Accountants for Traders Articles

Tax Articles

The value of pre year end meetings

Having a Pre Year End Strategic Review and meeting with us before reaching your year-end is one of the most effective ways of ensuring you remain in control of your business. Read more...

Residence, domicile and the remittance basis

If you are UK born and bred, then unless you have taken alternative action you will be treated as a UK resident and domiciled and therefore taxable on all your worldwide income. Read more...

Tax year-end planning: Things to consider

The end of the tax year, 5th April, is fast approaching. It’s important you take time now to review your finances and ensure you are making the most of your money and don’t miss out on valuable tax-efficiencies and allowances that your future self will thank you for. Read more...

Letter from HMRC regarding Cryptocurrency – What should I do?

Have you received a letter from HMRC encouraging you to consider your capital gains tax position for the cryptoassets you hold, whether it be BitCoin, Ethereum or Ripple? Read more...

Could you be eligible for thousands of pounds in tax relief?

Research and Development tax credits can transform your business by rewarding innovation and refuelling growth, so why aren’t you making a claim? Read more...

Using offshore companies

If you are considering attempting to move some of your trading activity offshore, you should consider the potential pitfalls as this is an area closely monitored by HM Revenue & Customs.

However, if you are able to ensure that the offshore trading is controlled and managed offshore, and you are considering relocating away from the UK in the future, then such a structure may be a useful addition to your financial more..

Simple tax planning tip for non-doms

If you are not originally from the UK, but are currently resident or are thinking of becoming a resident in the UK and your stay is likely to be less than seven years, you will be subject to tax in the UK based on any remittances that you make from overseas in addition to any income you actually earn in the UK. Read more..

Are you missing out on tax allowances for holiday accommodation?

If you own (or plan to own) a second (third, fourth, etc) property in the UK or within the boundaries of the EU, which is let furnished as holiday accommodation, you could be missing out on additional allowances available against your tax bill, and may even be eligible for a beneficial rate of tax upon sale. Read more..

HM Revenue and Customs targeting multiple property owners

If you do own more than one property (whether it is let or not), you should be aware that HM Revenue and Customs have made recent announcements that they are setting up a special taskforce to investigate individuals who appear to own more than one property, their reasoning being that they suspect some taxpayers are not declaring income received on let investment properties. Read more..

Calculating your Taxable Profits

Whilst we would always recommend that you should obtain professional advice in preparing your accounts and calculating your taxes, we are aware of several occasions where the taxable profits have been misstated. Read more...

Using Family Members To Reduce Tax

A common form of tax planning if you are self employed is to employ family members effectively shifting some of the profits from you to them and potentially paying a lower rate of tax on this proportion. Read more...