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We must be doing something right for our clients!!!!
The British Franchise Association (bfa) has announced that the UK's largest network of accountants, TaxAssist Accountants, has won the Gold place at the Franchisor of the Year Awards 2010. The awards aim to highlight the outstanding business acumen, passion and achievement of franchise businesses across the UK and reward those franchisors that raise the bar and set the standard for everyone else to follow. TaxAssist Accountants faced tough competition from the seven other franchises shortlisted as finalists, which included household names such as Dominos and McDonalds. This award win follows two Silver place wins for the small business accountancy specialists. [...]
Emergency Budget – what can we expect?
We now have a coalition government between the Conservative and Liberal Democrat parties, which is expected to adopt tax policies from both constituent parties. The coalition agreement statement contains a brief note on tax issues. So what changes can we expect to see? Income Tax There will be a 'substantial increase' in the personal allowance from April 2011, with the Lib Dem target of £10,000 being a 'longer term policy objective'. It is possible that the income threshold above which personal allowances are phased out (currently £100,000) will be reduced. The 50% tax rate looks likely to remain in place [...]
Do you have what it takes?
Note that this is a shortened version of a detailed guide I have put together. The full guide goes into details about the thinking behind the various questions posed and gives some thoughts about what you can do to overcome the impact of answering 'No' to some of the questions. If you want the full version please request it via the 'Contact Us' tab on www.taxassist.co.uk/miketombs. You will not be spammed with anything else or put onto a mailing list as a result! Do you have what it takes to become self-employed? Everyone has skills, be they in washing [...]
April 2010 – Q & A’s
Becoming Self Employed Q: I have always worked as an employee, but now want to take steps to set up my own business and work for myself. Can you explain how this differs from being employed? A: When you are employed, your employer deducts tax and National Insurance (NI) from your gross pay and the balance is paid to you. The amounts deducted are paid to HM Revenue and Customs (HMRC) through your employer's Pay As You Earn Scheme. Assuming you have no other sources of income and are not a higher rate taxpayer, you are unlikely to have any further [...]
Business Structures – which to use?
Having made the decision to be your own boss, it is important to decide the best legal and taxation structure for your enterprise. The most suitable structure for you will depend on your personal situation and your future plans. The decision you make will have repercussions on the way you are taxed, your exposure to creditors and other matters. The possible options you have are as follows. Sole trader This is the simplest way of trading. There are only a few formalities to trading this way, the most important of which is informing HMRC. You are required to keep business [...]
Business Plans
Every new business should have a business plan. It is the key to success. If you need finance, no bank manager will lend money without a considered plan. It is one of the most important aspects of starting a new business. Your plan should provide a thorough examination of the way in which the business will commence and develop. It should describe the business, product or service, market, mode of operation, capital requirements and projected financial results. Preparing a business plan will help you to set clear objectives for your business and clarify your thinking. It will also help to [...]
March 2010 – Q and A’s
Offsetting Losses from a Sole-trader Business Q: I started my own business last year, and due to some significant initial start up costs I made a substantial loss in my first period of trading? Can I claim relief for these losses, and receive a tax refund? A: You have a number of options with regard to claiming relief for your losses, and the amount of tax refunded will depend on the rate of tax you paid in previous years. You can offset the loss against the income you earned in the current or previous tax years. The options available are [...]
Why start a blog?
I decided to start this blog as a supplement to the monthly newsletter I send out. The newsletter is very much a one-way communication, whereas with the blog readers will be able to add comments and suggestions. Hopefully we will all benefit from the two-way traffic. (If anyone reading this blog doesn't get the newsletter but wants to subscribe, follow the link from www.taxassist.co.uk/worcester) Also, I'm VERY conscious of limiting the number of blanket emails sent out. Twelve newsletters a year plus a couple of specials around events such as the pre-budget report is enough. With the blog more regular [...]