Tax Archives | Ton Media Cyf

Best Way to Lower Your Corporation Tax Bill: Contribute to a Pension

As a business owner, one of the most efficient ways to reduce your Corporation Tax bill—and extract value from your company—is through pension contributions. Not only do employer contributions reduce your company’s taxable profits, but they can also help you save on National Insurance and build long-term personal wealth. This article explores how contributing to […]

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Can I reclaim VAT on gifts for clients or staff?

Uncategorised / craigwilliams

As accountants, one of the most common questions we get asked by business owners is, “Can I reclaim VAT on gifts for clients or staff?” The short answer is: yes. However, like with all things when it comes to HMRC, it depends on a range of factors and, of course, adhering to specific HMRC guidelines.

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The benefits of outsourcing your payroll process

Uncategorised / craigwilliams

Let’s be honest, running a business is already full-on. The last thing you need is the added stress of managing payroll. It’s not just about making sure everyone gets paid on time (although that’s important!). It’s the admin, the ever-changing tax rules, the deductions…and it all adds up, causing one giant payroll headache. So what

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What does HMRC do with all the tax I pay?

Uncategorised / craigwilliams

Ever looked at your tax bill and thought, “Where does all this money go?” If so, you’re not alone. You work hard, you pay your taxes, but what does HMRC do with it all? Here’s a breakdown so you can see exactly how your contributions are spent. First, what taxes are you paying? Before we

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Can one company lend to another? Tax implications

Uncategorised / craigwilliams

Although the economy is said to be stagnating with little growth on the horizon, many smaller companies are doing well and have healthy bank balances. However, with the interest rate return on cash in a bank account being relatively low, some companies are looking to invest spare cash elsewhere if investing in their own company

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Beat the Stamp Duty deadline – 1 April 2025

Uncategorised / craigwilliams

There is a stamp duty land tax (SDLT) deadline on the horizon – from 1 April 2025, there are changes to both the residential SDLT threshold and that applying to first-time buyers. Completing a purchase before that date could save the buyer £2,500 in SDLT. For a first-time buyer, the potential savings are more. Residential

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Are professional fees tax deductible?

Uncategorised / craigwilliams

The answer to this question depends on what type of professional fees have been incurred. Professional fees are income and corporation tax deductible if incurred ‘wholly and exclusively’ for the purpose of the trade, profession or business. However, they must not be capital in nature or losses not connected with/ arising out of the trade.

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Be aware of VAT bad debt relief

Uncategorised / craigwilliams

Despite the improving economy, bad debts are still a fact of life for many businesses. HMRC is aware that not all invoices are paid on time and allows bad debt relief to be claimed by businesses that have already paid VAT to HMRC on sales invoices that remain unpaid. How bad debt relief is allowed

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Class 2 National Insurance refunds made in error – Action to take

Uncategorised / craigwilliams

Class 2 National Insurance contributions are flat-rate contributions which for 2023/24 and earlier tax years are payable by the self-employed where their profits exceed the relevant trigger threshold. For 2023/24 and 2022/23, the liability to pay Class 2 contributions arose where profits exceeded the lower profits threshold (set at £12,570 for 2023/24). For those years,

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Encouraging private investment into small and medium-sized companies – government-endorsed tax incentives

Uncategorised / craigwilliams

For small companies, obtaining tax-efficient funding involves leveraging various schemes and incentives that minimise tax liabilities while maximising capital inflow. These schemes are designed to attract investment by offering tax reliefs to investors, making it more appealing for them to invest in small and growing businesses. Several government-endorsed tax incentives have been implemented to encourage

Encouraging private investment into small and medium-sized companies – government-endorsed tax incentives Read More »

Tax

Best Way to Lower Your Corporation Tax Bill: Contribute to a Pension

Can I reclaim VAT on gifts for clients or staff?

The benefits of outsourcing your payroll process

What does HMRC do with all the tax I pay?

Can one company lend to another? Tax implications

Beat the Stamp Duty deadline – 1 April 2025

Are professional fees tax deductible?

Be aware of VAT bad debt relief

Class 2 National Insurance refunds made in error – Action to take

Encouraging private investment into small and medium-sized companies – government-endorsed tax incentives

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