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Mobile Phone Expenses
With the mainstream use of smartphones, mobile phone expenses are now an everyday expense for businesses. But how should they be treated in your tax return and accounts? This depends on whether you are...
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Can I charge my Company rent?
When you are self-employed you can charge your business for it’s use of your home, providing the costs are justifiable of course. We will do a post on how to calculate this in the future, but for now...
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VAT – Flat Rate Scheme
Do you know what the VAT Flat Rate Scheme (FRS) is? Many people are not aware of this simplified VAT scheme but it is worth considering as not only can it involve less administration but you could...
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Dividends – Must be paid out of Profits!
Receiving dividends from your limited company is a very tax efficient way of getting cash out of your company however there are some pitfalls that need to be avoided. If you get this area wrong you’re...
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How much tax can you save trading through a Limited Company
One of the most popular questions we get asked by clients is ‘how much tax can I save by trading through a Limited Company‘. The answer depends upon quite a few variables but in the case of an owner...
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Directors Tax Returns / Self-Assessment
I am a Director of a Limited Company and am not in Self-Assessment – do I need to register with HMRC for Self-Assessment? HMRC tell you that because you are a director you have to register for...
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Accounting Year vs Tax Year
For Limited Companies the accounting year end of your Company is usually different to the personal tax year. The personal tax year is 6th April to 5th April (for the purposes of a set of Sole Trader or...
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Best Salary and Dividend Levels for the 2014-15 Tax Year
If you trade through a Limited Company the real tax savings come through taking a low salary with the balance of any drawings in dividends. For the 2013-14 tax year the basic level of salary for one...
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The Dividend Process in FreeAgent
As FreeAgent Friendly Accountants we have outlined below how the dividend process works in FreeAgent. Remember there are two key elements to consider when voting a dividend: 1 – Does the Company have...
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Can I borrow money from my Limited Company?
Question: “I am a contractor trading through a limited company and currently using up my entire basic rate tax band. My company has built up a significant amount of profits and I am looking to borrow...
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Lending your Limited Company Money
Question: “I am a business consultant and I have recently opened a limited company which I am due to start trading through shortly. I have opened a business bank account but would like to put in some...
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Limited Company vs Sole Trader – The Non Tax Differences
Question: “I am a freelance consultant trading as a sole trader and am considering setting up a limited company. I understand the tax and national insurance savings but what are the key non-tax...
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