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Active Practice Salary or Dividends

1 October 2014

Active Practice Salary or Dividends

When is it beneficial for a company owner or director to take a dividend rather than salary? Many people running businesses prefer to do so through a limited company rather than as a sole trader. One reason is that the company pays corporation tax at rates of 20% or 21% against income tax rates of up to 45% for a sole trader. The company can therefore shelter profits at a lower rate of tax.

Insider  October  2014

1 October 2014

Insider October 2014

Record confidence among small businesses Confidence among small businesses has reached record levels, research by the Federation of Small Businesses (FSB) has shown. The FSB survey revealed that small firms in all sectors improved their outlook for the fourth quarter of 2014. Personal services experienced the biggest increase in confidence during Q3, while the financial services sector remains the most confident overall.

Active Practice Subsistence and Entertainment

1 September 2014

Active Practice Subsistence and Entertainment

Subsistence is a payment for an individual in relation to work-related travel, accommodation and meals beyond those normally required. Entertainment is when someone in business provides a meal or social event to a customer, potential customer or other person such as a professional contact.

Insider September 2014

1 September 2014

Insider September 2014

SME loan success rate up to 80% Four out of 5 SME loan applications were approved in 2014, compared with 71% in 2013, according to research by venture capital firm Albion Ventures.

Active Practice Financial Planning for Businesses

1 September 2014

Active Practice Financial Planning for Businesses

This guide looks at how financial planning can help you and your business succeed. Financial planning is essential to the success of any business, whichever stage it is at. Having an accurate idea of your current and likely future finances can help reduce the impact of any unforeseen challenges and let you get on with running your business.

Active Practice Economic Update

1 August 2014

Active Practice Economic Update

This guide looks at key UK economic indicators and the economic prospects for the coming months. Following a period of faster than anticipated growth at the end of 2013, the economy has continued to strengthen with consistent growth throughout the first half of 2014. Gross domestic product (GDP) increased 0.8% in the second quarter of 2014 and was around 3.1% higher than the same period in 2013. The economy has grown for 6 consecutive quarters, the longest period of progress since the start of the economic downturn in 2008.

Active Practice VAT Accounting Schemes

1 August 2014

Active Practice VAT Accounting Schemes

This guide looks at how the 3 main accounting schemes work and how they can help businesses. Special VAT accounting schemes for small businesses have been available for a number of years, but they are still underused. The 3 main schemes are: cash accounting, annual accounting and the flat rate scheme.

Insider August 2014

1 August 2014

Insider August 2014

More than a quarter of employees dream of running a business, according to a survey from Lloyds Bank Insurance. The report reveals that 26% of workers have entrepreneurial aspirations but the fear of taking a risk is preventing a third from starting a business. Nearly half (48%) believe that the economic environment is not strong enough, while 35% say they don't know how to start a business.

Prepare for auto enrolment

30 June 2014

Prepare for auto enrolment

The law on workplace pensions has changed to make it easier for people to save for their retirement. Automatic - or auto - enrolment means every employer must enrol eligible staff into a qualifying pension scheme. Both you and the employee contribute to the pension, as does the government in the form of tax relief.

Reduce your company tax liability

30 June 2014

Reduce your company tax liability

Don’t let tax be a problem this year. Stay ahead of developments and make sure you take advantage of ways to legitimately reduce your company's liability to tax. Here are some of the allowances and planning tips directors and company owners should know about this year.

Insider July

30 June 2014

Insider July

Small firms rely on planning not luck Luck does not play a big role in a firm's success according to nearly three quarters of small business owners, research by software provider Sage has found. In a survey of more than 1,000 UK small business owners, just 28% of respondents felt that luck had a bearing on their success. Effective planning - particularly for growth and unexpected emergencies - was seen as a top priority for business owners.

Planning Your Estate

30 May 2014

Planning Your Estate

Estate planning should start early in life. If your estate is worth in excess of £325,000 it could be subject to inheritance tax (IHT).

Leaving Your Business

30 May 2014

Leaving Your Business

Every business owner should have a personal exit plan. We sometimes refer to this as a 'starting with the end in mind' strategy.

Insider Newsletter June

30 May 2014

Insider Newsletter June

Welcome to your June newsletter. In this issue, the news that the economy continues to recover and a leading business group predicts future growth.

Residence and Domicile

2 May 2014

Residence and Domicile

Domicile and residence can each have a significant impact on how much UK tax you must pay, or indeed if you must pay UK tax at all. Both terms are used for tax purposes and have little to do with citizenship or nationality

Loans to Employees and Directors

2 May 2014

Loans to Employees and Directors

As an employer, you may often be willing to lend company money to a director or employee. This could be to help them pay for a season ticket to commute to work, to help an employee relocate to a new area, or to help a valued employee get over a financial difficulty.

Insider Newsletter May

2 May 2014

Insider Newsletter May

Welcome to your May newsletter. In this issue, the news that unemployment has fallen to 6.9% and wages have grown faster than inflation.

Active Practice Limited Liability Partnerships

2 April 2014

Active Practice Limited Liability Partnerships

Limited liability partnerships (LLPs) were introduced in 2001 to provide the flexibility of a partnership with the limited liability of its members. They have proved very popular, particularly for professional entities.

Active Practice Update Employee Share Schemes

2 April 2014

Active Practice Update Employee Share Schemes

The Government encourages trading companies to offer shares in the company to its employees. These are usually given away free or offered at a discounted rate. Sometimes the employer may not provide shares immediately but provide an option that will allow the employee to acquire shares later.

Insider Newsletter April

2 April 2014

Insider Newsletter April

Welcome to your April newsletter. In this issue, the news that the minimum wage will increase by an above-inflation three per cent later this year.

Budget Report March 2014

20 March 2014

Budget Report March 2014

The following report summarises the announcements made by Chancellor George Osborne during the 2014 Budget on Wednesday 19 March 2014.

Risk-Led Enquiries

11 March 2014

Risk-Led Enquiries

HMRC has the right to investigate any tax return submitted by any taxpayer. The department has considerable powers to inspect documents and to question the taxpayer.

Research & Development

11 March 2014

Research & Development

Research and development (R&D) and patent expenditure are treated generously for tax purposes. The main provisions are: • R&D relief • capital allowance for R&D • expenditure on patents and know-how • the patent box.

Insider March 2014

11 March 2014

Insider March 2014

Welcome to your March newsletter. In this issue, we look at how a skills shortage might hamper growth.

Year-end Tax Guide 2013/14

4 February 2014

Year-end Tax Guide 2013/14

A short guide to rates, reliefs and allowances available for use by 5 April 2014

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