Category

Accounts & Tax

The accounts and tax section includes in-depth guides and features for UK small businesses and start-ups needing advice on how to manage company accounts, including company tax returns, cash flow management, late payment, bad debts and business tax.

Tax liabilities when selling a business?

I’m approaching retirement and looking to sell my business. Will there be taxes to pay?

Accounts & Tax

Accounts & Tax

Chasing bad debt

I am a freelance designer and I find it impossible to get people to pay me on time. What’s worse, I often end up taking a discount on what I have charged just to get paid because I am short of money. What can I do?

Accounts & Tax

Effective cash flow

One of the critical elements of running a successful business is being able to manage your cash flow. Smallbusiness.co.uk and Simon Cowie, head of corporate services at chartered accountants Hall Morrice have these tips for ensuring that your cash flow is managed successfully.

Accounts & Tax

Deferring state pension: Good idea?

I am self-employed and shall be 65 on April 3rd and my wife is 62. I intend to draw a deferred pension accrued from when I was working. I understand my tax allowance will be increased this year. If I continue to work for a couple of years or so, and also employ my wife, part-time, to carry out book-keeping, what are the tax implications?

Accounts & Tax

How to forecast more accurately

If you already run a business, you will have a trading history and will be able to use this to make decisions about the future. The real challenge is to accurately predict the likely sales revenues. Click to read a guide to forecasting...

Accounts & Tax

Buying property through a company

Can a private individual set up a company to buy houses and then buy their own house through that company and rent it back? Are there any benefits of doing this?

Accounts & Tax

Taxman clamps down on dividends

An increasingly tough approach from HM Revenue & Customs (HMRC) means owner-manager shareholders could pay a high price for failing to stick closely to the rules relating to dividend payments.

Accounts & Tax

Tax exemptions for home-based workers

I would like to find out what tax exemptions are available for home-based workers, if any, i.e. in terms of vehicle usage. Unfortunately, the Inland Revenue site is abysmal to say the least. Can you help?

Accounts & Tax

Business expenses claimable against Income Tax

I am a sole-trader who has been trading for 3 years. I currently have rented office space, however I am in the process of extending my home to provide me with the facilities to work there instead. What build / equipment costs, if any, can I write off against tax?

Accounts & Tax

Debt advice for small businesses

Many small businesses operate on a very tight budget. Figures published by the Insolvency Service show that up to 13,000 companies go into liquidation and 11,000 self-employed people are declared bankrupt annually. The need for debt advice for small businesses has never before been in such demand.

Accounts & Tax

Tax charges on a second income

My boyfriend and I are planning on starting a part-time business making and selling canvas prints of art work, personal photos and other images - on top of us both working full-time. We will not be making a massive amount of money, it will just be turning a hobby into profit, so will we have to pay tax or any other charges on whatever we earn? I have been told you can earn up to £4,999 without having to pay tax. Do I need to declare the money being earned even if it's less than this amount?

Accounts & Tax

Vehicles that are considered for tax relief

I am about to replace my car and have been told by my accountant that 25 per cent relief is allowed on cars and 40% relief is allowed on vans. Which vehicles are considered as 'vans' for the purposes of tax? I have quite a lot of equipment to carry around (ladders etc) and so maybe a van would been of greater benefit than a large estate car. I hope that you can advise. Thank you!

Accounts & Tax

UK tax issues when setting up a business overseas

When it comes to relocating and setting up a business overseas, there are a multitude of issues that have to be considered. Getting your tax position in order pre-departure should be high on your list of priorities.

Accounts & Tax

Tax for part-time businesses

When starting up for the first time, many people opt to retain their full-time job and set up their own business part-time. But what does this mean for their tax situation? Will the tax be deducted from the day job wage? Or is it only taken from what is earned from the business? Are they separate?

Masterclass Series

Open Banking

Simon Cureton, CEO of Funding Options, explores the benefits of Open Banking for small and medium-sized businesses

Partner content

PayFit raises €254M to continue transforming in-house payroll for SMEs

Now valued at €1.82B, PayFit aims to strengthen its position in its current markets

Masterclass Series

Green finance

Simon Cureton, CEO of Funding Options, walks us through the 'green boom' in eco-friendly businesses along the growth of green finance

Masterclass Series

The funding landscape

This article from Tracc looks at the changing funding landscape and how business owners can improve their chance to secure funding themselves