steps to get your business working as hard as you do’ guide recieved excellent reviews from Steve Pipe, Former UK Entrepreneur of the Year and best-selling author of “Stress proof your business and your life”. What Steve had to say…. “In just a few short

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Increase your Prices: from the Harrogate Accountant:

Increase your Prices: from the Harrogate Accountant:

When you think about increasing your profits you probably consider winning more customers or introducing new services or products, anything to attract more business. The thought of explaining a price rise to your customers is less appealing. You worry that customers will dessert you in their droves.

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Avoiding post-death business disputes

Avoiding post-death business disputes

Recently published figures state the number of people making claims to the estates of deceased relatives or partners have risen by 38% over 12 months. Such claims are extremely distressing for the families concerned. The legal costs are usually paid out of the disputed estate, seriously depleting

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