BUSINESS GUIDES

We’ve put together a series of concise business guides. Click on the links below to access the relevant topics. Please contact us if we can provide further help and guidance.

Capital taxes

This group of guides cover taxes on the disposal, generally by way of sale, of capital assets and the taxes due on death.


Capital gains tax

A capital gain arises when certain capital assets are sold at a profit. We consider the taxation of gains and outline the reliefs available.
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Capital gains tax and the family home

We consider whether any tax is due on the sale of the family home and the availability of principal private residence and other reliefs.
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Inheritance tax - a summary

Inheritance tax (IHT) is levied on a person’s estate when they die and on certain gifts made during an individual's lifetime. We set out the principles.
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Inheritance tax avoidance - pre-owned assets

We consider the Pre-Owned Assets rules, along with the rules for determining the income tax charge levied on the previous owner of an asset.
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Stamp Duty Land Tax

We look at the key areas to consider for the purchaser in a land transaction, whether this is buying a house or creating a lease or assigning a lease, a purchaser is required to pay Stamp Duty Land Tax (SDLT).
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Trusts

We consider the basic principles of Trusts, looking at what they are, along with a range of anti-avoidance measures aimed at preventing exploitation of potential tax benefits.
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Corporate & business tax

Concise information on the taxation issues you need to consider for both unincorporated and corporate businesses.


Business motoring - tax aspects

This guide focuses on the current tax position of business motoring, a core consideration of many businesses. The aim is to provide a clear explanation of the tax deductions available on different types of vehicle expenditure in a variety of business scenarios.
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Capital allowances

The cost of purchasing capital equipment in a business is not a tax deductible expense. However tax relief is available on certain capital expenditure in the form of capital allowances.
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Cash basis for the self-employed

Small unincorporated businesses can calculate their profits for tax purposes on a cash basis rather than the normal accruals basis. We look at the optional rules that allow for this, while also taking in the key tax points.
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Companies - tax saving opportunities

Pre-year end tax planning is an important consideration and this guide outlines some of the key areas. Topics covered include corporation tax, capital allowances, dividends payments and capital gains.
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Corporation tax - quarterly instalment payments

Under corporation tax self assessment large companies are required to pay their corporation tax in four quarterly instalment payments. This guide considers the rules regarding these payments.
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Corporation tax self assessment

This guide explains the procedures for filing your company’s tax return and paying the tax due.
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Fixed rate expenses

An optional system of fixed rate expenses has been introduced for unincorporated businesses. We consider the optional rules which allow the use of a 'simplified' fixed rate deduction instead of actual costs.
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Homeworking costs for the self-employed

If you are self employed and work from home this guide will summarise what homeworking costs you can claim for tax purposes.
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Incorporation

The issue of whether to run your business as a company or a sole trade or partnership is an important decision. In this guide, we summarise the relevant tax changes and show the potential tax savings currently available from operating as a company.
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IR35 personal service companies

The 'IR35' rules are designed to prevent the avoidance of tax and national insurance contributions through the use of personal service companies and partnerships. This guide summarises what situations are caught by the rules and the implications of the rules.
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Research and development

Research and development (R&D) by companies is being actively encouraged through a range of tax incentives, which we consider in the points below.
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The Construction Industry Scheme

The Construction Industry Scheme sets out special rules for tax and national insurance for those working in the construction industry. This guide considers the workings of the scheme.
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Employment & related matters

These guides contain concise summaries of information on employment law related topics. The information is relevant to both employers and employees alike.


Age discrimination

Dealing with age discrimination can be a complicated matter, especially when making sure the correct systems and processes are in place to avoid such acts. We consider the issues that may be important to you here.
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Agency workers regulations

We consider the implications of the regulations to agency workers, looking at various aspects from payment and holiday entitlement, to working conditions.
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Annual leave

We consider their entitlement and some complications of annual leave, including payment, entitlement and sickness during leave.
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Dismissal procedures

We consider the key areas that can be involved in employee dismissal, whether it is looking at statutory procedure, possible unfair dismissal claims or simply the right to dismiss an employee.
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Health and safety

We provide information, practical tips and processes (including a checklist) to help your business remain, or become compliant.
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Legal working in the UK

Guidance to help you make sure that your business is complying with the law when it comes to employing staff to work in the UK.
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Managing absence

We consider how to best manage absence procedures.
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National Minimum Wage

We look at the main principles of the minimum wage regulations, considering the various rates, along with the penalties for failure to comply.
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Recruitment procedures - employment law

Our suggestions can help you take on better employees by improving your recruitment process and also avoid making mistakes.
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Recruitment procedures - 7 steps for good procedures

Read our 7 sensible steps to follow whilst recruiting, which should help you avoid mistakes.
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Redundancy procedures

We outline elements such as the legal procedures to be followed and statutory redundancy pay, along with other key principles concerned with the redundancy of employees.
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Statutory sick, maternity and paternity pay

We look at an employer's obligations to pay statutory payments and the processes involved.
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Employment issues (tax)

Concise information on the tax issues relevant to both employers and employees. Click on the links below to access the relevant details.


Cars for employees

This guide set out the main areas to consider and the tax and national insurance implications with employer provided cars.
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Employee expenses

HMRC have introduced an exemption regime for employee expenses which results in the expenses not only being tax exempt but non reportable on form P11D. This guide considers the necessary conditions that must be met for this exemption to apply.
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Employer supported childcare

The tax and NIC exemption for employer-contracted childcare and employer-provided childcare vouchers has been very popular with both employers and employees alike. This guide outlines the exemptions available.
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Employment benefits

The remuneration of many directors and employees comprises a package of salary and benefits. In this guide we consider some of the main benefit rules.
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Homeworking and tax relief for employees

It is now very common for many employees to work from home, but this does mean that it is important to understand how the rules work with this.
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National insurance

National Insurance contributions (NICs) are essentially a tax on earned income. The NICs regime divides income into different classes: Class 1 contributions are payable on earnings from employment, while the profits of the self-employed are liable to Class 2 and 4 contributions. This guide highlights the areas you need to consider and identifies some of the potential problems.
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Payroll - basic procedures

This guide outlines what you need to do to set-up and run your payroll.
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Payroll Real Time Information

Significant changes are being made to the way payroll information needs to be submitted to HMRC. Read our guidance on how payroll operates under Real Time Information (RTI).
Read the guide


Share ownership for employees - EMI

Retaining and motivating staff are key issues for many employers. The Enterprise Management Incentive enables options to be granted to employees which may allow the shares to be received without any tax bill arising until the shares are sold. This guide gives an overview of EMI.
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Travel and subsistence for Directors and employees

Travelling and subsistence expenditure incurred by or on behalf of employees gives rise to many problems. This guide highlights the main areas to consider in deciding whether tax relief is available on travel and subsistence.
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General business

Issues to consider when running your own business. Click on the links below to access the relevant information.


Bribery Act 2010

This guide gives an overview of the procedures you must put in place in relation to the Bribery Act 2010.
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Company secretarial duties

This guide considers what company information has to be made available and looks at whether a company secretary needs to be appointed.
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Criminal Finances Act 2017

The Criminal Finances Act 2017 came into effect on 30 September 2017. We take a look at the key aspects of the Act and the implications for your business.
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Directors’ responsibilities

Becoming a director carries with it potentially onerous duties. Make sure you know what those duties are. This guide gives guidance on directors’ responsibilities.
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Franchising

Franchising is becoming increasingly popular. This guide considers the advantages and disadvantages of franchising and points to consider when considering operating as a franchise.
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Fraud and how to spot it

This guide considers how you can increase your awareness of the factors that indicate fraud. It also sets out the defences that you can implement to minimise the risk within your business.
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Grants

We consider if your business is eligible for a grant.
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Micro Entity Accounting

This guide considers the options available to micro entities when preparing their accounts.
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Register of people with significant control

This guide summarises the requirements which place additional obligations on companies, their officers and the people with significant control over them.
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Securing business success

As many as half of all businesses fail in their first three years of trading, this guide summarises the specific reasons for business failure and how to avoid them.
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Small Company Accounting

The required format of statutory accounts for small companies has changed. This guide considers the reporting requirements and their impact.
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Valuing your business

There are many reasons why you may need to calculate the value of your business. This guide consider the range of methods available as well as some of the factors to consider during the process.
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Information & Communications Technology

Concise information on Information and Communications Technology matters.


Bring your own device (BYOD)

We consider guidelines on creating a policy for those companies who have a BYOD policy for their employees.
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Data security - access

Storing and gaining access to personal data on computers, networks and systems is an ever-changing area. We look at the important information to consider.
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Data security - backup

We look at what you need to consider with your computer system and how you backup your data.
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Data security - cloud and outsourcing

We consider the security of your computer systems, and how to minimise the risks of data loss within the cloud and where some or all services are outsourced.
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Data security - data loss risk reduction

We look at what to consider in order to make sure your data is secure.
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Data security - Data Protection Act

The key compliance issues are observed when looking at data protection and the Data Protection Act.
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Data security - General Data Protection Regulation

The General Data Protection Regulation (GDPR) will replace the existing Data Protection Act and took effect 25th May 2018. This guide considers the key principles of the GDPR.
Read the guide


Data security - General Data Protection Regulation - Ensuring Compliance

The General Data Protection Regulation (GDPR) replaced the existing Data Protection Act and applies from 25th May 2018.
Read the guide


Internet and email access policy

It is important that your employees are aware of what is and isn't allowed with regards to internet and email usage.
Read the guide

Pensions

Pensions are an important consideration for all and become more so the older you get but what are the rules?


Pensions & Retirement Planning

Find out about the different pension options and how they affect you.
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Pensions - tax treatment on death

Details of how pension funds are treated for tax on death.
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Pensions - automatic enrolment

Outlines employers' responsibilities under Pensions Auto Enrolment. The government has placed greater responsibility on employers to provide access to pension provision.
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Pensions - tax reliefs

We set out the tax reliefs available to members of a Personal Pension scheme.
Read the guide

Personal tax

Concise information on a variety of topics relevant to an individual. Click on the links below to access the relevant guide.


Charitable giving

You can get tax relief on gifts to UK charities if you give under Gift Aid or through a Payroll Giving scheme or by making a gift of shares or land. We outline the reliefs available.
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Child Benefit charge

Information regarding the High Income Child Benefit charge which applies to taxpayers who have income over £50,000 in a tax year where either they or their partner receive Child Benefit.
Read the guide


Dividends and interest

The rules for taxing interest and dividend income significantly changed with effect from 6 April 2016. This guide considers the new tax rates and the introduction of the Savings and Dividend Allowances.
Read the guide


Enterprise Investment Scheme

We look at how qualifying companies can get access to equity investment from new and, in some cases, existing shareholders.
Read the guide


Individual Savings Accounts

ISAs are tax-exempt savings accounts available to individuals.
Read the guide


Making Tax Digital for Individuals

In this guide we outline some of the key issues for individuals including the Personal Tax Account and Simple Assessment.
Read the guide


Non-domiciled individuals

An introduction to the taxation in the UK of income arising outside the UK for non UK domiciled individuals.
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Personal tax - self assessment

Under self-assessment an individual is responsible for ensuring that their tax liability is calculated and any tax owing is paid on time. We summarise the rules and penalties for failing to comply with your obligations.
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Personal tax - when is income tax and capital gains tax payable?

We look at the area of self assessment, the responsibility for this and also the rules and penalties to be aware of.
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Property investment - buy to let

We consider what the key areas of for investing in property, looking at rental income, along with all the other costs and outgoings.
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Property investment - tax aspects

Investment in property continues to be a popular form of investment. On the basis that the investment appears to make commercial sense what tax factors should you take into account?
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Seed Enterprise Investment Scheme

This is an area that usually appeals to start up companies, and those that invest within them. We look at why this is the case and what to consider.
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Statutory Residence Test

The Statutory Residence Test provides, through a series of tests, a definitive process to determine the UK residence status of any individual. That status applies for income tax, capital gains tax and inheritance tax purposes.
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Tax-Free Childcare

The government has introduced a tax incentive for childcare.
Read the guide


Taxation of the family

We look at how family members and structures can affect tax purposes.
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Venture Capital Trusts

Venture Capital Trusts (VCTs) offer similar to breaks to individuals as the Enterprise Investment Scheme. They provide an opportunity to invest in unquoted trading companies via a VCT thus spreading the investment risk over a number of companies.
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Specialist areas

A round up of some specialist areas from Money Laundering to Charities and Community Amateur Sports Clubs.


Charities in England and Wales: trustees' responsibilities

It is often considered an honour to act as a trustee for a charity and an opportunity to give something back to the community. We outline the main responsibilities with a particular emphasis on accounting and audit requirements.
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Charities in Scotland: trustees' responsibilities

We consider the various responsibilities of being a Scottish Charity Trustee with particular emphasis on accounting and audit requirements.
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Community amateur sports clubs

Many local amateur sports clubs register with HMRC as Community Amateur Sports Clubs (CASCs) and benefit from a range of tax reliefs including Gift Aid. We consider the rules and their implications.
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Limited liability partnerships

The key features of a Limited Liability Partnership.
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Money laundering

Recent times have seen tough new rules introduced to crack down on money laundering and the proceeds of crime. The rules affect a wide range of people and we consider how your organisation may be affected.
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Money laundering - high value dealers

We outline the procedures to be adopted with regards to the regulations aimed at preventing money laundering.
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Social enterprise entity structures

A social enterprise entity is a business with primarily social objectives. Any surpluses made are reinvested into the main principle of that entity (or into the community) rather than maximising profit for shareholders. We consider the various legal forms and which one will be the most appropriate.
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Starting up in business

Concise information on the key issues to consider when starting up in business. Click on the links below to access the relevant information.


Business plans

Every new business should have a business plan. It is the key to success. If you need finance, no bank manager will lend money without a considered plan. We consider why you should draw up a plan and what it should include.
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Business structures

Having made the decision to be your own boss, it is important to decide the best legal and taxation structure for your enterprise. The structure for you will depend on your personal situation and your future plans. Consider the options available.
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Considerations when starting a business

It is the ambition of many people to run their own business but there are many issues and pitfalls to consider. What issues should you consider when setting up in business?
Read the guide


Could I really make a go of it?

If you are looking to run your own business, it is worth looking at what is required to succeed.
Read the guide


Credit control

We consider what you need to be checking in order to understand if your customer can support the amount of credit you are granting.
Read the guide


Insuring your business

When starting a new business, you will no doubt recognise the need for insurance. It can provide compensation and peace of mind should things go wrong but can also represent a significant cost. We consider the types of insurance you may need.
Read the guide


Raising finance

Every business needs finance. We look at what type of finance is best suited to the development of your business.
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Sources of finance

The financing of your business is the most fundamental aspect of its management. Get the financing right and you will have a healthy business, positive cash flows and ultimately a profitable enterprise. We summarise the means of finance that are available and where we can help.
Read the guide

VAT

Concise information on the VAT issues you need to consider when running your business. Click on the links below to access the relevant information.


VAT - a summary

VAT registered businesses act as unpaid tax collectors and are required to account both promptly and accurately for all the tax revenue collected by them. This guide highlights some of the areas that you need to consider when running your business.
Read the guide


VAT - annual accounting scheme

The annual accounting scheme helps small businesses by allowing them to submit only one VAT return annually rather than the normal four.
Read the guide


VAT - bad debt relief

This guide explains the situations where the VAT bad debt relief applies.
Read the guide


VAT - cash accounting

Cash accounting enables a business to account for and pay VAT on the basis of cash received and paid rather than on the basis of invoices issued and received. The guide explains the workings of cash accounting.
Read the guide


VAT - flat rate scheme

The VAT flat rate scheme for small businesses was introduced to reduce the administrative burden imposed when operating VAT. Under the scheme a set percentage is applied to the turnover of the business as a one-off calculation instead of having to identify and record the VAT on each sale and purchase you make. This guide explains how the VAT Flat Rate Scheme works.
Read the guide


VAT - 7 key points for the smaller business

This guide focuses on VAT matters of relevance to the smaller business. A primary aim is to highlight common risk areas as a better understanding can contribute to a reduction of errors and help to minimise penalties.
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Making Tax Digital for VAT

This guide outlines some of the key issues for businesses.
Read the guide

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