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Top tax tips for SMEs in 2018

Small to mid-size business enterprises often neglect to take advantage of all available tax breaks, resulting in higher than necessary tax bills for directors and employees. These actionable tax tips may help you save money on taxes and take full advantage of available tax benefits.

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Making tax digital – what you need to know

From small businesses to big multinational companies, the way tax is done is soon going to change. That’s because HMRC is bringing in its ‘Making Tax Digital’ initiative, which will change the way tax returns are filed. The change means the annual tax return will become a thing of the past, with businesses required to submit information every three months.

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Buy to let landlords need to take action to reduce tax bills

Some buy to let landlords who haven’t taken into account the variety of tax changes within the sector may well soon be faced with problems. Research from Kent Reliance highlights that 20% of UK landlords have now either transferred property portfolios under the banner of a limited company or moved ownership over to a spouse. The research further highlights that one in seven of these landlords don’t actually understand the reasons behind this.

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What tax deductibles can sole traders claim?

One of the most common questions that sole traders ask when tax returns are due is what costs they can deduct from their tax to reduce tax due. The easy answer is that they can claim anything that is wholly and exclusively for carrying out their trade.

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5 Accounting mistakes small business owners often make in their first year

If you have recently started your first business, there can be a lot to take into account. However, one element of your company you need to get right is your finances. Read on to discover some of the most common accounting errors that small business owners make in their first year so that you can avoid them.

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Common tax return mistakes to avoid

Just one slip up can end up costing you when it comes to filing your tax return. This could mean that you miss out on a refund, end up paying more tax than required, or that HMRC is breathing down your neck and demands an audit.