Blog

20th November 2019

Personal Tax: Making Payments on Account

If you are a director and a shareholder or self-employed.  Do you know about the extra Tax on account you may need to pay on 31 January 2019?


20th November 2018

Personal Tax: Dividend Tax Allowance falls from £5000 to £2000 from April 2018

From 6 April 2018, those who receive more than £2000 in dividend income will pay more tax. Any taxable dividend income over £2000 will be taxed at 7.5% up to a total dividend income of £33500.
 


19th November 2018

By not claiming tax relief on expenses, associate dentists are over paying their taxes every year

In this article, Nathan explains the expenses an associate dentist can claim (and cannot) a valuable tax deduction for.  


13th November 2018

File your Tax Return by 30 December and get a cash flow advantage to help with the cost of Christmas.

You have until the 31 January after the end of the tax year to file your Return, but if you file by 30 December you may benefit from a cash flow saving.


1st October 2018

Small business October deadline dates for paying and filing of taxes

If you are involved in the running of a small business you should take note of these key VAT, PAYE, Income Tax, National Insurance, Corporation Tax and Companies House dates for October.


18th September 2018

The rush begins to bank tax relief for childcare vouchers before 4 October

The childcare voucher scheme can save you up to £933 a year in tax and national insurance, and also reduces the employer’s national insurance bill. 


23rd August 2018

Directors and Company Secretaries jump for joy:- How to get full National Insurance Benefits without paying for National Insurance

If you are employed and earning between £6,032 and £8,424 you are in the "Lower Earning Limit" (LEL).  This gives you the full benefit of Class 1 National Insurance without paying National Insurance.


16th August 2018

Dentally and Xero

We’ve just had a demo of Dentally and really liked what we saw!


15th August 2018

How can I follow a company at Companies House?

You can get free alerts whenever a company files a document at Companies House. You may wish to follow a rival, a prospective supplier, or even your own company.


14th August 2018

Is it better to do an annual VAT return?

 You only need to complete one VAT return per year, but there can be disadvantages for some businesses.


17th July 2018

How much tax do I pay if I am a Self Employed Dentist?

We often get asked by our self employed dental clients how much tax do I pay?  See our profits matrix to find out.


19th June 2018

How much tax do I pay if I trade as a company?

We often get asked how much tax do I pay?  See our profits matrix to find out.


19th June 2018

How do I change accountants?

It is normally straightforward to switch accountants, but there are some issues to consider, such as what are you waiting for your old accountant to do, and how long will it take.


8th May 2018

Give yourself a gift and save tax

 

 A company can give gifts up to £50 in value to its directors and secretary, without creating taxable benefits. In other words, you can receive a gift from your company and reduce your corporation tax bill.


1st May 2018

How paying rent for your home office can save you tax

 This is a great tax tip on how to take funds out of your company with little or no tax to pay


28th March 2018

How much tax do I pay if I am self employed ?

We often get asked how much tax do I pay?  See our profits matrix to find out. 


22nd March 2018

New tax year - changes that affect small businesses

Employers will see increases in pension contributions and minimum wage rates, and individuals will see changes to their tax bills.


15th March 2018

SmallBiz Accounts help out planting Trees at Churston Woods

1,500 diseased trees were felled in 2017 close to our office at The Grove and Ball Copse Churston, Brixham, Devon.  Find out why we had to get involved in the replanting.


23rd February 2018

How do I appeal a late filing penalty for my tax return?

Almost 750,000 tax payers missed the tax return filing deadline of 31 January 2018. On 1 February HMRC will issue a default late filing penalty of £100 to anyone not filing on time. That’s a massive £75,000,000 in fines. 


21st February 2018

Why dentists may need to pay extra tax for their NHS pension

If you’re a dentist with an NHS pension, there may be an additional tax charge to pay if the value of your pension has increased over a certain amount.


14th December 2017

Give Christmas gifts and save tax!

 You can give gifts up to £50 in value to your employees, including directors, and reduce your corporation tax.

 


28th November 2017

Salary scenario calculator

Find out your total wages bill including salary, national insurance and pension for one or more employees


28th November 2017

How can I transfer my personal allowance to save tax if I am married?

The government says two million families are still to claim for a transfer of their tax-free allowance.  They could be eligible for a gain of £662 part paid as a lump sum with an onwards reduction in their tax bills. 

7th November 2017

Self-employed: The cash basis can reduce your tax bill

You only need to declare money when it comes in and out of your business if you use the cash basis.  See in our example how a self-employed associate dentist lowers his tax bills and retains more of his Child Benefit payments.

30th October 2017

New Employers must set up a pension scheme

All new employers now need to set up auto enrolment pensions immediately


26th September 2017

Buy and sell Bitcoin - will I have to pay tax?

 What tax would I pay if I buy and sell a cryptocurrency?


1st August 2017

Low emission company cars

 We take a look at the rules for company cars and how they are changing.


14th July 2017

Making Tax Digital delayed until at least 2020

The government has accepted that the scope and pace of reforms should be delayed. 


28th June 2017

New rules for salary sacrifice

Benefits in kind will be taxed on their cash value if the employee has sacrificed salary


3rd March 2017

VAT flat rate scheme: End of the line for limited cost traders

HMRC are making an alteration to the VAT flat rate scheme (FRS) categories to include a new ‘limited cost trader’. Businesses that fall within this category will be required to use a new FRS percentage of 16.5% from 1st April 2017.


13th June 2016

Gift Aid

 More for charity, less tax for you!