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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.

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Small firms struggle with tax compliance

Calls are increasing for the government to simplify the tax reporting requirements for small businesses. The time and effort put into navigating the UK’s complex taxation legislation in order to comply with requirements is deemed excessive.

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How new data protection regulations affect your accounts (GDPR IMPACT)

There are much more stringent regulations on the way to protect your personal information – and how that data is gathered, stored and used. They will also put stronger controls on the sharing of financial and personal information and how and when data is destroyed.