The Marriage Allowance was introduced in the 2015-16 tax year to enable spouses and civil partners to transfer part of their income tax personal allowance if they are not earning up to the threshold. This is different to the Married Couples Allowance (MCA) which only benefits couples if one of them was born before 6th […]
Marriage Allowance- is it worth claiming? Read More »
Put a group of bookkeepers and accountants in the room and the conversation will always get round to, “What a shambles HMRC are!” What are the HMRC responsible for? For small businesses, the UK HMRC (Her Majesty’s Revenue and Customs) manages tax collection and provides guidance on tax obligations. It ensures businesses pay the correct
HMRC – Nemesis or Saviour? Read More »
Is the tax system complicated? Does one rule fit all? We all know that of course being tax compliant is very complicated and one rule certainly does not fit all. Even though I’ve been in practice for over 10 years and now I consider myself well versed in most taxes and compliance, however, there is
Why is tax so taxing! Read More »
Whether dividends or PAYE is the most tax efficent for your small business is a common question we get at Tandem. For many years a company director was advised to pay themselves a minimal director’s salary and then profits permitting to make up their income by dividends, solely because of the tax advantages. IS THIS
As you can imagine this is not a question with a simple answer. However, we are asked this question regularly and determining the amount of income tax you will pay will involve several considerations specific to your financial situation. Accurate calculations demand knowledge of tax codes, allowances, and deductions. Consultation with a tax professional ensures
How much income tax will I have to pay? Read More »
By far this is the most popular query we receive on a regular basis. Also, there isn’t a answer that fits all of the enquires, they differ due to the different circumstances involved. A good starting place would be to understand the difference between a sole trader and a limited company: A Sole Trader is
When should my sole trader business move to a limited company? Read More »
R&D Tax Reliefs are Government backed in initiatives which is aimed at promoting investment in innovation and to encourage spending with the overall aim of protecting the UK economy from overseas competition. If a claim is successful it can result in a valuable cash injection back into your business. Before we move on and consider
What is a Research and Development Tax Credit and how do I apply? Read More »
In a nutshell the best way to describe Making Tax Digital is that it is a requirement for businesses and individuals to keep digital records of transactions and submit to HMRC. It is very often abbreviated to MTD. This was kicked off by the first tax being moved to MTD, which was VAT. To begin
What is Making Tax Digital and what does it mean for me? Read More »