As the end of the tax year approaches, it’s a great time to review your personal financial position and look for more efficient ways of managing your income. Here are our top tax tips for individuals as we approach the end of the tax year on 5th April 2020. If you want to know more, give the tax team at HB Accountants a call.
Continue readingIs it tax efficient to pay dividends before 6th April?
As we approach the end of the tax year, many businesses will be reviewing how much profit they have made over the year and therefore, calculating how much money they could take out of the business in dividends.
A question that I am regularly asked is whether to pay out dividends BEFORE the end of the tax year or AFTER it? Of course, there is not one clear answer, but the following information may help you decide.
Continue readingNational Insurance Updates: Are you aware of the changes?
The National Insurance Contribution Threshold will rise to £9,500 a year on 6th April 2020, consequently 31 million UK taxpayers will begin to pay less national insurance!
This means that the typical employee will pay around £104 less in 2020/21, and self-employed people who pay national insurance at a lower rate will have £78 cut from their bill.
Continue readingCelebrating Vicki’s First Year with HB Accountants
We are delighted to be celebrating Vicki’s first Year with HB Accountants. It was a whole year ago that she joined as our Marketing & Office Manager.
Team HB’s Director Karen says “Happy work anniversary Vicki, the year has certainly flown by and you’ve achieved so much in just a year. We are lucky to have you, we can’t wait to see what the year ahead brings and we couldn’t imagine HB without you now”.
Continue readingWhat are the benefits of networking?
Could it be time for you to get better connected and what are the benefits of networking? Throughout Hertfordshire, Essex and the surrounding areas you will find many fantastic businesses. Professional networking means you are going to meet more people and ultimately expand your network. You might be thinking “is the investment of my time and resources actually going to be worth it?” At HB, we believe that by taking advantage of networking events you can build genuine business relationships, which will have a positive impact on you and your business in the future.
Continue readingWhy Do Auditors Invoke Fear?
Auditors… Does this conjure up an image of an impersonal, fearful, detail-obsessed tyrant desperate to find errors in your accounts? I completely understand why the thought of an audit would fill you with dread, but this blog shares how to have the same positive audit experience that our clients enjoy and one that will ultimately help and support your business.
Continue readingYear End Tax Tips for Businesses 2019/2020
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 readingTax 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 readingSave money by driving an electric car
Multiple tax benefits are available for drivers of electric company cars – and many of us don’t even realise it. HBA Director, Karen Chase, will save over £6,000 this coming tax year as she won’t be paying tax on the benefit-in-kind (BIK). It may finally be time to benefit from driving a company car!
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