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Tax and finance insights
Our take on the accounting issues that matter to you, including guidance on what tax rules mean in the real world and practical tips on running your business.
How to spot an email phishing scam
We’ve all heard the horror stories – a friend or relative has received an email from a sender they thought they could trust, only to discover they’ve been tricked into giving away their money. This type of hoax, known as phishing, involves a scammer posing as a legitimate business and convincing...
FREE cloud bookkeeping event on 27th March 2018; Hosted by Knight & Company……. Interested?
Knight & Company are holding a FREE cloud bookkeeping event on 27 March 2018....... Interested? Making Tax Digital (MTD) is a staged requirement from HMRC, which will require all businesses (self-employed and companies) to keep digital records and submit their taxes through the digital...
Making tax digital… it’s a requirement
At the tail end of 2017, HMRC published its draft regulations that will guide how the government transitions VAT accounting into the digital age. The VAT regulations are a part of the government’s wider Making Tax Digital (MTD) initiative, which will end the practice of submitting paper tax...
Pension planning: the self-invested personal pension
Over the years we’ve been running this blog, we’ve written about and discussed many different financial topics. One thing we’ve never written about is the self-invested personal pension – or SIPP for short. What is a SIPP and how can they be useful for your retirement strategy? The self-invested...
Year-end business tax planning
With only 3 months left until the end of the 2017/18 tax year, it is essential to look ahead to the next financial year. Unlike previous years, 6 April 2018 will not herald any significant changes to how your business is taxed. Nevertheless, all business owners should be thinking about what the...
Year-end personal tax planning
As another financial year draws to a close, all of our clients must now be focused on what lies ahead in the 2018/19 tax year. From 6 April 2018, several major changes to tax thresholds and reliefs will be introduced. These measures may affect your financial situation, so it is imperative to be...
Tax on directors’ loans
As a director of a limited company, you have the option to take loans directly from your business as and when you require extra capital. Before committing to a director’s loan it is essential that you are aware of how they are treated for tax. In this blog post, we will examine 2 taxes that could...
Thinking of paying your tax bill on a personal credit card?
HMRC will not accept personal credit card payments after 12 January 2018 As stated in a previous newsletter, HMRC will no longer accept payments by personal credit card after 12 January 2018. The reason of the change is that from 13 January, the EU Payment Services Directive 2 prohibits merchants...
Taking on an apprentice
The government’s apprenticeship levy, brought in at the start of the 2017/18 tax year, aims to fund apprenticeship positions in businesses and sectors across the country. All businesses spending £3 million or more per year on salaries are now obliged to pay 0.5% of their salary bill towards the...
Autumn Budget 2017: how will your personal finances be affected?
Chancellor Phillip Hammond’s first ever Autumn Budget statement was a low-key affair, with a relative lack of headline-making announcements. Instead, the chancellor sought to steady the ship with measures designed to mitigate the uncertainty caused by the ongoing Brexit negotiations. This was a...
Subcontractors: the benefits of gross payment status
Here on the Knight and Company blogroll, we provide information and advice on an array of different topics for both businesses and individuals. One of the most popular entries of 2016 was dedicated to gross payment status and how subcontractors can both obtain and benefit from it. In light of the...
Self-assessment: deadline for paper tax returns…. 31 October 2017
Filing your first self-assessment tax return can seem like an intimidating prospect. Although the growth of the government’s online filing system has gone a long way to simplify the process, the complexity of tax returns can present problems for first timers. With the deadline for submitting paper...
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