HMRC Time To Pay

HMRC Time To Pay When a business experiences a cash flow problem, they often fall behind on are their taxes. As VAT and PAYE are the taxes businesses pay the most frequently, they’re the ones [...]

IR35 and Christa Ackroyd

IR35 and Christa Ackroyd The IR35 tax was originally designed to spell the end for “disguised employees” in businesses up and down the country. The latest tax tribunal case shows that even BBC [...]

Simplified expenses for the self-employed

Simplified expenses for the self-employed The simplified expenses for the self-employed regime is the easier of the two systems that you can use as your own boss to reduce the amount you pay in [...]

Taking on an apprentice

Taking on an apprentice Even despite the recent changes to the Apprenticeship scheme, employers are taking up the chance of hiring fresh-from-school or fresh-from-college talent for their [...]

ISA, LISA, or pension?

ISA, LISA, or pension?   In 2017, the government launched the Lifetime Individual Savings Account (LISA). There are now three major savings vehicles for consumers to choose from – the [...]

Off-plan property purchases and tax

Off-plan property purchases and tax Private residence relief (PPR) is the name of the tax rule which means that if you sell the property you’re living in, you don’t have to pay capital gains tax [...]

How to prepare your SME for investment

How to prepare your SME for investment   If there was ever a time to prepare your SME for investment, that time is now. At Smart Team, we understand that going for investment into your SME [...]

Buy-to-let Rental Expenses Tax Treatment

Buy-to-let rental expenses tax treatment Buy-to-let rental expenses tax treatment is an area of tax law that can be quite confusing and which has seen significant changes over the past few years. [...]

2018 ISA savings

2018 ISA savings The Autumn Budget 2017 made surprisingly few tweaks to the pensions and savings regime. However, a notable change came in the form of the junior ISA subscription limit being [...]

Taxation of Furnished Holiday Lets

Taxation of furnished holiday lets If you own properties which qualify as Furnished Holiday Lettings (FHLs), this is the Smart Team’s guide on whether you qualify for tax relief on the rental [...]

Stamp duty refunds still delayed

Stamp duty refunds still delayed George Osborne’s stamp duty charge was implemented in April 2016 in an effort to stop the growth of buy-to-let business. The 3% surcharge payable by anyone [...]

Card Transaction Programme

Card Transaction Programme In our last blog, we looked at the Requirement to Correct campaign currently underway with HMRC. There is another important campaign running too and it’s called the [...]

Requirement to Correct

Requirement to Correct It seems that tax evasion and avoidance is something we see in the newspapers every other day. Since the big financial collapse in 2008, governments under pressure from [...]

Important buy-to-let landlord rules

Important buy-to-let landlord rules Which? magazine reported last month that more than 300,000 landlords across the UK had been caught out by fines of up to £5,000 for breaking new energy [...]

EC Sales List

EC Sales List If your business supplies VAT-registered companies within the EU, you’ll need to complete an EC sales list. Here’s what an EC sales list is and what you need to know.   EC [...]

Bitcoin taxes

Bitcoin taxes At the end of October 2017, a reader wrote into the This Is Money website asking if he’d have to pay tax on his Bitcoin gains. He said he’d bought 1,000 bitcoins for £5,000 in 2012 [...]

Transferring your cash ISA

Transferring your cash ISA   Given the recent rise in Bitcoin, it’s a shame we’re not all invested in it. For most of us, we choose to shelter our savings in either pensions or ISAs. An [...]

How to amend a VAT return

How to amend a VAT return   VAT is a complicated tax – perhaps one of the most complicated there is for most SMEs. So, if you make a mistake, what do you need to do to amend your VAT return? [...]

Contractor event expenses this Christmas

Contractor event expenses this Christmas   It’s Christmas time – the season of goodwill and the excuse for a fantastic party for all the people working in the company you’re contracting for. [...]

Smart Team 2017 Budget Bulletin

Last Wednesday, Philip Hammond, Chancellor of the Exchequer, rose to deliver his Autumn Budget speech to the House of Commons. With Brexit 17 months away, a slowing economy, and concerns that [...]

The Patent Box

The patent box offers a significant and ongoing tax break to businesses involved in innovation. Currently very few high-tech firms and companies which develop and use patents in their line of [...]

Abolition of Self-Employed NIC to be Deferred

This month, the government announced that they would be postponing the abolition of Class 2 National Insurance Contributions until 6th April 2019. This comes after The Low-Income Tax Reform Group [...]

Using Company Money to Pay Your Mortgage Down

If you’re a contractor and you’ve accumulated an impressive amount of savings in your limited company account, could you put that money to use to pay off your mortgage or at least offset part of [...]

The Staircase Tax – What is it?

Despite the verdict of the Supreme Court being announced all the way back in 2015, the staircase tax has really only begun to caught controversy in the press in the last few months. Businesses [...]

Dividend tax 2018/2019

Dividend tax 2018/2019 and everything you need to know about it. Shareholding directors receive dividends on the profit their companies make. It’s a straight payment from the company to the [...]

Fuel Scale Charges

Claiming VAT on mileage is a benefit you should only take advantage of if you provide free fuel to employees (for both business and personal use) and reclaim all of the VAT on that fuel. This is [...]

Capital Versus Revenue for Landlords

Capital versus revenue for landlords – now, this is a topic that’s been causing a lot of debate and disagreements with HMRC for over 20 years now. However, if you let out properties, it’s one of [...]

How Pensions Work

Welcome to the Smart Team’s four-part guide to pensions. Over the next two weeks, we’ll be looking at: how pensions work the differences between private/personal pensions and workplace (auto [...]

Funding Circle

There are now more options than ever before for companies to borrow money. Traditionally, new start businesses and firms less than 2 years old have struggled to get their hands on finance. Now, [...]

Tax Free Childcare

Childcare is changing in England over the next year. It’s a complicated system, made more so with the introduction of tax free childcare, so here’s Smart Team’s guide to what is currently [...]

What’s in a name?

At the end of February 2016 Smart Accountancy Systems Limited will be 6 years old.  This is a massive achievement having started a business in arguably the biggest financial meltdown in history [...]

VAT Schemes

VAT Schemes for small businesses When was the last time you checked if you were on the best VAT scheme for your business?  I bet you £5 now that when you registered  for VAT till now you have not [...]

Calculating Gross Profit Margins

If you do not know what your gross profit margin is how do you know whether you are making enough money to cover your overheads, tax and make a profit to pay yourself? Far to often we are coming [...]

Peer to Peer Lending

Peer to business lending (P2B), also known as crowdlending, crowdfunding or peer to peer lending is a relatively new way for businesses to access funding and business loans. Put simply, a [...]

Fathom Review

Fathom is an online financial analysis and performance reporting tool. Complete with financial KPI analysis, cash flow analysis, profitability analysis, growth analysis, trend analysis, and ‘what [...]

Capsule Review

Capsule CRM is an online CRM system that integrates with many of the other business tools we love and use on a daily basis such as Xero and MailChimp.  With more and more clients wanting to make [...]

Podio Review

Podio is an online collaboration, CRM, intranet, project management system (basically you decide how you want to use it with over 600 free apps that you can tailor to fit your workflow) that [...]

Sage Conversion to Xero

Sage or QuickBooks to Xero Conversion During the month of September 2014 you can get a FREE Sage or QuickBooks to Xero conversion.  This means you can bring across two years worth of [...]

Why Cloud Computing

Cloud computing is the latest craze but with there being so many new fads people have stopped listening.  There is too much noise for business owners to take it all in.  Cloud computing though is [...]

Tax Relief on Personal Pension

Tax Relief – Pension Contributions Paying into personal pension schemes gives rise to tax relief but are you getting the full benefit of the tax relief available?  The government encourages [...]

VAT Deregistration

The actual process of deregistering from VAT is quite straight forward and all you need do is complete the VAT7 – Cancelling your VAT Registration form to start the ball rolling.  But there [...]

Which Business Bank Account?

Business banking can be a minefield so which business bank accounts do you review when selecting your business current account.  Business accounts vary from bank to bank so we have put together [...]

Free Tax Investigation Insurance

Bournemouth firm offers free tax investigation insurance as claims increase 15% year on year Stats show more small businesses and sole traders are asking for advice on HMRC investigations Saves [...]

Directors Loan Account

Overdrawn Directors Loan (Current) Account Anyone? If like most owner managed businesses you treat the company bank account like your personal piggy bank then you will want to read this.  Without [...]

Xero Benefits

Accountancy has not changed much since it started and the introduction of computers made life a whole lot better.  Well that is a drop in the ocean as far as we are concerned to what cloud [...]

Top 10 Xero Features

It is easy to forget some of the great stuff that Xero has packed in.  Accountancy software is much the like, debits and credits, double entry, sales and purchase ledgers.  What sets them apart [...]

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