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Alex Atkin kindly agreed to write a quick guest blog for us on everything to do with R&D tax credits.  This is often a very overlooked benefit to companies who are spending money on eligible costs (and the tax refunds can stack up). If any of this sounds familiar for your business, please get in touch and we'll check things out!   An Introduction to R&D Tax Relief R&D tax relief is designed...

When your Limited Company donates to charity you can claim tax relief on your corporation tax. This is claimed by deducting the donation amount from your trading profits before you pay corporation tax. There are many different types of donations such as: money equipment such as office furniture, computers, vans and cars, tools and machinery trading stock, these are items you either sell or make in house land & property, you may sell this on...

VAT, or Value Added Tax, can seem like something quite complex that is only for the really large businesses.  So if your turnover is below the threshold (currently £82,000 for 2015-16) why would you want to register or have any involvement in VAT? Well it really depends on the type of customers that you have. If you deal with the public then there would not be much reasoning for you to...

If you've needed, or chosen, to become VAT registered, then the next question is which VAT scheme should you use!  There are numerous different ways to calculate your VAT, below are the common ones. Standard VAT scheme This is where you calculate the difference between what customers have given you in VAT and what you have suffered on your purchases.  The difference is either what you pay over to HMRC or what...

Ok, so you’ve got a great idea or a plan to start a new business when you get asked the question - ‘are you going to be a limited company or a sole trade or a partnership?’.  Or maybe you’re currently trading as one of those but wondering if you should be one of the others. Well it’s not a straightforward decision as one option does not fit all, it depends...

The way in which you can extract funds as a director from a limited company will be changing on 6 April 2016 - dividends will still be a tax efficient way to extract funds but the way you are taxed on a dividend will change. Dividends pre 6 April 2016 All dividends before the basic rate tax bracket are taxed at 10% and all the dividends issue come with a 10% tax...