As the end of the tax year approaches, it’s a great time to consider if there are any opportunities to benefit from tax relief. Here are HB’s top tax tips for businesses for the year end – if you want to know more, give the tax team at HB Accountant a call.
Continue readingCategory Archives: Business
Tax Tips for income over £100,000
Beware of a potential 60% tax rate risk on your bonus. If you receive a bonus this year then it’s possible you will pay an effective 60% tax rate on your additional income. There are ways to mitigate this very high tax rate but you need to act now!
Continue readingHelp your employees beat the post-Christmas bulge
Work related ill health is a serious issue and with recent government figures suggest that 1.3 million workers suffered from work-related ill-health. This equates to potentially over 25 million working days lost, hence promoting employee health and wellbeing has never been so important and is considered a vital part of a successful business. This, however, does not necessarily come cheap. It is estimated to cost £522 per employee which equates to up to £32 billion per year for UK business alone.
Here are some areas where you as an employer can use tax breaks and exemptions to help encourage a healthy mind and a healthy body at work.
Continue readingLaughable excuses for late tax returns! You do not want to receive a penalty for not filing in time
You do not want to receive a penalty for not filing your return in time. As you’d expect, most taxpayers provide their Self Assessment tax returns on time with honest information and pay their tax bill on time too. But alongside all these good citizens and business folk with their straightforward tax returns HMRC also receives a raft of laughable excuses as well as some dubious tax-reducing expense claims. Surely no one in our local area of Hertfordshire, Essex and north London would have put these whoppers for late tax returns forward?
Continue readingAccounts tools: Aged debtors report
Does your business make use of an Aged Debtors Report? All businesses compile annual accounts as part of their statutory duties. Many also use management accounting tools to improve their business performance, especially if they are mid-sized businesses. This type of financial report is often completed each month and sheds light on the effectiveness of current business strategies. Here we put one such tool, the Aged Debtors Report, into the spotlight.
Continue readingNew Year Networking with HB Accountants
HB Accountants Ladies Networking Lunch
Are you thinking that 2020 is the year that you should get better connected? Networking is one of the many opportunities to make new business contacts, get advice and swap tips and as a result (and because HB Accountants believe networking is fabulous for business) we organise a Ladies Networking Lunch every quarter.
The Ambition Conference 2019 – why you should be there in 2020
Held at The Spotlight in Hoddesdon this fantastic event was initiated to inspire local businesses to grow and excel, attendees hit the 130+ mark. The result… a fantastic day! Read here why you & your sales or marketing team should be there in 2020.
MC for the event, Jeremy Nicholas took to the stage and introduced 6 fantastic speakers.
Continue readingCapital Allowances have changed: Three tax changes
So Capital Allowances have changed. Three significant changes to Capital Allowances have come into effect. Firstly, the first-year allowance for electric charge points due to expire in 2019 has been extended to 2023. Secondly, the Special Rate relief for plant and machinery is reduced from 8% to 6% from April 2019. And finally, the new Building & Structures Allowance provides tax relief on qualifying construction costs for works that started on or after 29 October 2018.
Are you & your business taking action to prevent fraud?
Recently Team HB’s Karen, Amy, Catherine, John and Vicki took part in the ‘Helping to Protect you from Fraud’ seminar run by Lloyds Bank to ensure we adhere to current best practice. Here we share details of the risks facing business today and provide Lloyds resources which set out the steps you can take to protect your organisation from fraud. Are you and your business taking action to prevent fraud?
A Quick Guide to Gift Aid – Are you aware of Tax Relief for Charitable Donations?
Tax Relief for Charitable Donations
Are you aware of Tax Relief for Charitable Donations? If you donate to charity, did you know you can do so tax-free? There are various ways of making tax-relieved gifts to charity – the way in which the relief works depends on whether the donation is made via Gift Aid, as a deduction from wages or a pension via the Payroll Giving Scheme, in a will or whether it is a gift of land or property.
