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These types of trust can be used for education expenses or first home deposit. Sarah and Mike Jones, both teachers, bought their home 20 years ago for £150,000. It's now worth £400,000. When the first partner dies, their share goes into trust. The surviving partner can live there for life, but half the house is protected. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/65e6c2f7-9ba9-4f9a-bbf1-691d731820cb/Untitled+design+%283%29.png Insights - Understanding UK Trusts: Protecting What Matters Most - Financial security in a blended family Possible Trust Solutions: Interest in Possession Trust Your partner can receive income from the trust during their lifetime, with the capital passing to your children after your partners death. This set-up can prevent potential family disputes as it ensures everyone is provided for. David Williams, widowed with a teenage daughter, married Jane Smith, who has a young son. Their challenge as a couple is to ensuring all children are treated fairly and they are both provided for in their lifetime. This trust structure means that the surviving spouse can live in the house and receive income from investments, but can't sell the assets meant for the deceased's children. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/8869c2bd-fb03-4214-b1c1-a0898d9da637/Untitled+design+%286%29.png Insights - Understanding UK Trusts: Protecting What Matters Most - Business owner and a smooth succession Possible Trust solutions: Discretionary Trust This gives flexibility to manage business assets and can help with business continuation and tax efficiency. Priya Kumar built a successful local restaurant chain. Her concern is that the business might need to be sold to pay inheritance tax after she dies. By using a discretionary trust, the business shares are placed in trust, qualifying for Business Property Relief. As a result, her children can take over the business without a massive tax bill forcing a sale https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/413a9f96-709a-4702-a615-cdefa3477c2f/Untitled+design+%287%29.png Insights - Understanding UK Trusts: Protecting What Matters Most - Safeguarding your home from inheritance tax and/or care home fees Possible Trust Solutions: Property Protection Trust or Family Protection Trust This solution places your share of the property in trust while allowing continued residence. Mike and Jim’s house is worth £400,000 which they own jointly. A trust means that the first partner's 50% share goes into trust on death and the surviving spouse can live in the property for life. Meanwhile their children are named as final beneficiaries of the trust, which protects half the property value from inheritance tax, as it is removed from the estate. https://www.mirandusaccountants.co.uk/insights/case-study-balancing-second-marriage-and-legacy-planning monthly 0.5 2025-02-13 https://www.mirandusaccountants.co.uk/insights/key-dates-for-small-business-owners-and-the-self-employed-in-2025 monthly 0.5 2025-01-16 https://www.mirandusaccountants.co.uk/insights/have-you-made-your-new-year-tax-resolution monthly 0.5 2025-01-08 https://www.mirandusaccountants.co.uk/insights/understanding-uk-tax-reliefs monthly 0.5 2024-12-27 https://www.mirandusaccountants.co.uk/insights/do-you-have-income-protection monthly 0.5 2024-11-20 https://www.mirandusaccountants.co.uk/insights/winter-proofing-your-wealth monthly 0.5 2024-11-18 https://www.mirandusaccountants.co.uk/insights/a-fresh-chapter-in-uk-taxation-non-doms-out-new-residents-welcome monthly 0.5 2024-11-11 https://www.mirandusaccountants.co.uk/insights/the-tax-landscape-a-comprehensive-timeline-of-changes-from-2024-and-beyond monthly 0.5 2024-10-31 https://www.mirandusaccountants.co.uk/insights/the-death-of-the-non-dom-status monthly 0.5 2024-10-31 https://www.mirandusaccountants.co.uk/insights/a-frightfully-big-budget-autumn-2024 monthly 0.5 2024-10-30 https://www.mirandusaccountants.co.uk/insights/financial-planning-small-steps-big-impact monthly 0.5 2024-10-22 https://www.mirandusaccountants.co.uk/insights/potential-changes-to-uk-pension-tax-relief monthly 0.5 2024-10-08 https://www.mirandusaccountants.co.uk/insights/scenario-planning-for-tax-changes-at-the-autumn-budget monthly 0.5 2024-10-01 https://www.mirandusaccountants.co.uk/insights/a-small-business-guide-to-cash-flow-management monthly 0.5 2024-09-24 https://www.mirandusaccountants.co.uk/insights/the-uks-potential-exit-tax monthly 0.5 2024-09-18 https://www.mirandusaccountants.co.uk/insights/rethinking-business-asset-disposal-relief monthly 0.5 2024-09-03 https://www.mirandusaccountants.co.uk/insights/the-looming-shadow-of-tax-hikes-autumn-budget monthly 0.5 2024-08-28 https://www.mirandusaccountants.co.uk/insights/how-can-labour-reduce-debt-without-raising-income-tax monthly 0.5 2024-08-21 https://www.mirandusaccountants.co.uk/insights/update-on-tax-changes-for-nom-doms monthly 0.5 2024-08-01 https://www.mirandusaccountants.co.uk/insights/new-labour-employment-law-changes monthly 0.5 2024-07-17 https://www.mirandusaccountants.co.uk/insights/budget-better-and-file-early monthly 0.5 2024-07-08 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1720373709559-T17T29TLAUWMY6KY8RDN/1.png Insights - Budget better and file your self assessment early https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1720373267274-E6S18BYY3AQTUN16L8A2/2.png Insights - Budget better and file your self assessment early https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1720373743411-5RT1SH7T651JU7GKND9D/3.jpg Insights - Budget better and file your self assessment early https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1720373794869-GYVBA3HM940H8FC2T0EW/4.jpg Insights - Budget better and file your self assessment early https://www.mirandusaccountants.co.uk/insights/furnished-holiday-lets-tax-changes-from-april2025 monthly 0.5 2024-07-01 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1719831761103-DQ0P8GHKIBQCMEAJHDGL/image-asset.jpeg Insights - Holiday Let Owners be Prepared: Your Taxes are Changing from April 2025 - Mortgage interest Mortgage interest on FHLs is currently treated as a 100% deduction from rental income. From April 2025, relief will instead be given as a 20% tax credit so for higher and additional rate taxpayers this means a reduction in tax relief from 40% and 45% respectively. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1719831856223-RRA2YROA415UHGEHSTSZ/image-asset.jpeg Insights - Holiday Let Owners be Prepared: Your Taxes are Changing from April 2025 - Capital Gains Tax Capital Gains Tax on disposal/sale of a FHL may currently qualify for Business Asset Disposal Relief (BADR), where the first £1m of lifetime gains are taxed at 10%. Alternatively, the gain can be ‘rolled over’ on purchase of a new business asset/holiday let. Basically, if you sold your FHL before April 2025, any gain in the property is only taxed at 10%. From April 2025, the normal residential property CGT tax rate of 24% will apply. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1719831883250-0WYWAK6F2C087TSCMNAC/image-asset.jpeg Insights - Holiday Let Owners be Prepared: Your Taxes are Changing from April 2025 - Allowable Expenses FHL businesses are currently eligible for capital allowances or 100% tax relief on physical assets bought for the rental property, such as furniture. So if you buy anything new for the property (that wasn't already there) or make changes to the property, you can claim the cost of these fully. From April 2025, you will only be able to claim for the cost of replacing domestic items. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1719831924913-GY56XMBFYSLAFEMT8QXT/image-asset.jpeg Insights - Holiday Let Owners be Prepared: Your Taxes are Changing from April 2025 - Pension Contributions Currently, you can put any profit from the FHL (the higher of £3,600 or 100% of net ‘relevant earnings’) into your pension and get pension tax relief. From April 2025, FHL profits will no longer be treated as relevant earnings. https://www.mirandusaccountants.co.uk/insights/manage-personal-and-business-finances monthly 0.5 2024-06-25 https://www.mirandusaccountants.co.uk/insights/six-point-estate-plan monthly 0.5 2024-06-19 https://www.mirandusaccountants.co.uk/insights/pensions-understand-tax-reliefs monthly 0.5 2024-06-13 https://www.mirandusaccountants.co.uk/insights/anne-robinsons-inheritance-tax-wisdom-tax-key-takeaways monthly 0.5 2024-06-05 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1716839048109-Y8DXCRAVKIXEXD25HDR0/image-asset.jpeg Insights - Inheritance Tax Wisdom: Copying Anne Robinson’s Lifetime Giveaway - Making regular payments over a period of time This is an estate planning tool which is not used as often as it should be, as many people are not aware it is available to them. This is a great tool, particularly with older individuals, as it does not have a time limit on survival after the gift is made and the amounts you gift are limitless and tax-free. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1716839772058-Q488EZSNBUUS2XY1X7E2/image-asset.jpeg Insights - Inheritance Tax Wisdom: Copying Anne Robinson’s Lifetime Giveaway - Potentially Exempt Transfers (PETs) Gifting a one-off unlimited sum: timing is everything You can gift any amount to a loved one as long as you survive for seven years after the gift is made so the amount is not included in your estate and is not liable to inheritance tax. This is known in the tax world as a ‘potentially exempt transfer’ or PEP. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1716839920863-YY0LKJ9M8U7Y0R4CSLRZ/image-asset.jpeg Insights - Inheritance Tax Wisdom: Copying Anne Robinson’s Lifetime Giveaway - Gifting your biggest asset, your home Many of us who own our home are aware that this is the biggest, or one of our biggest assets, that is liable for IHT. But gifting your home to your loved ones whilst still alive, even legally changing the deeds to loved ones, and then continuing to live in the property, will not mean the property falls out of your estate for inheritance tax purposes. The taxman unfortunately is wise to that! https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1716840097933-LO1P106S301BU0MTCP0A/image-asset.jpeg Insights - Inheritance Tax Wisdom: Copying Anne Robinson’s Lifetime Giveaway - A gift for every occasion? Did you know that another way to reduced your estate for IHT purposes includes making cash gifts for weddings or civil partnerships tax free? In a given tax year (6th April to 5th April) you can give a tax-free cash gift to your child of £5,000, £2,500 to a grandchild or great-grandchild and £1,000 to any other person you know. https://www.mirandusaccountants.co.uk/insights/inheritance-tax-common-mistakes monthly 0.5 2024-05-16 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1715891676518-0WQ50A3XY37JGMDU7NNZ/image-asset.jpeg Insights - Inheritance Tax: Common Mistakes - Gifting your biggest asset in your lifetime - your home When you have completed a full inventory of your assets and recognise that your main home may be your most valuable asset, you may consider giving it away before you die or even selling it to loved ones at a price that may be below the market value. Although this will help to reduce the overall value of your estate, your estate being all your assets of value, unfortunately your home may still be included in the inheritance tax calculation if you do not plan properly. https://www.mirandusaccountants.co.uk/insights/sole-trader-cash-basis-save-money monthly 0.5 2024-05-08 https://www.mirandusaccountants.co.uk/insights/should-i-incorporate-my-property-rental-business monthly 0.5 2024-05-01 https://www.mirandusaccountants.co.uk/insights/self-assessment-tax-rules-for-non-residents monthly 0.5 2024-04-23 https://www.mirandusaccountants.co.uk/insights/going-beyond-your-profit-amp-loss-report-understanding-your-balance-sheet monthly 0.5 2024-06-11 https://www.mirandusaccountants.co.uk/insights/ex-pats-nom-dom-changes-april2025 monthly 0.5 2024-04-05 https://www.mirandusaccountants.co.uk/insights/a-recap-of-tax-changes-from-april-2024 monthly 0.5 2024-03-26 https://www.mirandusaccountants.co.uk/insights/what-is-fiscal-drag-and-how-does-it-impact-my-tax-bill monthly 0.5 2025-07-15 https://www.mirandusaccountants.co.uk/insights/march-2024-budget-summary monthly 0.5 2024-03-25 https://www.mirandusaccountants.co.uk/insights/important-changes-for-limited-companies monthly 0.5 2024-02-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1709037170855-YDR52SB6EH32MHX6E03Z/image-asset.jpeg Insights - Companies House New Powers: Important Changes for Limited Companies - New rules for registered office addresses From the 4th March 2024, you can no longer use PO Box addresses as your registered office address on the Companies House register. You can still use your agent's or accountant’s address for your registered office. If you currently have a PO Box as your registered office address, you need to change this now and by 4th March 2024. Companies House will have the power thereafter to strike off or close the company if they write to you and ask you to change your address and you do not respond within 28 days of their letter. Your registered office address should be ‘appropriate’; in other words, any address you use should be expected to come to the attention of a person not a PO Box, either the director, shareholder or a person acting on behalf of the company, like your accountant. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1709037383710-6PMMJOAMQZ9WC6W1JU1K/image-asset.jpeg Insights - Companies House New Powers: Important Changes for Limited Companies - Registered email addresses are now required From the 4th March, anyone setting up a new company or completing a confirmation statement will be prompted to provide an email address. This email address won’t appear on the public register of company, and is used solely for the purpose of companies house communicating with the person or persons in charge of the company. You can use more than one email address, such as the business owner(s) and your accountant’s. This change, along with the other changes noted in this blog, are a legal requirement, and not optional. You can add your registered email address(es) when you login to webfiling for companies house. A new facility will be available from the launch date once you log-in. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1709037559453-OA6LC4Q6O6TQ17AC127Z/image-asset.jpeg Insights - Companies House New Powers: Important Changes for Limited Companies - Shareholders: Confirming Lawful Purpose Any new companies or for the filing of your next confirmation statement will require you to confirm, as a shareholder, that you all activities in the company are operating within the law, or with a ‘lawful’ purpose. Companies House will be empowered from the 4th March to question and advise prosecution if they believe any shareholder or company is not acting lawfully. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1709037708034-DBJ33RYY1A3VF46PHFHS/image-asset.jpeg Insights - Companies House New Powers: Important Changes for Limited Companies - Active review of the Companies House register and information accuracy From this point onwards, there will be active checks taking place on the information provided on the Companies House register. If Companies House queries or has concerns on any company, annotations will appear on your company’s entry on the register, highlighting for the public to take heed and notice to offer protection and transparency. Companies House will give you an opportunity to address their concerns and to remove the annotations, and it is a legal requirement for you to respond to any queries you receive from them. Failure to work with Companies House on their queries could mean a financial penalty, permanent annotations on your entry on the register and/or prosecution. https://www.mirandusaccountants.co.uk/insights/what-is-cash-accounting-and-does-it-help-my-business-cash-flow monthly 0.5 2024-02-22 https://www.mirandusaccountants.co.uk/insights/qampa-my-home-is-my-biggest-asset-can-i-sell-it-to-my-kids-to-avoid-inheritance-tax monthly 0.5 2024-02-13 https://www.mirandusaccountants.co.uk/insights/the-march-budget-time-to-review-the-unfair-high-income-benefit-charge monthly 0.5 2024-02-06 https://www.mirandusaccountants.co.uk/insights/small-business-predictions-for-2024 monthly 0.5 2024-01-31 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1706713239010-8CFHK1SW6JWNZLPM0S9P/image-asset.jpeg Insights - Small Business Predictions for 2024 - Liquidity is key Liquidity, or your cash flow, in business means you can generate enough sales to meet your ongoing running costs of your business. Last year we saw a steady increase of business running costs across the board, most of all from utilities and rent, and this trend is set to continue. Businesses must review their pricing strategy to ensure they stay cash flow positive day to day, the first step towards profitability. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1706713341718-TN5RLR7PPZ7M7I96ULWH/image-asset.jpeg Insights - Small Business Predictions for 2024 - More school & university leavers will start businesses We’ve seen this ourselves since the pandemic. Companies House data shows there were 6,796 companies registered by 16 to 19 year olds in 2020 compared to just 5,729 in 2019 – that’s an increase of nearly a fifth (19 per cent), and that doesn’t even consider sole traders. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1706713421013-01O562A8A7IAPNOC7R9K/image-asset.jpeg Insights - Small Business Predictions for 2024 - Key industries we expect to thrive in 2024 Sustainability will remain key for consumers. With the ever-growing importance of climate change front and centre in people’s minds as we experience erratic weather patterns, tapping into sustainable practices and products will be good for business, as well as the planet. The government is also focusing on childcare provisions for families, and we anticipate a huge rise in demand for childminders who can access the government funding now in place. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1706713824304-R09KQRHJTC6CICSNB147/image-asset.jpeg Insights - Small Business Predictions for 2024 - Taxes and tax reliefs will not improve over the next 12-24 months Despite what you see in the headlines, with promises of tax cuts this year, we predict that taxes will continue to be high for at least 12 months, as the country’s debts are eye watering and local councils are already heavily underfunded. Any tax cuts announced during 2024 could well be reversed by the end of the year, if a new government comes into power at the planned General Election, sometime in November 2024. https://www.mirandusaccountants.co.uk/insights/inheritance-tax-under-the-spotlight monthly 0.5 2024-01-24 https://www.mirandusaccountants.co.uk/insights/dont-get-caught-out-on-gifting-for-iht monthly 0.5 2024-01-17 https://www.mirandusaccountants.co.uk/insights/2y22hshb96ei75gr7zrhetayallg1g monthly 0.5 2024-12-31 https://www.mirandusaccountants.co.uk/insights/does-inheritance-tax-impact-you monthly 0.5 2023-12-13 https://www.mirandusaccountants.co.uk/insights/the-bank-of-mum-and-dad monthly 0.5 2023-12-12 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1701783059248-ZZ85I9KGEJBUCBW0INGJ/image-asset.jpeg Insights - The Bank of Mum and Dad: Guidance when Lending to your Children - Gift or a loan? Many parents and grandparents talk about a loan but do not expect it to be paid back. It is an advantage to consider the cash giveaway as a gift versus a loan, as you can utilize your inheritance tax exemptions by gifting in your lifetime without a potential inheritance tax liability if you outlive the loan by seven years after the cash gift is made. https://www.mirandusaccountants.co.uk/insights/key-tax-planning-for-coming-tax-year monthly 0.5 2023-11-28 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1701182750811-66057JFG7GU6OOOA0W7E/image-asset.jpeg Insights - Key Tax Planning Updates for the Coming Tax Year - 1. Employers - Change to the National Living Wage If you have employees on payroll who are aged between 16 to 21, there are some changes to the National Living Wage (NMW), including 21 and 22 year olds who are now captured in the legal changes and will get a pay rise of 12.37% or £1.26 per hour, from 1st April 2024. In the current tax year, employees age 23 and over are entitled to the NMW. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1701182829050-VMII121NK4LMIB7IVTEM/image-asset.jpeg Insights - Key Tax Planning Updates for the Coming Tax Year - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1701182875797-JBWRJME05N4VAAKLJEIG/image-asset.jpeg Insights - Key Tax Planning Updates for the Coming Tax Year - 5. Company cars For limited company directors, buying a new electric car through the business has been a tax efficient tool, available to employees and/or directors. The tax benefits include the cost of the car itself and running expenses being run through the business with 100% tax relief, and there has been very little Benefit in Kind (BIK) - or personal tax charge use - levied on your personal tax return. The BIK has been slowly creeping up over the last few year and is currently 2%, still very tax efficient. This will increase to 3% from 2025/26 and then 5% from 2027/2028. This could mean a review of ownership of the electric car and whether it is worth changing to personal ownership versus business. This will depend on the list price of the car as well as the running cost of the car. https://www.mirandusaccountants.co.uk/insights/our-autumn-statement-summary-and-analysis monthly 0.5 2023-11-23 https://www.mirandusaccountants.co.uk/insights/online-sellers-and-creators-new-strict-rules-coming-if-you-do-not-report-your-earnings monthly 0.5 2023-11-22 https://www.mirandusaccountants.co.uk/insights/will-you-need-to-start-paying-capital-gains-tax-in-the-future monthly 0.5 2024-03-25 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1699959262624-KMW094RCQJI0S4TLZ16W/image-asset.jpeg Insights - Will you need to start paying capital gains tax in the future? https://www.mirandusaccountants.co.uk/insights/autumn-statement-predictions-will-we-see-tax-cuts monthly 0.5 2024-02-20 https://www.mirandusaccountants.co.uk/insights/freelancers-5-tips-when-starting-on-your-journey monthly 0.5 2023-11-02 https://www.mirandusaccountants.co.uk/insights/do-you-have-a-tax-plan monthly 0.5 2023-10-15 https://www.mirandusaccountants.co.uk/insights/giving-away-assets-in-your-lifetime monthly 0.5 2023-10-10 https://www.mirandusaccountants.co.uk/insights/i-want-to-help-my-children-be-financially-stable monthly 0.5 2023-10-03 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1696321906437-IK0QIW0PRPNF0E3R0406/image-asset.jpeg Insights - I want to help my children be financially stable, what can I do? - The annual gift allowance Also known as the 'annual exemption,' stands at £3,000 per year. It can be divided among multiple recipients and carried over for one year. If unused in the previous year, you'll have a £6,000 allowance. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1696321986683-KS5GICITSWHQKFPASXFZ/image-asset.jpeg Insights - I want to help my children be financially stable, what can I do? - Unlimited small gifting You are permitted to offer unlimited small gifts of £250 per person, regular gifts from your surplus income, wedding gifts up to a certain limit, and several other exemptions. https://www.mirandusaccountants.co.uk/insights/understand-the-associated-companies-tax-rules monthly 0.5 2023-09-26 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1695632239519-A5R6ATRGOAXKELUZLBP2/image-asset.jpeg Insights - Own more than 1 company? Understand the Associated Companies Tax Rules - Group Treatment Associated companies can form a group for tax purposes if one company has control over the other. This can provide benefits such as accessing tax reliefs and simplifications like group relief, group loss relief, and group capital gains relief. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1695632351996-6BV0LLDN9KSA5SKHSR6R/image-asset.jpeg Insights - Own more than 1 company? Understand the Associated Companies Tax Rules - Transfer Pricing When associated companies engage in transactions with each other, the transactions must be conducted on an arms length basis. This means that the prices and terms should be comparable to what would be agreed upon between independent parties. The aim is to prevent the manipulation of profits between associated companies to reduce tax liabilities. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1695632431822-CMHTG3GJULOIDK8F771E/image-asset.jpeg Insights - Own more than 1 company? Understand the Associated Companies Tax Rules - Thin Capitalization The thin capitalization rules limit the amount of interest expense that can be deducted for tax purposes if a company has excessive debt owed to an associated company. These rules prevent the excessive deduction of interest that could artificially reduce taxable profits. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1695632464320-5IZCHSBITVD87IFFBT2S/image-asset.jpeg Insights - Own more than 1 company? Understand the Associated Companies Tax Rules - Controlled Foreign Companies (CFC) Rules The CFC rules target the diversion of UK profits to low-tax jurisdictions through controlled foreign subsidiaries. If a UK company controls a foreign company, certain types of income arising in that foreign company may be subject to UK tax. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1695634727447-FXCFZC7341VAALRXOPJ0/image-asset.jpeg Insights - Own more than 1 company? Understand the Associated Companies Tax Rules - Transfer of Assets Special rules apply to the transfer of assets between associated companies, known as transfer pricing rules. These rules ensure that the transfer is valued appropriately for tax purposes to prevent artificial tax advantages. https://www.mirandusaccountants.co.uk/insights/successionplanning monthly 0.5 2023-09-20 https://www.mirandusaccountants.co.uk/insights/how-can-i-protect-my-assets-as-i-get-older monthly 0.5 2023-09-12 https://www.mirandusaccountants.co.uk/insights/the-ultra-low-emission-zone-ulez-understanding-the-tax-position monthly 0.5 2024-03-25 https://www.mirandusaccountants.co.uk/insights/changes-on-vat-penalties monthly 0.5 2023-08-31 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/80a4a44f-ffce-4139-9a99-a32e5d9c9acf/VAT+penalty+regime+late+payment.png Insights - Changes on VAT penalties for late submission and payment - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.mirandusaccountants.co.uk/insights/vat-importance-of-adding-your-vat-no monthly 0.5 2023-08-29 https://www.mirandusaccountants.co.uk/insights/issues-faced-by-blended-families-and-inheritance-tax-planning-in-the-uk monthly 0.5 2023-08-22 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1fc3bdf9-1680-475c-84f5-5e07959a9db7/tyler-nix-V3dHmb1MOXM-unsplash.jpg Insights - Blended families: Your Essential Inheritance Tax Planning Needs - Complex family dynamics and relationships One of the major challenges faced by blended families in inheritance tax planning is the complexity of family dynamics and relationships. With multiple sets of children, stepchildren, and ex-spouses involved, it can be difficult to navigate the distribution of assets and ensure fair treatment for all parties involved. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/8b68dc92-29cc-4967-8ee5-608703d37e7d/artem-kniaz-DqgMHzeio7g-unsplash.jpg Insights - Blended families: Your Essential Inheritance Tax Planning Needs - Unequal treatment of stepchildren Another challenge is the potential for unequal treatment of stepchildren in inheritance tax planning. In the UK, stepchildren do not have an automatic right to inherit assets from a stepparent. Without proper planning, stepchildren may be excluded from receiving a share of the estate, which can create tension and disputes within the family. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/2c41920f-1ad4-413c-a64f-db8dd46808ff/tingey-injury-law-firm-DZpc4UY8ZtY-unsplash.jpg Insights - Blended families: Your Essential Inheritance Tax Planning Needs - Legal limitations and complexities Inheritance tax planning for blended families is further complicated by legal limitations and complexities. The intricacies of tax laws and regulations, combined with the unique circumstances of blended families, can make it challenging to navigate the process effectively. It is crucial to seek professional advice to ensure compliance with the law and maximize tax efficiency. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/d0d0fd19-6dd6-46d5-a07f-14ba2348685b/johnny-cohen-OxOxqLAWvE0-unsplash.jpg Insights - Blended families: Your Essential Inheritance Tax Planning Needs - Lifetime gifting and exemptions One strategy for mitigating inheritance tax in blended families is through lifetime gifting and utilizing exemptions. By gifting assets during one's lifetime, individuals can reduce the taxable value of their estate and potentially minimize the tax burden on their beneficiaries. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/05f413c1-3d7e-488e-a6e0-173c79160b51/nathan-mcbride-DEmPhCx7y8Q-unsplash.jpg Insights - Blended families: Your Essential Inheritance Tax Planning Needs - Spousal exemption and transferable nil-rate band The spousal exemption and transferable nil-rate band are valuable tools in inheritance tax planning for blended families. These provisions allow for the transfer of unused inheritance tax allowances between spouses or civil partners, reducing the tax liability on the estate. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/19286010-d0fc-4e93-aff3-e8a683027fb4/bruno-nascimento-eo11MS0FSnk-unsplash.jpg Insights - Blended families: Your Essential Inheritance Tax Planning Needs - Establishing trusts for stepchildren One effective way to navigate the complexities of inheritance in blended families is by establishing trusts for stepchildren. Trusts can help protect and manage assets, ensuring that your stepchildren are taken care of financially. By placing assets into a trust, you can specify how and when they should be distributed, providing peace of mind for both you and your stepchildren. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/96bc338c-9124-446a-b52b-872ace889e0a/scott-graham-5fNmWej4tAA-unsplash+%281%29.jpg Insights - Blended families: Your Essential Inheritance Tax Planning Needs - Updating and reviewing estate plans Blended families often experience changes over time, such as new marriages, divorces, or the birth of additional children. It is essential to regularly update and review your estate plans to reflect these changes. By keeping your plans current, you can address any new dynamics and ensure that your wishes are accurately represented in the event of your passing.Strategies for mitigating inheritance tax in blended families. https://www.mirandusaccountants.co.uk/insights/benefits-of-completing-your-tax-return-now monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/2dee473e-462b-4be1-833a-26175a637e67/avoid+the+last+minute+rush Insights - Benefits of completing your tax return now - Avoiding the last-minute rush Picture this: it's January, the weather is gloomy, and you suddenly realize you only have a few weeks left to do your tax return. Panic sets in. The pressure mounts. But if you complete your tax return early, you can avoid this chaotic last-minute dance. You'll have peace of mind knowing it's all sorted, and you can spend your January doing things you actually enjoy. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711570143453-D47SNB3XUGZUU8B4YC2M/image-asset.jpeg Insights - Benefits of completing your tax return now - Opportunity to claim tax refunds Completing your tax return early also gives you the opportunity to claim any tax refunds you might be entitled to. By getting ahead of the game, you can identify any tax reliefs or expenses you may have forgotten about and potentially claw back some of that hard-earned cash. It's like finding money in your pocket that you forgot about, but with less lint. https://www.mirandusaccountants.co.uk/insights/misconceptions-of-inheritance-tax-know-the-facts monthly 0.5 2023-08-09 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/58173038-c8cb-4ce7-b7f6-16893f56529a/inheritance+tax+loved+ones+gifting.jpg Insights - Misconceptions of Inheritance Tax - Know the facts - There is no IHT if I live for more than 7 years after a gift An individual can make gifts of unlimited value that become exempt from inheritance tax if they survive for a further seven years, known as a “potentially exempt transfer”. Most people think if they give away money and die before the seven year limit, they will still get tapering relief, but that is not how it works. If individuals make a gift and then die within seven years, the value of the gift eats into the £325,000 tax free IHT allowance. This means your full IHT allowance may not be available on your death, and your estate may pay more tax as a result. The tapering of the tax only applies if you give away more than £325,000 in the seven year period. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/a885ddf5-ad7c-4088-a632-2d259e52f8d1/inheritance+tax+help+from+a+professional.jpg Insights - Misconceptions of Inheritance Tax - Know the facts - Inheritance Tax Planning is Only for the Wealthy Think Inheritance Tax planning is only for the elite? Think again! While it's true that the wealthy may have more complex estates to deal with, anyone can benefit from tax planning. There are various legal strategies and options available that can help reduce the burden of Inheritance Tax, regardless of the size of your estate. So, don't let the misconception hold you back from exploring your options. https://www.mirandusaccountants.co.uk/insights/avoiding-common-mistakes-how-to-ensure-a-smooth-and-stress-free-tax-return monthly 0.5 2023-08-02 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/61f79bd9-57bc-4ae9-b5c9-62b698854930/using+digital+software.jpg Insights - Avoiding Common Mistakes: How to Ensure a Smooth and Stress-Free Tax Return - Utilizing tax software or online services In today's digital age, there are numerous tax software and online services available to help simplify the tax filing process. These tools can save you time, minimize errors, and provide peace of mind that your return is accurate and complete. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/0c976b65-6e02-4015-86b2-d10caa726772/start+early.jpg Insights - Avoiding Common Mistakes: How to Ensure a Smooth and Stress-Free Tax Return - Start early: Procrastination only adds unnecessary stress. Begin gathering and organizing your documents well in advance of the filing deadline to give yourself ample time to prepare your return. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/0844ad79-d063-46ad-8089-25b25337ce4d/Tips+for+organisation.jpg Insights - Avoiding Common Mistakes: How to Ensure a Smooth and Stress-Free Tax Return - Stay organized Use a digital filing system to keep your documents organized throughout the year. This will make it easier to locate specific documents when needed and ensure that you don't miss anything during the filing process. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/337f3635-50e6-4a7b-8568-ddabc39a03ce/seek+professional+help.jpg Insights - Avoiding Common Mistakes: How to Ensure a Smooth and Stress-Free Tax Return - Seek professional assistance Consider working with a tax professional who can provide expert advice and guidance tailored to your specific financial situation. They can help you navigate complex tax laws, identify potential savings, and ensure that your return is accurate and complete. https://www.mirandusaccountants.co.uk/insights/how-to-manage-increase-in-interest-rates monthly 0.5 2024-03-25 https://www.mirandusaccountants.co.uk/insights/embracing-upcoming-tax-law-changes-a-guide-for-uk-small-business-owners monthly 0.5 2023-07-26 https://www.mirandusaccountants.co.uk/insights/use-tech-tools-to-get-ahead-of-your-estate-planning monthly 0.5 2023-07-16 https://www.mirandusaccountants.co.uk/insights/qampa-i-cant-afford-my-next-vat-bill-what-can-i-do monthly 0.5 2023-07-16 https://www.mirandusaccountants.co.uk/insights/growing-your-wealth-in-a-high-tax-and-high-interest-environment monthly 0.5 2023-07-13 https://www.mirandusaccountants.co.uk/insights/directors-did-you-know-life-insurance-is-an-allowable-business-expense monthly 0.5 2023-07-10 https://www.mirandusaccountants.co.uk/insights/mind-the-tax-gap monthly 0.5 2024-03-25 https://www.mirandusaccountants.co.uk/insights/when-do-you-not-pay-tax-on-property-income monthly 0.5 2023-06-19 https://www.mirandusaccountants.co.uk/insights/are-you-planning-on-selling-your-uk-business monthly 0.5 2023-06-12 https://www.mirandusaccountants.co.uk/insights/understanding-taxes-for-remote-work-and-digital-nomads monthly 0.5 2023-06-05 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/9c17e842-4237-4bd3-9f60-0b81ec2bda53/tax+nomad+residency.jpg Insights - Understanding Taxes for Remote Work and Digital Nomads - Residency and Tax Obligations When working remotely from different locations, determining your tax residency becomes essential. Your tax residency status may impact the taxes you are required to pay. Different countries have varying rules for determining residency, including factors like the number of days spent in a particular location. Understanding the rules of your home country and the countries you are working from is crucial in assessing your tax obligations. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/8f781170-0b38-4be3-9e6e-d4cc5472f267/tax+nomad+double+taxation.jpg Insights - Understanding Taxes for Remote Work and Digital Nomads - Tax Treaties and Avoiding Double Taxation Tax treaties between countries play a significant role in preventing double taxation for individuals working remotely. These treaties help determine which country has the right to tax your income. They may provide relief through exemptions or credits to avoid being taxed twice on the same income. It's essential to be aware of the tax treaties in place between your home country and the locations you choose to work from to ensure you don't pay more taxes than necessary. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/60a7d48b-2f37-436a-ba18-664a953b3031/local+tax+laws+and+compliance+digital+nomad.jpg Insights - Understanding Taxes for Remote Work and Digital Nomads - Local Tax Laws and Compliance Working from different locations means being subject to the local tax laws of each country or jurisdiction. You may be required to register for and pay local taxes, such as income tax or social security contributions. Researching and understanding the tax laws of each location you work from is crucial to ensure compliance and avoid penalties. Engaging with local tax advisors or professionals can provide valuable guidance in navigating the intricacies of local tax regulations. https://www.mirandusaccountants.co.uk/insights/of900u1ry1hl8888zdj6kw243fgz42 monthly 0.5 2023-05-31 https://www.mirandusaccountants.co.uk/insights/do-you-pay-tax-on-your-pension monthly 0.5 2023-05-24 https://www.mirandusaccountants.co.uk/insights/unlock-financial-success-the-importance-of-a-tax-advisor-in-an-evolving-tax-landscape monthly 0.5 2023-05-16 https://www.mirandusaccountants.co.uk/insights/property-business-spotlight-investment-or-letting-companies monthly 0.5 2023-05-15 https://www.mirandusaccountants.co.uk/insights/the-key-inheritance-tax-planning-strategies-families-can-use-to-minimize-their-tax-liability monthly 0.5 2023-05-01 https://www.mirandusaccountants.co.uk/insights/how-to-structure-your-small-business-to-minimise-your-overall-tax-burden monthly 0.5 2023-04-24 https://www.mirandusaccountants.co.uk/insights/comparison-of-sole-trader-and-limited-company monthly 0.5 2023-04-18 https://www.mirandusaccountants.co.uk/insights/the-importance-of-tax-planning-for-high-growth-small-businesses monthly 0.5 2023-04-09 https://www.mirandusaccountants.co.uk/insights/small-business-accounting-calendar-key-tax-dates-and-deadlines monthly 0.5 2023-04-05 https://www.mirandusaccountants.co.uk/insights/top-tips-to-save-tax-in-the-uk-although-tax-reliefs-are-frozen-or-halving monthly 0.5 2023-04-02 https://www.mirandusaccountants.co.uk/insights/how-does-capital-gains-tax-work-on-rental-properties-in-the-uk monthly 0.5 2023-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/898ee56a-1c35-4abe-b92c-8931c8655cde/cgt+and+rental+properties+in+UK.jpg Insights - How does Capital Gains Tax work on rental properties in the UK? - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/78ea03a9-788e-4c72-a1cc-fff3bd2be1f2/Exemptions+and+tax+reliefs+properties.jpg Insights - How does Capital Gains Tax work on rental properties in the UK? - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.mirandusaccountants.co.uk/insights/what-is-a-trust-and-is-it-right-for-you monthly 0.5 2023-03-21 https://www.mirandusaccountants.co.uk/insights/introduction-to-estate-planning-and-inheritance-tax monthly 0.5 2023-03-19 https://www.mirandusaccountants.co.uk/insights/trusts-for-your-millennial-beneficiaries monthly 0.5 2023-03-19 https://www.mirandusaccountants.co.uk/insights/budget-update-millions-still-face-higher-taxes monthly 0.5 2024-03-25 https://www.mirandusaccountants.co.uk/insights/tax-rises-coming-in-april-take-action-now monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711569816394-376PQRYIY8QAJM2OXW8N/image-asset.jpeg Insights - Tax rises coming in April - take action now - Tax tip – pension + charitable donations Suppose you earn between £100,000 and £125,140, your effective tax rate might increase to about 60% because your personal allowance will drop by £1 for every £2 you earn over £100,000. But there are ways to reduce your tax liability. You can make personal pension contributions or donate to charities. For instance, a basic rate taxpayer can save £100 into their pension plan, but only pay £80. A higher rate taxpayer can save £100 for just £60 (£58 in Scotland), and an additional rate taxpayer can save for only £55 (£53 in Scotland). However, you should keep in mind certain considerations before taking action. There are limits to how much you can save into a personal pension, so it's essential to review your situation beforehand. Additionally, you may require investment advice from a registered pension adviser. We can help put you in touch with a trusted financial adviser, please get in touch. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/b14e2eb2-2d2e-421d-900c-3064ae27c847/gifting+assets.jpg Insights - Tax rises coming in April - take action now - Tax tip - transfer your assets by gifting Transferring income-generating assets to your spouse or civil partner as a gift can potentially save you tax. However, it's important to seek professional advice and ensure that you meet the conditions. Additionally, basic rate taxpayers may be able to transfer up to £1,260 of their unused personal allowance to their spouse or civil partner to save on taxes, but this only applies if neither partner is a higher-rate taxpayer. It's crucial to review your individual circumstances with an expert before making any decisions. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711569840157-6RTO7N66ODX5HCDY2WYR/image-asset.jpeg Insights - Tax rises coming in April - take action now - Tax tip – Employment Allowance? It's worth investigating whether your company can claim the Employment Allowance, which can reduce your annual National Insurance bill by up to £5,000. To be eligible, your business must have had Class 1 National Insurance liabilities below £100,000 in the previous tax year. However, some exceptions apply, such as if your company has only one employee who is a director and paid above the Class 1 National Insurance secondary threshold. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711569887479-BRPI1TJZI4F1ITBA5CJ2/image-asset.jpeg Insights - Tax rises coming in April - take action now - Tax tip – make use of tax efficient investment options If you have eligible investments outside of an ISA, you may be required to pay Capital Gains Tax (CGT) on any gains you make beyond the allowance. This is an excellent opportunity to start considering saving for the future in an ISA and transferring some investments to an ISA. Transferring investments to an ISA can be a taxable event for CGT purposes, so it's vital to review your financial situation before making any decisions. It's critical to assess the necessity for investment advice from a certified financial adviser. We collaborate with reputable financial advisers who can offer independent investment advice and a complete range of financial planning services to meet your individual requirements. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711569928511-4JB9T0VM8E92RIGXN0Z7/image-asset.jpeg Insights - Tax rises coming in April - take action now - Tax tip – consider an IHT review The latest figures from HM Revenue and Customs (HMRC) show that Inheritance Tax (IHT) receipts for the period of April 2022 to January 2023 reached £5.9 billion, which is an increase of £0.9 billion compared to the same period in the previous year. The freezing of the nil-rate band and the rise in property prices have led to a higher amount of IHT being paid to HMRC. To minimize exposure to tax, there are steps that individuals can take if their estates are expected to become liable to pay IHT. Seeking specialist advice sooner rather than later is crucial in reducing IHT liability. https://www.mirandusaccountants.co.uk/insights/inheritance-tax-on-property monthly 0.5 2024-03-25 https://www.mirandusaccountants.co.uk/insights/make-moves-now-before-you-lose-your-capital-gains-tax-free-allowance monthly 0.5 2024-03-25 https://www.mirandusaccountants.co.uk/insights/buy-to-let-landlords-made-a-loss-in-202122 monthly 0.5 2023-02-06 https://www.mirandusaccountants.co.uk/insights/small-business-owners-corporation-tax-is-changing-from-april-2023 monthly 0.5 2024-03-25 https://www.mirandusaccountants.co.uk/insights/want-to-protect-your-assets-for-your-loved-ones-3-things-to-consider-before-engaging-with-a-tax-adviser monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/0e9fe07a-78b2-41cd-8ee4-8f3a56f7c0a0/inheritance+tax+planning+assets.jpg Insights - Want to protect your assets for your loved ones? 3 Things to consider before engaging with a tax adviser - Number 1: Understand your current assets Before engaging with a tax adviser, you should have a clear understanding of your current assets and how they are structured. This includes identifying any assets that may be subject to inheritance tax, such as property, investments, and life insurance policies. Gathering an overview of all your assets will provide your tax adviser with a clear idea on your tax position and be able to advise accordingly. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711569727155-QPJFVJ05W5QTCC5DK0T8/image-asset.jpeg Insights - Want to protect your assets for your loved ones? 3 Things to consider before engaging with a tax adviser - Number 2: Who will receive your assets? Whoever is set to inherit your assets will be the ones who are liable for any inheritance tax after you die known as the beneficiaries. Of course, there maybe more than one beneficiary, so you will need to consider how your assets will be distributed between them. In the process, you may want to consider the potential issues that may arise with the distribution of your assets, as disputes amongst beneficiaries could happen. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711569749785-BJJEOTAG66LAT5MJHCIR/image-asset.jpeg Insights - Want to protect your assets for your loved ones? 3 Things to consider before engaging with a tax adviser - Number 3: Understand the rules Tax rules do change frequently, so it is important to understand that even when you have a plan in place, you may need to review it regularly in line with any change to tax laws. Getting a good tax adviser on board who you have a relationship with for the long-term will mean you can plan for your desired outcome as much as you legally possible. https://www.mirandusaccountants.co.uk/insights/small-business-owners-what-do-you-need-from-your-accountant monthly 0.5 2024-03-25 https://www.mirandusaccountants.co.uk/insights/struggling-to-pay-your-self-assessment-tax-bill monthly 0.5 2024-03-25 https://www.mirandusaccountants.co.uk/insights/four-key-places-to-find-investment-for-your-uk-start-up monthly 0.5 2024-03-25 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/fb229d6d-3180-4bdd-b3cd-fbe2b6ef70b0/4+key+investment+ideas+uk+start+up.jpg Insights - Three key places to find investment for your UK Start-Up - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.mirandusaccountants.co.uk/insights/tips-for-small-business-surviving-in-a-recession monthly 0.5 2024-03-27 https://www.mirandusaccountants.co.uk/insights/2023-predictions-for-small-business monthly 0.5 2024-03-25 https://www.mirandusaccountants.co.uk/insights/increase-to-taxes-on-commercial-vehicles monthly 0.5 2022-12-29 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/09854980-97e5-472b-8161-722ea2846454/Increase+to+BIK+commercial+vehicles.jpg Insights - Increase to Personal Tax Charge on Commercial Vehicles - Make it stand out From April 2023, business owners will face higher taxes if they own a commercial vehicle https://www.mirandusaccountants.co.uk/insights/12-free-tax-planning-idea-this-festive-period monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711569402988-K9CV4BCNGBKXEUOI1E95/image-asset.jpeg Insights - 12 Free Tax Planning Idea this festive period - Your #1 tax planning TIP: Don’t forget to gift yourself! You can gift yourself up to £300 a financial year as a director in £50 installments throughout the year, and what better time than at Christmas? As long it is not cash, you can buy a voucher for absolutely anything! And if you are feeling generous, you can share this with your trusted employees too if you wish. And if you are self employed? You can also have a tax deductible business expense if you are buy something through the business that invests in the business’ future - why not invest in that new computer, or office equipment or software to enhance your services or productivity? Whatever eligible business expense you decide on, you too can see a reduction in your tax liability if you invest in yourself. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711569428082-Z10V1N6PLMOMBH3BSDDO/image-asset.jpeg Insights - 12 Free Tax Planning Idea this festive period - Your #2 tax planning TIP: Gifting clients AND reduce your tax burden AND build your brand? Yes you can! Normally substantial gifting to clients is considered entertaining by HMRC and therefore not allowable for tax purposes - but there are exceptions to the rule. Why not consider making small gifts (not more than £50) to say thank you to your clients and customers for the work that they provide to you? As long as there is some form advertisement on the gift, such as your logo, these gifts are tax deductible business expenses. And you don’t have to gift just at Christmas time, this small gift rule apples throughout the accounting period, but be careful, never go above £50 per client. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/66a8f250-8a23-415f-8540-bc7205e82e08/tip+3+-+time+to+celebrate.jpg Insights - 12 Free Tax Planning Idea this festive period - #3 Tax planning idea: Celebrate and benefit your staff, not the taxman! Large or small business, all employees deserve a thank you for their hard work at Christmas or any other time of the year. Showing your appreciation of your staff’s efforts by means of gifts and benefits is good for morale, but you need to take care to do this in the most tax efficient way. If you go about it in the right way, you can give tax free benefits to your staff whilst also obtaining tax relief for yourself. Throwing a party? You can spend up to £150 per year per head without any tax implications. An added bonus is that the £150 limit is also applied to guests attending, which makes the limit £300 if a member of staff brings a partner or friend!” Be careful: Anything above this amount and the whole amount becomes taxable, not just amounts over £150. The cost per head must include VAT, any related transport cost and/or overnight accommodation https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711569462119-K1X1EUYJB1JHMX3T6EBG/image-asset.jpeg Insights - 12 Free Tax Planning Idea this festive period - #4 Tax Tip: Spread your workload tax efficiently whilst retaining talent in your business! Have you heard of the Employee Management Incentive (EMI) Scheme? Ideal for those fast growing limited companies with growing reliance on staff. The EMI scheme allows you to incentivise senior employees in your business to take on the responsibility of management decisions. The principle tax benefit of an EMI scheme is that workers don’t need to pay income tax that would ordinarily be charged on the estimated market value of any shares or options given to them. Simply put, an ‘EMI’ scheme is the most tax efficient structure for staff members offering them the most significant benefit. And as an employer gifting these share option scheme to key employees? The difference between the price of the shares that an employee pays and the actual value of the shares at the time of exercise is an allowable deductible expense for corporation tax purposes. Win win! https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711569492763-DR6PNUCJQEZ2CHU2K41K/image-asset.jpeg Insights - 12 Free Tax Planning Idea this festive period - #5 Tax tip: Give up to £3,000 to your kids rather than the taxman! Maybe your kids could do with a spot of cash and you want to help them out. Did you know you can gift cash to your kids of up to £3,000 per tax year and reduce your overall estate for inheritance tax purposes? So rather than gifting cash to your kids after your death, with a potential inheritance tax liability reducing the amount they actually get, you can start gifting tax free in your lifetime, perhaps when they need it the most? https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711569523679-QZPXI3C5K9RM3V7RWA2U/image-asset.jpeg Insights - 12 Free Tax Planning Idea this festive period - Your #6 tax planning tip: Would you like to give financial support to your kids whilst reducing your tax liability? Consider Alphabet Shares! If you have children over 18 who need that helping hand, perhaps to buy their first home, or financial support whilst studying or at the start of their career, you may be able to help whilst also reducing your overall tax liability - consider alphabet shares. Although HMRC may not look kindly on these types of shares if you are unconnected parties, in other words, not related, but as a business owner with adult children, you could consider changing the share ownership of your limited company to bring in family members, such as your children, and distribute dividends or profits. Considering this option means that you are potentially using up the kids’ any unused personal allowances of £12,570 per tax year rather than distributing these dividends via yourself and paying dividend tax on them. Remember the dividend tax rate has recently increased whilst the dividend allowance - or the tax free amount of dividends you can take out of the business before dividend tax kicks in - is reducing from £2,000 to £500 over the next 5 years. There is no better time to reassess your tax position so you can enjoy more of your profits tax free, and potentially consider alphabet shares as a viable option for your business. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711569549430-XLI8V75NB9E2JBRQE5CE/image-asset.jpeg Insights - 12 Free Tax Planning Idea this festive period - Your #7 tax planning tip: This is the time to reassess salary/dividend profit extraction to stay tax efficient Taxes are going up for everyone over the next two years at least, and business owners particularly will feel the pain as they are taxed more on both their personal and business taxes. Any tax changes that happen, good or bad, is a perfect opportunity to reassess your tax position to ensure you are extracting profit from your business as tax efficiently as possible. The first of the tax rises are coming in April 2023, so this is the time to crunch some numbers to keep more of your hard earned cash in your pocket. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711569567438-5U3JKTI89NSIVJHLCF78/image-asset.jpeg Insights - 12 Free Tax Planning Idea this festive period - Your #8 tax planning tip: Get organised now to save time and money Although not officially a tax tip, getting your self assessment tax return done as early as possible will gift you more time to plan and pay your tax bill. Delaying submission to the deadline of 31 January, means you have little time to prepare for a large tax bill and although setting up a payment plan is usually possible to spread your tax bill up to 12 months maximum, interest will be added to your installments - with interest rates going up, this could cost you more in the long-run. So don’t delay, if you have not completed your tax return yet, please get in touch while we still have capacity to help. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711569586992-1784BJAP036CAQLMMRZ5/image-asset.jpeg Insights - 12 Free Tax Planning Idea this festive period - Your #9 tax planning tip: Give to your favourite charities whilst being tax efficient! At this time of year, many businesses, small and big, give to their favourite charity instead of sending a corporate card or gift to clients. Money donated to charity by your limited company is generally tax deductible. And if you are in a partnership or are a sole trader/self employed, you can claim tax relief if you are a higher rate you ca clam relief if higher rate tax payer. So not only are you helping make the world a better place, you can ensure you are and your nominated charities are receiving their full donation and getting tax relief. And of course, you can donate any time of year if you so wish! #business #future #tax #12daysofchristmas #alternativeadvent #TaxItEasy #smallbusiness https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/78522d7a-2792-4266-9863-ca8f4cf365bb/TIp+10+-+still+time+to+make+use+of+the+130%25+super+deduction.png Insights - 12 Free Tax Planning Idea this festive period - Your #9 tax planning tip: Don’t delay, there is still time to utilise the 130% super deduction tax in your business! The Super Deduction tax relief was introduced temporarily during covid to encourage business owners to continue investing in their business after the slow down of the pandemic. The Super Deduction gives you 130% qualifying tax relief on certain assets you can buy through your business in the year of purchase, versus the usual lucrative 100% tax relief available. The super deduction is coming to an end of 31 March 2023, so this is your last chance to consider making that investment in your business to set you up for future growth and continuity. Qualifying assets covers plant and machinery in your business, such as (but not limited to): computers, printers, small equipment pertinent to your trade, office equipment such as desks and chairs. Even commercial vehicles such as vans, lorries and tractors (but not cars). The other caveat is that the qualifying asset must be new, not second hand. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/36dd2651-f8c7-4084-bc63-f79ec095558e/Tip+11+-+give+your+home+to+kids+to+avoid+IHT.jpg Insights - 12 Free Tax Planning Idea this festive period - Your #11 tax planning tip: You may be able to gift your home to your children to avoid Inheritance Tax! With more of us now needing to do some estate planning to make sure that - among other things - that our loved ones can pay little or no inheritance tax on our estate we leave them, you could consider gifting one of your biggest assets whilst you are still alive - your home. If your home does indeed form the lions share of your estate’s value, your estate being everything you own, and you have children you would like to inherit your estate once you die, you could actually gift your home in your lifetime to remove your home from the valuation of your estate, which could mean very little or no inheritance to pay. But…you didn’t think it would be that easy surely!?!….. The big but is that you need to demonstrate that you do not have any association or benefit from your home once it is gifted to your child or children. So you would need to gift your home in it’s entirety and not live in it anymore, for example, and you can’t let your kids move in and take rental income either. If you are lucky enough to have other living options over and above living in your home, this could be a viable option for you. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/4a47f192-83a7-4042-9994-e8fb25c6893e/hands+together.jpeg Insights - 12 Free Tax Planning Idea this festive period - Your #12 and final tax tip for the year: You are not alone! As a trusted adviser, with a focus on providing full accounting support and tailored tax advice, and because we care about all our clients, we inevitably want to help where we can. We have access to a host of professionals who we trust to give you the advice and support you may need, personally or in business. Whether you need mortgage help, a financial adviser for your pension and investment needs, debt recovery, HR support and advice, health and safety advice, or even help with managing your utility bills - we can help! Mortgage help? Based in England, Wales, Ireland: click here Based in Scotland: click here The above contact are well versed in helping with personal, corporate and landlord enquires. We can either put you in touch directly or you can mention Mirandus. HR Support: click here Health & Safety Advice and training in English for international staff: click here Debt Recovery: click here IFA support: click here If you would like help with any of the above, please mention Mirandus or we are happy to introduce you directly. https://www.mirandusaccountants.co.uk/insights/how-much-more-tax-do-you-pay-if-you-live-in-scotland monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711569364478-UNNO5NEJTHLN68ZCI6R1/image-asset.jpeg Insights - How much more tax do you pay if you live in Scotland? - Earn between £43,663 to £50,270 in Scotland? Your effective tax rate is 54%, including both income tax and national insurance from April 2023. Compare this to your English counterparts, who pay 32%, broken down by 20% income tax versus 41% in Scotland. And as soon as you hit that £50,000 pay, you lose your child benefit - ouch. https://www.mirandusaccountants.co.uk/insights/understanding-the-tax-changes-for-small-business-owners monthly 0.5 2022-11-30 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/9b9b5d08-40db-487e-8f2e-2e97ad09ef7c/Dividend+profit+tax+changes.jpg Insights - Beyond the headlines - how do the tax hikes impact you? - Dividend Tax Changes Reduction of the dividend tax free allowance over the next two successive tax years: * £1,000 from April 2023 * £500 from April 2024 The dividend tax rate from April 2023 will remain at the higher rate of 8.75% at the basic rate, and 33.75% at higher rate, and 39.95% at the additional rate. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/789e177d-3093-4593-89a2-501480a528ed/freezing+of+tax+free+allowances+2.jpg Insights - Beyond the headlines - how do the tax hikes impact you? - Freezing of Tax-free allowances More basic rate band taxpayers will pay more tax from April 2024 as the move into the higher or 40% tax rate tax band. If the personal allowance increases inline with inflation, the entry level would have been £51,740 from April 2023 and £57,050 from April 2024. Instead it is frozen at £50,270 until April 2028. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/b37202b6-2713-4bae-a7c0-fb8c0d4bb3f4/Shall+i+become+a+limited+company.jpg Insights - Beyond the headlines - how do the tax hikes impact you? - Is it time to be a limited company? From April 2023, the sweet spot for saving on your tax bills moving to a limited company structure has increased to a profit level of around £55,000 (not Scotland, where it will be lower) https://www.mirandusaccountants.co.uk/insights/balancing-the-books-preparing-for-the-cash-flow-squeeze monthly 0.5 2024-03-25 https://www.mirandusaccountants.co.uk/insights/what-tax-changes-are-coming-from-the-autumn-budget-this-week monthly 0.5 2024-03-25 https://www.mirandusaccountants.co.uk/insights/anticipated-tax-hikes-ahead-of-the-autumn-budget monthly 0.5 2022-11-09 https://www.mirandusaccountants.co.uk/insights/alphabet-shares monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711569248188-RJBQSPFCXCIYE576VB62/image-asset.jpeg Insights - Alphabet shares: What are they and how can they can help me with tax planning? - What are alphabet shares? When a limited company is set-up, usually a nominal number of ‘ordinary’ shares are issued, i.e. one or even ten. If you have more than one shareholder, the dividends or profit extraction is shared equally among each of you automatically. However, it is possible after forming a company to consider changing the share structure of your limited company and using alphabet shares, which allow your business to bring in shareholders but with different share classes where you have some control on how much profit they receive from the company, as well as control or voting rights in the business. Alphabet shares are named as such as they are denominated as ‘A’, ‘B’ or ‘C’ ordinary shares, and so on. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711569272319-GVR8HTML01J6Z7YE619G/image-asset.jpeg Insights - Alphabet shares: What are they and how can they can help me with tax planning? - It is quite common to use alphabet shares if you bring in family members to the business. The change in share structure does involve a change in the legal documentation of the company and articles of association, and it is important these changes are done correctly so the right level of dividends are paid out to family members as well ensuring the voting rights or control of the business is as you wish versus shared equally. The alphabet shares arrangement therefore allows the distribution of dividends in the ratio you wish versus on an equal pro rata basis between shareholders. One class of shares may not even receive any dividends at all, perhaps a minor child for example. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711569302922-E01RF023XTXN1VK46PRQ/image-asset.jpeg Insights - Alphabet shares: What are they and how can they can help me with tax planning? - (FICs) These family company structures often use alphabet shares to allow for control to be allocated via the voting rights, income to be controlled and distributed via dividend rights and the capital rights used for some sort of inheritance tax planning, such as using a discretionary trust. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1629984390039-TRK8FUK1NPGLQ2V554KN/Practice+Talk+Rukhsana+1.jpg Insights - Alphabet shares: What are they and how can they can help me with tax planning? - Seeking help to work tax efficiently As with all tax planning, individual circumstances need to be considered as there is never a one-size fits all solution. Mirandus advise on these sort of structures so please get in touch to see how we can help. https://www.mirandusaccountants.co.uk/insights/want-to-save-tax-in-your-business-why-not-hire-a-family-member monthly 0.5 2024-03-25 https://www.mirandusaccountants.co.uk/insights/what-is-a-trust-and-how-can-it-help-you-protect-your-assets monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711569032837-KBQFN4XVFBWBJ1DYFMDQ/image-asset.jpeg Insights - What is a Trust and is it right for you? - What is a trust? A trust is a legal vehicle where you can transfer the legal ownership of your valued assets - maybe cash, property or stocks - and have some control on how assets are distributed to a loved one or ‘beneficiary’. The person who creates a trust is known as the ‘grantor’, and you tend to have ‘trustees’ to manage the running of the trust day to day. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711569071277-1OCKMX7CYFD07KRRGDWO/image-asset.jpeg Insights - What is a Trust and is it right for you? - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/98fa9f73-55c4-4ddb-8860-cb8c234f674f/iStock-184642847.jpg Insights - What is a Trust and is it right for you? - Leaving my home to loved ones “I give my house to my wife”, it is certain and predictable that the wife will receive the house and this is very straightforward and a popular option for those with limited assets and a clear view of who they’d like to leave them to. "I want to leave my home and various assets to my widow, my children, my grandchildren and to some charities.” In this instance, a discretionary will trust provides flexibility for the estate to split between all these parties and may also provide tax saving opportunities. However, it does not provide as much certainty for the beneficiaries. In this instance, choosing the right trustees is very important, who will always have all the beneficiaries in mind, but also must decide unanimously when making decisions. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711569119740-99CQJEL6BYRIXJIH90M4/image-asset.jpeg Insights - What is a Trust and is it right for you? - My beneficiaries are vulnerable A trust can be useful tool if you want to help provide financial stability to a vulnerable person throughout their lifetime. There are some trusts available specifically for disabled people or children that get a special tax treatment. These are called ‘trusts for vulnerable beneficiaries’. The rules are complex and you need to be careful for that your definition of vulnerable marries up to what is classed as vulnerable for tax purposes. The tax treatment for these types of trusts are less harsh than the normal tax rules faced by trusts, so it is worth seeking expert advice. https://www.mirandusaccountants.co.uk/insights/tax-changes-impacting-you-and-your-business-finances monthly 0.5 2024-03-27 https://www.mirandusaccountants.co.uk/insights/trusts-and-estate-planning monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711568927966-ZU2HCK7JIOU7L927FZDT/image-asset.jpeg Insights - What is estate planning? - It’s not just having a will in place…. You may have or plan to get a will to ensure you have a say on who inherits your assets after you die, but you may also need to consider inheritance tax planning, which needs to be paid by your loved ones relatively quickly after your death. Estate planning in your lifetime can help to keep your inheritance tax to a minimum and crucially helps you stay in control of your assets. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711568956327-3ML6ACHQ03JL3LO3DCHS/image-asset.jpeg Insights - What is estate planning? - What about inheritance tax, how does it impact me? The amount of Inheritance Tax paid depends on the total value of all your assets known as your estate. When you exceed the 'nil rate band', which is currently set at £325,000, you will likely need to inheritance tax at 40 per cent on the remaining value above the nil rate band amount. https://www.mirandusaccountants.co.uk/insights/pensions-are-you-making-the-most-of-this-valuable-tax-relief monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711568846693-L71Q47TWQCXRWB0DWUNY/image-asset.jpeg Insights - Pensions: Are you making the most of this valuable tax relief? - This is the amount that you can contribute to your pension pot in a given tax year, and it is not the amount that you can receive relief on. The annual allowance for most people is £40,000. If you receive income over £200,000 in a given tax year, known as ‘threshold income’ or you have ‘adjusted income’ over £240,000, then the amount of annual allowance tapers down or reduces. If you do not use your annual allowance in a given tax year, then you do not lose this valuable tax relief, you can carry it forward to future tax years. You can ‘carry forward’ unused annual allowance from the previous three years, and you always use the earliest year-first. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711568868429-W1MPKFV92C6CRH02MLOH/image-asset.jpeg Insights - Pensions: Are you making the most of this valuable tax relief? - This is the total amount that you can build up in your pension pot until retirement age. The lifetime allowance is currently £1,073,100. The good news is that if this threshold changes in the future and say, reduces from this threshold, you can potentially protect the amount already saved in your pension pot. https://www.mirandusaccountants.co.uk/insights/smes-get-help-with-late-payments monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711568698826-8EF2GNLZN4XCCOTA1MPP/image-asset.jpeg Insights - SMEs: Get help with late payments - Why is chasing late payments important? There is a late payment culture that exists in the UK between businesses which translates to: * A third of payments to small businesses are late * The average value of each payment is £6,142 * 20% of small businesses have run in to cash flow problems due to late payments *If small businesses were paid on time, this could boost the economy by an estimated £2.5 billion annually https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711568721740-Q5JGGY8X6NMVLR5OL7VM/image-asset.jpeg Insights - SMEs: Get help with late payments - Emma Boyns Photography, Chichester “I got in touch with the service after having no success chasing an overdue invoice on my own. It was my first time having to use this avenue and Jodie was very helpful in explaining the process. Correspondence was prompt and clear, and Jodie sent an informal email to my client on my behalf as a first step, two days after which the invoice was paid”. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711568753374-R8R57YI9VIWZ5BZXDGWV/image-asset.jpeg Insights - SMEs: Get help with late payments - JF Kehoe Installations Ltd, Stafford JF Kehoe Installations Ltd said: “We have received payment for all outstanding invoices and thank the Small Business Commissioner’s office for their assistance. They have been most helpful and we would have no hesitation in using their service again, if the need arises.” https://www.mirandusaccountants.co.uk/insights/understanding-national-insurance monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711568651041-U48F8YVJY0YSG7WKSXDQ/image-asset.jpeg Insights - Self employed: Understanding National Insurance - What is National Insurance? National Insurance contributions (NICs) are a tax on individuals and businesses who employ staff. NICs means that you can potentially qualify for certain state benefits, such as the State Pension and other support allowances. Paying NICs on your income is mandatory, you cannot opt in or opt out, and is levied alongside income tax on your individual income. National Insurance is split into ‘classes’ and the class you pay depends on your employment status as a UK taxpayer. https://www.mirandusaccountants.co.uk/insights/your-profit-amp-loss-account-understanding-your-business-performance monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711568510823-JDJ1H5BPUKVIBFZUF5UE/image-asset.jpeg Insights - Your Profit & Loss Account - Understanding your business performance - A closer look…… P&L can be deceptive, it looks at first like a simple list of incomings and goings, but actually is more complicated than it looks. First on the P&L report is all income received by the business, including sales or revenue, as well as non trading income, like bank interest. Next up is Cost of Sales. These are direct cost of achieving revenue of your product or service. This can include labour, materials, any equipment bought to produce a product for onward sale, shipping costs to bring materials to you and so on. All these examples are direct costs for you to deliver a product or service for onward sale. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711568552339-JAFR5806SKJT4U8YIXDL/image-asset.jpeg Insights - Your Profit & Loss Account - Understanding your business performance - Gross profit Direct costs minus from your sales figure gives you your gross profit. Gross profit is a really important and revealing number as it can tell you how efficient your business operations are. For example, say you made sales of £50,000, but your direct costs were £40,000, your gross profit would only be £10,000, which is relatively low versus your sales figure. You may want to look at your direct costs, negotiate better prices with your suppliers for example, and look to increase your gross profit number. It could be that you anticipated this low profit margin in the first year as you are a start-up, but you plan to grow your gross profit from year 2 onwards when you are up and running. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711568579533-VX2I4KASQ2587NHXAQGH/image-asset.jpeg Insights - Your Profit & Loss Account - Understanding your business performance - Net Operating Profit Next up you have indirect costs, like insurance, marketing, rent, telephone, working from home, stationery, travel and so on. You take these indirect costs from your gross profit number and if you have a positive number, then you have profit, or operating profit. If this is a negative number, you have an operating loss. https://www.mirandusaccountants.co.uk/insights/inheritance-tax-are-you-impacted monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711568461717-VBL0RKPDWNFABEW6MIZU/image-asset.jpeg Insights - Inheritance tax: Are you impacted? - What are the current inheritance tax reliefs available? Every UK individual has a ‘nil-rate band’ of £325,000 and this amount has remained unchanged for more than a decade. The nil-rate band means that when you die, and your estate or everything you own is valued, there is no inheritance tax charge on your estate of up to the value of £325,000. So for a married couple, you each have £325,000 or £650,000 combined. You also have the residence nil rate band on top of this standard nil-rate band. The residence nil rate band means that if you own a home and you pass this down to your direct descendants, the first £175,000 of your home’s value is not included in any inheritance tax calculations. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/54a94e98-9286-4ce4-a8b2-d542e07d7229/iStock-1340279703.jpg Insights - Inheritance tax: Are you impacted? - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.mirandusaccountants.co.uk/insights/should-you-start-a-crypto-related-business monthly 0.5 2024-03-25 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/4622e95f-e393-4f79-b216-bef7b656215a/iStock-1389058344.jpg Insights - Should you start a crypto-related business? - What kind of crypto businesses are already in the market? The most well known type of crypto-related business is trading in tokens for profit,but this is certainly not the only crypto-related business on the market. As you can imagine, the crypto industry requires a whole range of technological support to run effectively, including the servers the exchanges run on, payment providers to the e-commerce marketplaces and social media platforms crypto holders trade and communicate through, such as etoro. https://www.mirandusaccountants.co.uk/insights/landlords-and-self-employed-mtd monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711568335064-A7QZ0P7P4JX7TF30VEYU/image-asset.jpeg Insights - Landlords and Self Employed: Making Tax Digital is almost here - What is Making Tax Digital (MTD) for landlords and self employed? MTD is HMRC’s plan to move all UK tax reporting to digital filing as well as ensure people report more frequently so they pay the right amount of tax. So this means moving away from paper records and potentially spreadsheets. MTD is already in force with VAT registered businesses, but over the coming months and years, those who complete a self assessment tax return or run a limited company and pay corporation tax, will also be impacted. This includes the self employed and landlords, but only those landlords with income that exceeds £10,000 in a given tax year. If a landlord is self employed or sole trader as well, then the income from the sole trader business, plus income from their rental properties, is combined before determining if they are required to move to MTD. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711568394423-K7YDTZHG1UKRJJ5NYGLV/image-asset.jpeg Insights - Landlords and Self Employed: Making Tax Digital is almost here https://www.mirandusaccountants.co.uk/insights/your-crypto-questions-answered monthly 0.5 2024-03-25 https://www.mirandusaccountants.co.uk/insights/paying-employees-in-cryptoassets monthly 0.5 2022-05-10 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/cfc203a1-7b8b-4850-a19c-d098d63a3de1/iStock-1335723724.jpg Insights - Understand the rules: paying staff in crypto - Paying your staff in crypto If you decide to pay an employee or you are an employee that who receives cryptoassets instead of cash for work completed or “earnings”, then the tax treatment is the same as if you were receiving cash, in other words income tax and National Insurance Contributions (NICs) are payable. https://www.mirandusaccountants.co.uk/insights/government-grants-for-electric-vehicles monthly 0.5 2024-03-25 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/004b8653-c2a9-48db-a481-186be99aa782/Electric+cars Insights - Government Grants for different types of electric vehicles - Cars The government’s ‘plug in’ financial grant is designed to encourage and increase the purchase of electric cars in the UK. The grant is restricted to 35% of the purchase price, capped at £2,500, towards the cost of a plug in electric car. There are various conditions to be met in order to get this grant: 1. It must be brand new. 2. It must have CO2 emissions of less than 50g/km. 3. It can travel at least 70 miles without any emissions at all (its electric range). 4. It must cost less than £35,000. This figure is the recommended retail price (RRP), and this includes delivery fees and VAT. All fully battery electric cars (costing less than £35,000) will qualify, but very few hybrids will qualify as they will not have the required electric range. The dealer will reduce the vehicle’s price by the value the value of the grant. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/0882d7d3-7df0-417b-8129-1f945cdd82fd/iStock-913220220.jpg Insights - Government Grants for different types of electric vehicles - Small vans Small vans that qualify for a grant will have less than 2,500kg gross vehicle weight. They must have CO2 emissions of less than 50g/km. https://www.mirandusaccountants.co.uk/insights/how-do-i-calculate-profit monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711568221865-4494K6VZ477VLUKXJV6O/image-asset.jpeg Insights - How do I calculate profit in my business and why should I? - Gross profit versus net profit Your gross profit is your total sales minus your direct costs. Direct costs are the costs of making your product or selling your service. These include the costs of your raw materials, transportation of those materials, and employees’ wages. Your net profit is how much you’ve earned after you’ve subtracted your operating expenses from your gross profit, which include things like rent, insurance, etc. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711568243426-BAFQYP5FP5GUXFFXNEXO/image-asset.jpeg Insights - How do I calculate profit in my business and why should I? - Operating profit versus net profit? Operating profit is your income after deducting operating expenses (such as rent, equipment, and employee payroll). It also takes into account things like taxes, interest, and profit or loss from investments. Calculating operating profit is a useful exercise to help understand how efficient your business is operating before paying taxes. It helps you determine if your product or service pricing strategy is correct and how well you are managing your business costs. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711568264537-308PF8N3X6W0EQYY4IE4/image-asset.jpeg Insights - How do I calculate profit in my business and why should I? - Why calculate profit margin? Your profit margin is calculated as a percentage that gives you an idea of how well your business is performing as per the various profit indicators above, but it useful to calculate as a percentage when comparing how you are performing against other businesses. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711568284349-TB7BG9WZR4MPX8UC13XQ/image-asset.jpeg Insights - How do I calculate profit in my business and why should I? - How do I improve my profitability? This very much depends on your unique business set-up but of course there are common ways to help increase profitability for businesses generally. https://www.mirandusaccountants.co.uk/insights/new-tax-year-what-has-changed monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/b4e89b7d-d88b-46ab-b69c-af7720a0408b/iStock-910098170.jpg Insights - New Tax year: What has changed? - 2. National Minimum Wage changes From Friday 1st April 2022, the National Minimum Wage changes are: Increase to £9.50. For 21-22 Year Old: Increase by 9.8% to £9.18 For 18-20 Year Old: Increase by 4.1% to £6.83 For 16-17 Year Old: Increase by 4.1% to £4.62 Apprentice Rate: Increase by 11.9% to £4.81 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/bba4e5a7-6ebe-4430-ac8c-960fca641f95/iStock-1278695304.jpg Insights - New Tax year: What has changed? - 3. Income tax in 2022/23 All UK taxpayers benefit from tax free income before you start paying income tax, known as the personal allowance, as is currently frozen at£12,570 till April 2026. For taxpayers who earn more than £100,000, your personal allowance is reduced by £1 for every £2 earned. The various bands of income tax also remain frozen for England Wales and Northern Ireland: * Basic rate taxpayer, earning between £12,570 to £50,270: pay 20% income tax * Higher rate taxpayer, earning between £50,271 to £150,000- p ay 40% income tax * Additional rate taxpayer, earning Over £150,000, pay 45% income tax https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/2c7614af-4501-4824-abe5-f33fb62a635c/iStock-1294911370.jpg Insights - New Tax year: What has changed? - 4. Dividend rates increase The dividend tax rate has increased by 1.25% due to the new Health and Social Care Levy. The dividend allowance, or the amount you can extract in profit before paying dividend tax remains at £2,000. The changes are noted below: * Basic rate taxpayer: increase from 7.5% to 8.75% * Higher rate taxpayer: increase from 32.5% to 33.75% * Additional rate taxpayer: increase from 38.1% to 39.35% https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1eb70285-20e4-4dc3-a88c-1f322839b74d/iStock-1209938406.jpg Insights - New Tax year: What has changed? - 5. Corporation tax Corporation tax remains at 19% in the coming tax year in 2022/23 but will change from April 2023. Until then, limited companies can make use of the Super Deduction relief, due to finish on 31 March 2023. Now is the time to consider future capital investment in your business, so you have the cash flow to invest as well as sustain your business, whilst keeping up with tax payments. https://www.mirandusaccountants.co.uk/insights/an-overview-of-the-construction-industry-scheme monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711568047775-E3FBWESHH6WZ8XSM7H9K/image-asset.jpeg Insights - The Construction Industry Scheme (CIS) Explained - Calculating CIS In order to work out the level of tax deduction that will be withheld, the contractor must have a record which shows how the invoiced amount is split between labour, materials, plant hire and consumables. The contractor must deduct ‘materials’ from the gross invoice amount, so that the tax deduction is only calculated on the labour element. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711568071946-1VPUH1NSIR9UEEYRF6RM/image-asset.jpeg Insights - The Construction Industry Scheme (CIS) Explained - Property Developers Many businesses might not necessarily believe they are a mainstream contractor because they are not ordinarily a builder. It is however important to recognise that a property developer may be considered a main contractor and may need to register for CIS. If a property developer hires a builder to help with construction, and they in turn hire subcontractors for the construction work, this draws the property developer into the definition of a contractor. The property developer would therefore need to verify the CIS status of the builder and deduct CIS tax if appropriate. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711568097991-FBDF003H6VSN5NGDY7W5/image-asset.jpeg Insights - The Construction Industry Scheme (CIS) Explained - VAT Reverse Charge The VAT reverse charge is a recent rule change which impacts CIS, introduced on 1 March 2021. The aim of the domestic VAT reverse charge is to reduce VAT fraud in the construction sector. The charge applies to standard and reduced-rate VAT services, for business or individuals who are registered for VAT in the UK and are reportable within CIS. HMRC have produced a handy flow chart to check if you VAT reverse charge applies to you, found here. https://www.mirandusaccountants.co.uk/insights/employment-allowance-explained monthly 0.5 2024-03-27 https://www.mirandusaccountants.co.uk/insights/summary-of-spring-budget-2022 monthly 0.5 2024-03-25 https://www.mirandusaccountants.co.uk/insights/declaring-foreign-income monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711567936914-3W1YRME02EPHK3CPWTO8/image-asset.jpeg Insights - What is foreign income and do I need to declare it? - Am I classed as a UK resident? For tax purposes, your residency status is determined by the rules of the Statutory Residence Test. If you have already paid tax on the income in another country, you may not have to pay tax twice. However, it is important to declare the foreign income in your annual self assessment tax return anyway, and if applicable you can Foreign Tax Credit Relief to confirm you have already paid tax on the foreign income abroad. https://www.mirandusaccountants.co.uk/insights/be-ready-for-making-tax-digital-on-1st-april-2022 monthly 0.5 2022-03-11 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/fa33fdff-953f-41ac-8a58-ade431b99b02/Quarter-end+June+2022.png Insights - MTD VAT launches 1st April 2022: Know when to sign up - Timeline sign up for Quarter-end June 2022 Only submit this once your April 2022 VAT return has been submitted. If you do not have a direct debit set up, you can sign up between 8 June and 4 September 2022. If you do have a direct debit set up, you can sign up between 13 June and 31 August 2022. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/059320eb-f552-4f03-bb14-6fdeccb98700/Your+first+MTD+VAT+Return+Quarter-end+August+2022+%282%29.png Insights - MTD VAT launches 1st April 2022: Know when to sign up - Timeline sign up for Quarter-end July 2022 Only submit this once your May 2022 VAT return has been submitted. If you do not have a direct debit set up, you can sign up between 8 July and 4 October 2022. If you do have a direct debit set up, you can sign up between 13 July and 30 September 2022. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/3e6f7954-1296-4fd7-81b5-73caf18a75d8/Your+first+MTD+VAT+Return+Quarter-end+August+2022+%281%29.png Insights - MTD VAT launches 1st April 2022: Know when to sign up - Timeline sign up for Quarter-end August 2022 Only do this once the June 2022 VAT return has been submitted. If you do not have a direct debit set up, you can sign up between 8 July and 4 October 2022. If you do have a direct debit set up, you can sign up between 13 July and 30 September 2022. https://www.mirandusaccountants.co.uk/insights/act-now-before-tax-year-end-on-5-april monthly 0.5 2022-03-02 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/baabc275-9d3f-4071-ac6e-7df523b8884a/iStock-1128415607.jpg Insights - Your Tax Saving Checklists before tax year-end on 5 April - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/715d9b4d-f11b-4373-af98-343a2779067d/iStock-1282636502.jpg Insights - Your Tax Saving Checklists before tax year-end on 5 April - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.mirandusaccountants.co.uk/insights/thousands-of-uk-smbs-are-not-yet-compliant-with-incoming-digital-tax-rules monthly 0.5 2022-02-09 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/f40d8f28-3d4c-417a-af94-769d0f83e897/iStock-1269302199.jpg Insights - Are you ready for the incoming digital tax rules? - Reduce stress and admin burden Using digital software can actually reduce stress by automating your accounting process, minimising the time spent, improving efficiency and accuracy. Using digital software also provides real-time insights into finances, helping to build better habits and financial awareness. MTD is therefore not the only reason to be MTD ready, the benefits of using digital software means you can make informed, proactive decisions in your business, whilst being able to do active tax planning. https://www.mirandusaccountants.co.uk/insights/small-business-grants-the-lowdown monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711567765470-0P0TA5KEA9BYQPOEWE86/image-asset.jpeg Insights - Small business grants - the lowdown - Attract investors In the UK, there are several types of schemes aimed at raising money by offering investors tax relief if they invest in your business: Enterprise Investment Scheme (EIS)- You’re able to raise up to £5 million per year with this scheme. Seed Enterprise Investment Scheme (SEIS)- Like EIS, but is geared more towards small businesses as the maximum employee number for this scheme is 25. Venture Capital Trust (VCT)- This scheme allows businesses to gain capital through long-term investments, in which the investors are offered significant forms of tax relief. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711567825092-4EUV9413RY7T02QF4T2R/image-asset.jpeg Insights - Small business grants - the lowdown - Governemnt Apprenticeship Scheme Your business may benefit from hiring an apprentice. Employing an apprentice gives you the opportunity to teach someone all the skills involved in your craft or trade. Fortunately, the UK government has multiple grants in place to encourage you to employ an apprentice and expand your business. You are able to claim as much as £4k from the government when you hire an apprentice. Almost any type of apprenticeship is eligible for this type of funding. https://www.mirandusaccountants.co.uk/insights/uk-trusts-as-an-effective-tax-planning-tool monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711567607643-FUFJWZN7UZY0FIK059O3/image-asset.jpeg Insights - UK Trusts as an effective tax planning tool - What are trusts and where do they originate? Trusts have been in existence since the medieval times and have stood the test of time. In the 11th century, at the time of the English crusades, crusading English knights left their manors in the ‘trust’ of friends for safekeeping, while themselves were away crusading, often for decades. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1643122255953-OLPE75HOQ4JOEFLQGB2Z/unsplash-image-_JjYYsQPneE.jpg Insights - UK Trusts as an effective tax planning tool - A typical example of a trust set-up by a grandparent Josie & Don are grandparents.. They sold some of their land to developers and with the remaining land, they decided to place into a trust to help reduce their overall estate and inheritance tax. The land was placed into the trust pre-development, so whilst still at a relatively value. Josie and Don’s eldest grandchild, Marie, and her husband, wanted to buy a home. Rather than gift a large cash sum, the trust made a loan of £50,000. A few years later, unfortunately Marie’s marriage broke down, and the home was sold and the profit was distributed between Marie and her now ex-husband. However, the Trust was still owed £50,000 and this was reimbursed. Josie & Don were able to both help Marie buy a home, but when things went wrong, they were able to protect their cash as it was held in trust versus gifted by them personally. Outcome: No tax to pay, supporting family members, whilst protecting their assets https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1643190081974-TGJQPSBWOKYFJZQTIEK3/unsplash-image-L30rgHYSyuU.jpg Insights - UK Trusts as an effective tax planning tool - Using a trust to fund nursing fees A husband and wife could do some tax planning to ensure that their assets are safe for their beneficiaries, such as their children, whilst also making sure their needs are met in their lifetime. One way of doing this is to set up a settlement in trust, sometimes known as an interest in possession trust, where husband would place their Nil Rate Band of £325,000 into the trust. Every UK individual has a Nil Rate Band which is the value of your estate up to which no inheritance tax is paid. At the time of the husband’s death, the remaining spouse can continue to enjoy the income generated from assets held in trust, such as investments and pensions, and continue to live in their marital home, but would ultimately would not own the assets or be able to access the capital of the assets. The spouse then needs to go into a nursing home, and when her income is evaluated to determine how much she would contribute for nursing home fees, only the income generated by the assets is considered, not the underlying assets, which are held in this trust. The trust assets are then protected for the beneficiaries, the couple’s children, https://www.mirandusaccountants.co.uk/insights/looking-for-funding-consider-the-seed-enterprise-scheme monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711567490424-DIKK81MDT317X4Y1WAN4/image-asset.jpeg Insights - Looking for funding? Learn more about the Seed Enterprise Scheme - The Seed Enterprise Investment Scheme (SEIS) SEIS incentivises individual investors to invest in your business with up to 50% tax relief on their income tax bill for investments made up to £100,000. Furthermore, when the investor come to sell their SEIS shares in your business, they receive a capital gains tax (CGT) exemption. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/535101d5-61f0-4d01-b1d9-1b78affa6374/iStock-1284636520.jpg Insights - Looking for funding? Learn more about the Seed Enterprise Scheme - Case 1: Your company doubles in value Investor’s initial outlay = £10,000 Income Tax Relief = £5,000 (investor get 50% off their income tax bill) Profit from sale of SEIS shares = £10,000 Capital Gains Tax = Zero (shares must be held for three years at least) Tax free return = £15,000 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/16602aeb-3a33-4812-b64d-bdfd4f4b7240/iStock-1186769801.jpg Insights - Looking for funding? Learn more about the Seed Enterprise Scheme - Case 2: After 3 years, your company’s value stays the same Investor’s initial outlay = £10,000 Income Tax Relief = £5,000 (investor get 50% off their income tax bill) Profit from sale = zero Gain for investor= £5,000 reduction in their income tax bill https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/dffd59d6-0b6f-4c52-9209-d798a0434ed2/iStock-1288486070.jpg Insights - Looking for funding? Learn more about the Seed Enterprise Scheme - Case 3: Your company folds and the SEIS shares hold no value Investor’s initial outlay = £10,000 Income Tax Relief = £5,000 (investor get 50% off their income tax bill) At risk capital = £5,000 Loss relief = £2,250 Investor’s actual loss = £2,750 (£10,000 - [£5,000+£2,250]) https://www.mirandusaccountants.co.uk/insights/tax-planning-readying-yourself-for-higher-taxes-from-april monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711567355577-60WFAJ3F7CEJVM7N3MM2/image-asset.jpeg Insights - Tax planning: Readying yourself for higher taxes from April Tax rises will impact both individuals and businesses from April 2022 for at least the next three years. Despite much push back from his own backbenchers, Rishi Sunak, the UK Chancellor, does not look like he will veer off course and they will go ahead, despite businesses still reeling from the pandemic. Tax is an area that requires forward planning and thought as well as tailored advice relevant to your unique circumstances. With tax rules changing frequently, we suggest you get in touch to see how the new tax rules will impact you. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711567374527-A7KK279HYCK62EOTILOZ/image-asset.jpeg Insights - Tax planning: Readying yourself for higher taxes from April - Now is the time to do tax planning Whether you are self employed or a director of a limited company, you will see an increase in your tax burden. Either way, you need to consider the various tax rises that impact you and understand how this impacts your specific circumstances. https://www.mirandusaccountants.co.uk/insights/welcome-relief-when-selling-property monthly 0.5 2022-01-05 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/8a1321e8-1db6-4101-8c2b-1400bd95fb14/iStock-1310943762.jpg Insights - Welcome cash flow relief when selling property What this means in practice is that if you sell a property that is not your main home, perhaps a rental or investment property, you are legally obliged to file a Capital Gains Tax return with HMRC AND pay any capital gains tax due within 60 days of the sale completion date. Previous to the announcement, property sellers had struggled to meet the 30 day deadline and many have been penalised for late submission of the tax return as well making their capital gains tax payment. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/f0e55cd7-79ac-4c96-8d84-3dfd690c3abc/iStock-1221329091.jpg Insights - Welcome cash flow relief when selling property - Cash flow advantage If you sell your asset close to the tax year end, say February or March, you are then allowed to include your capital gains tax information on your standard self assessment tax return. What this means is that you bypass the 60 day rule for paying capital gains tax and the normal rules apply for self assessment, namely you have till the 31 January the following year to pay. To enjoy this cash flow advantage, you will need to complete your self assessment tax return by 20 April after the tax year, which is very early filing for a self assessment tax return, but does mean you have the advantage of twice as much time to pay any capital gains tax due. https://www.mirandusaccountants.co.uk/insights/the-scottish-budget-predictions monthly 0.5 2024-03-27 https://www.mirandusaccountants.co.uk/insights/cash-is-king monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711566915725-T224LCVPWEOE8E30V5JV/image-asset.jpeg Insights - Here's why Cash is King - What is cash basis accounting? The cash method is simple in that the business's books are kept based on the actual flow of cash in and out of the business. Income is recorded when it's received, and expenses are reported when they're actually paid. https://www.mirandusaccountants.co.uk/insights/your-tax-bills-are-you-ready-to-move-to-a-limited-company monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711566719194-LM7XNOE07GMOISGKVJYA/image-asset.jpeg Insights - Your Tax Bills: Are you ready for Limited Company status? - VAT This is a tax on your goods and services that you sell and that you collect on behalf of HMRC. As a limited company, whenever you send out an invoice for services rendered or goods sold you are required to add in a VAT line in the invoice and ensure that when it comes to completing your company’s VAT return for HMRC, you pass on the correct amount of tax you have collected on your sales. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711566792107-BLSDP70VUWI0W92E12B2/image-asset.jpeg Insights - Your Tax Bills: Are you ready for Limited Company status? - Payroll taxes As a director of your business, you are viewed as an employee of the company by HMRC. Employees get a salary and pay via PAYE and National Insurance (NI). It is therefore a good idea to pay yourself enough salary to cover your NI contribution to qualify for state benefits such as pension and maternity allowances. The optimal salary, to take into account your personal allowance, would be £9,568 which is before you start getting charged for the Employers NIC at 13.8% and employees NIC at 12%. A salary of £9,568 has the benefit of no tax or NI payments whilst giving a credit towards the state pension scheme - one of the very few tax free benefits which have not been taken away. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711566820283-S42C7P238SBZ39G9XJHL/image-asset.jpeg Insights - Your Tax Bills: Are you ready for Limited Company status? - Personal income tax If you do decide to move to a limited company, you as a director are still expected to complete your personal income tax return, which is separate from your company taxes and due by the end of January. https://www.mirandusaccountants.co.uk/insights/why-it-pays-to-be-charitable monthly 0.5 2024-03-27 https://www.mirandusaccountants.co.uk/insights/hmrc-enquiries-could-you-be-next monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711566583561-KXEQHSAJQSYHTLEF6FN8/image-asset.jpeg Insights - HMRC Enquiries: Could you be next? - An example of a small business HMRC investigation A logistics company was selected for an HMRC enquiry where HMRC wished to review the company’s claim for Research & Development (R&D) Tax Credit Relief. HMRC wanted to check the right amount of qualifying expenditure or tax relief was given to the company. We drafted a reply to HMRC and subsequently held a conference call with the HMRC Officer to run through in detail the Research & Development claims. Our assistance with this matter enabled HMRC to close the enquiry with no adjustments and the business was insured through our tax investigation insurance cover against costs incurred of just over £6,000 in accountancy fees. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711566610235-R5LQLKW0DED6RT39OJ54/image-asset.jpeg Insights - HMRC Enquiries: Could you be next? - A personal tax enquiry Following a property sale, HMRC opened an enquiry into an individual’s Capital Gains Tax position; requesting property valuations, leases and even challenging the transaction, as it involved a business part-owned by a member of the client’s family. The enquiry was relatively short, but entailed much detailed correspondence by the client’s accountant. HMRC accepted there was no additional tax to pay, yet the accounting costs were still £3,500. https://www.mirandusaccountants.co.uk/insights/our-budget-reaction-amp-summary-of-tax-changes monthly 0.5 2024-03-25 https://www.mirandusaccountants.co.uk/insights/your-go-to-guide-payment-on-account monthly 0.5 2024-03-25 https://www.mirandusaccountants.co.uk/insights/tax-saving-tips-for-business-owners monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711566497349-7PQ1T0XH8VY3KFCD8DKQ/image-asset.jpeg Insights - Tax Saving Tips for business owners - Delay Dividend Declaration Another very valuable tax saving strategy, one that many do not know about, is legitimately being able to delay when declaring dividends or profit extraction from your company. By delaying when you declare a dividend, you can ensure you do not get pushed up into the higher rate of tax, which means more of your heard earned profits in your pocket versus HMRC. Learn more about how to work with dividends in your business tax efficiently here. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711566530340-S1NY3PELCWG1RW1LL8P7/image-asset.jpeg Insights - Tax Saving Tips for business owners - Bonuses Paid to Staff Paying bonuses to your staff can help reduce your tax bills. Staff bonuses should be paid before the end of the tax year to take advantage of the corporation tax savings. For your staff, the bonuses will go through payroll like salaries, and will be charged with National Insurance and income tax. https://www.mirandusaccountants.co.uk/insights/dividends-how-are-they-taxed monthly 0.5 2024-03-25 https://www.mirandusaccountants.co.uk/insights/what-is-output-and-input-vat monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711566349449-MTF2ZLBRB28GLCKT55JV/image-asset.jpeg Insights - What is output and input VAT? - What is output VAT? Output VAT is the tax that is calculated and charged on the sale of goods and services from your business, and is relevant only if you are a VAT registered company. The VAT output on sales must be specified in sales invoices, and any other sales document between businesses who sell to each other, including notes, bills and receipts, as well as contract notes and settlement notes. To confirm, output VAT is calculated and charged on sales to other businesses and consumers alike. You are also required to calculate output VAT when goods or services are withdrawn from your business for private use. If the goods or services are not liable to VAT you will still need to calculate VAT on withdrawals, unless they are considered capital goods, in which case they are considered as an adjustment to input VAT. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711566372986-URFT36W880L9O5FSKDCG/image-asset.jpeg Insights - What is output and input VAT? - What is input VAT? Input VAT is the tax that is added to the price when goods or services are purchased from other businesses and on those purchases of goods or services that are liable to VAT. If you purchase goods or services from a VAT registered business, the seller can reclaim VAT on these purchases when completing their quarterly VAT return. When completing a VAT return, the output and input VAT for the tax period under review are considered together to ensure that all good and services that are sold between businesses have been charged VAT correctly. Therefore you can assume that trade activity between VAT registered businesses involves the collection of tax, either by the seller via output tax or via the buyer via input tax, and the VAT registered businesses are vehicles used by HMRC to collect VAT. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711566399298-PC9VNFOGIOET2CKAVDTQ/image-asset.jpeg Insights - What is output and input VAT? - An example of output and input VAT in action During a VAT period, Shop X, a VAT-registered business, purchases goods worth £62,000, inclusive of VAT, which is a 20% rate currently. Therefore, the input VAT is £12,400. During the same period, the business sells good worth £150,000, excluding VAT. The output VAT is £30,000. At the end of the VAT period, the output VAT figure is deducted from input VAT figure for the period, which in this case amounts to £17,600. If the input tax on purchases exceed the output VAT on sales in any given period, the difference will be negative and HMRC will refund this amount. https://www.mirandusaccountants.co.uk/insights/spending-review-for-small-businesses monthly 0.5 2021-10-18 https://www.mirandusaccountants.co.uk/insights/tdo-you-need-to-submit-a-tax-return monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711566258835-GFCRVFTY4OZ03C5LCME2/image-asset.jpeg Insights - Do I need to submit a tax return? - Deadlines for completion The current tax year for personal income runs from 6th April 2020 to 5th April 2021, and is the same date format each tax year. This is often abbreviated to ‘2021/2021’. If you are needing to complete a tax return for the first time, you are required to inform HMRC by 5th October. For example, for the current 2021/2022 tax year, you should inform HMRC by 5th October 2021. You can complete your tax return in paper form or online. If in paper form, the deadline for submission is 31st October. If there is a delay of submission, there will be a penalty charged imposed by HMRC, even if you have no tax to pay for the tax year of submission. If you submit your SA online, the deadline for submission is 31 January. Again, if the deadline is missed, a penalty charge will be made by HMRC even if there is no tax to pay. https://www.mirandusaccountants.co.uk/insights/structure-your-savings-to-reduce-tax monthly 0.5 2024-09-18 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711566163363-V0BT8113PWS55LVJMI4Z/image-asset.jpeg Insights - Structure your savings to minimise your tax bill - Using the tax-free savings band as a couple Alfred and Freda are both retired. Alfred has a pension of £20,000 a year. He has also accumulated savings over the years, of £450,000 which generate gross interest of £4,500 a year. Freda has a pension of £12,000 a year. By transferring at least £350,000 of Alfred’s savings (on which interest of £3,500 is received) into Freda’s name, their savings income as a couple will be tax-free. The first £500 of their savings income will be covered by the remainder of Freda’s personal allowance and the remaining £3,000 will fall within Freda’s tax-free savings rate band. Had all the savings income remained in Alfred’s name, the interest in excess of his personal savings allowance of £1,000 would be taxed at 20%, generating a tax bill of £700 (£3,500 @ 20%). To ensure that the opportunity to benefit from tax-free savings income is not wasted, couples should review their affairs to ensure that their savings are held so as to make the best possible use of the available allowances. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711566190780-XCY73GOZ4IVOOYLGEW74/image-asset.jpeg Insights - Structure your savings to minimise your tax bill - Save a hefty tax bill by splitting savings income as a couple Janet and David are both retired. Janet has savings income of £40,000 in the current tax year. As she has only savings income, the first £18,570 (representing her personal allowance of £12,570, her personal savings allowance of £1,000 and her savings rate band of £5,000) is tax-free. The remaining £21,430 is taxed at 20%, generating a tax bill of £4,286. David has no income. If they put the income-generating investments in joint names (or transfer half to David), each will be treated as having savings income of £20,000. Both David and Janet will benefit from their personal allowance of £12,570, the personal savings allowance of £1,000 and the savings band of £5,000, leaving them each with taxable savings income of £1,430 and a tax bill of £286. By equalising their savings income, their joint tax bill is £572 rather than £4,286, saving them £3,714 in tax. https://www.mirandusaccountants.co.uk/insights/get-making-tax-digital-ready monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711566037386-6S7M7CIRGDRHSNQL1HVW/image-asset.jpeg Insights - Business Owners: Get Ready for Making Tax Digital - What is Making Tax Digital? Making Tax Digital (MTD) will require individuals and business owners to complete quarterly tax returns via a digitally HMRC approved platform. This means that there will be a requirement to keep records accurately throughout the year as well as submit tax returns to HMRC quarterly. If you are not already keeping records digitally, now is the time to get organised before MTD becomes compulsory for all VAT registered businesses from April 2022 and those submitting self assessment tax returns from April 2023. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1630918475097-QQH8KO90SJHJEOUS2ULL/iStock-1128491393.jpg Insights - Business Owners: Get Ready for Making Tax Digital - Are you keeping digital records? Whether you are a new business owner or an individual who may need to submit tax returns to declare income, now is a good time to get organised and plan for MTD. Moving to digital records does not need to be a daunting process if you adopt cloud accounting software, such as Quickbooks Online. Although cloud accounting software is an accounting tool, the software allows for you to familiarise yourself with your numbers on a real time basis, and with a help from an accountant or tax adviser, gain insights and peace of mind that you are developing your business in the direction you want to go. So moving to digital records is a benefit not only from compulsory HMRC reporting perspective, there is a real and tangible benefit of doing so to work strategically on your business and plan for future goals. https://www.mirandusaccountants.co.uk/insights/why-submit-your-tax-return-early monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711565805386-0ECE1L4868A56JMU5VKJ/image-asset.jpeg Insights - Why submit your tax return early? - Four reasons to submit your tax return early If you are completing a self assessment tax return for the first time or you are well versed in completing your tax returns annually, being organised in time for the 31 January deadline each year may fill you with dread. If this sounds like you, why not complete your tax return now to avoid undue stress leading up to Christmas and the start of a new year? Here are four very good reasons why it makes sense to complete your tax return early. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711565872282-CY2DDUBU7XMDNX3EBXY4/image-asset.jpeg Insights - Why submit your tax return early? - Reason 3: Are you due a tax refund? If you think you may be due a tax refund or you may have overpaid in tax earlier in the tax year, it is worth your while completing your tax return as soon as possible after the tax year ends, from April onwards, to work out what tax refund you are due from HMRC. If you are indeed due a tax refund, you can submit your tax return as soon as possible after April and HMRC will pay you back any overpaid tax pretty quickly, usually within a few weeks. This may help much needed cash flow whilst running your business day to day. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711565899863-KDFXBYE96B1G665JLIY2/image-asset.jpeg Insights - Why submit your tax return early? - Reason 4: You need to file every quarter from April 2026 You may have heard of Making Tax Digital? This is HMRC’s plan to make all filing of taxes digital, and is already being phased in currently for VAT registered businesses. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711565927941-XWR1UPGGEGYPS1I5YR1Q/image-asset.jpeg Insights - Why submit your tax return early? - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.mirandusaccountants.co.uk/insights/saving-capital-gains monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711565742656-NRNXB1PHNL013N6UN0BO/image-asset.jpeg Insights - Saving on Capital Gains Tax when Selling Your Investment Property - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1629984390039-TRK8FUK1NPGLQ2V554KN/Practice+Talk+Rukhsana+1.jpg Insights - Saving on Capital Gains Tax when Selling Your Investment Property - Understanding your tax position There are also many other tax free savings available according to your circumstances. Be in the know and contact us for a complimentary consultation. https://www.mirandusaccountants.co.uk/insights/i-am-a-higher-rate-taxpayer-how-can-i-grow-my-wealth-tax-efficiently monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711565665555-15HLG0L67PTTJCURNT4P/image-asset.jpeg Insights - How can I grow my wealth tax efficiently? - Make it stand out How can I grow my wealth tax efficiently and sustainably? https://www.mirandusaccountants.co.uk/insights/3-ways-to-manage-your-expenses-in-your-small-business monthly 0.5 2021-08-08 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1628427855783-O3O83BRBBMEWNVDT7UT9/receipts+and+capture.jpg Insights - 3 ways to manage your expenses in your small business - 1. Record your expenses in real time & on the go The best time to record an expense is as soon as you spend the money! If you use cloud accounting, such as QuickBooks, you can capture paper receipts on the go via the app with the receipt and capture feature. Once you take the photo, the receipt and the expense appear digitally and automatically in your quickbooks account. Capturing all expenses means you are working compliantly and efficiently and not missing any tax savings. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1628428570977-HJLKE2ZMLB1X768HLOGZ/digital+records.jpg Insights - 3 ways to manage your expenses in your small business - Go digital & ditch paper receipts Gone are the days that you need to keep physical records or receipts and invoices of your business transactions for six years - HMRC are happy for you to keep digital records instead. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1628429836227-I9SA5VZS2H88YTC837ZC/costs+versus+expenses.jpg Insights - 3 ways to manage your expenses in your small business - Expenses versus costs Direct costs affect the profit margin of your product or service, also known as cost of sales. Expenses, sometimes known as operating expenses, affect the profit margin of your company as a whole. When you're recording expenses, it's really important to keep these separate from costs in case of HMRC inspection. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1628430765499-13ATL2UEBVJVC0HTBHQ4/Practice+Talk+Rukhsana+1.jpg Insights - 3 ways to manage your expenses in your small business - Mirandus are a digital tax & accountancy practice We believe that a compliant and tax-efficient business is the foundation for success, and that these areas shouldn’t be barriers to any business growing and achieving what they want to. Contact us to see how we can help run your small business compliantly and tax efficiently. https://www.mirandusaccountants.co.uk/insights/what-is-always-tax-free monthly 0.5 2024-06-05 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1628072273768-9ZR5VIJCJAX6SH2NZKZY/cash+gifts+tax+free.jpg Insights - What is always tax free? - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1628072659119-Z2D49NU703GZI0I04IBJ/gifting+from+grandparents+investment+income.jpg Insights - What is always tax free? - Children’s Investment Income If you are looking for ways to provide tax efficient income for your children, you may already have Junior ISAs in place. Have you also considered the opportunity for grandparents and other relatives to invest in their grandchildren’s future? Grandparents have more flexibility to gift tax-free income every tax year and make use of the grand child’s personal allowance, currently set at £12,570., without incurring an additional tax bill. Parents need to be careful of the £100 rule however, as any income they provide over £100 to children is taxed at their income tax rate. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1628073658361-0S4ALNSNL4TMSV35Y4LB/gambling+tax+free.jpg Insights - What is always tax free? - Gambling Winnings Did you know that in the US any gambling winnings are taxed but in the UK they are not? Whether you bet at the Grand National every year or religiously buy a lottery ticket every week, any windfall you make is tax-free to you. This is also true for financial spread betting, where you can try to predict the direction of a company’s share price over a period of time or you can harbor a guess at what will happen to a currency. To be eligible for tax free winnings in this case, you need a dedicated spread betting account. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1628075285265-87GXCLENNDXZ8KK45OO7/tax+free+lump+sums.jpg Insights - What is always tax free? - Tax free lump sums Need a cash booster without being penalised by the taxman or unsure if income you have received is tax free? An example of tax-free lump sums are: * Termination or redundancy payments up to £30,000 * 25% of your pension savings taken out as a lump sum * Insurance payouts * A personal injury compensation https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1717596122072-P41S13NBJD3P91YL2N3K/image-asset.jpeg Insights - What is always tax free? - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.mirandusaccountants.co.uk/insights/the-long-read-succession-planning-in-family-businesses-trusts monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711565370771-NNDF9ED0X09QZVIAAXI1/image-asset.jpeg Insights - Succession Planning in Family Businesses + Trusts - What is a Trust? A trust is a separate legal entity to you and your beneficiaries, the family members inheriting the business. When assets , including a business, are placed into a trust the legal owners are known as the trustees, and are usually unrelated to the business and different from the beneficiaries themselves, but do not have to be. A trust allows your chosen trustees to retain control over the business ,whilst ensuring the business passes on its wealth and income to family members via future dividends and any future capital growth in the value of the shares. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711565393322-X9X1EM1WFGKW2YM8F1I4/image-asset.jpeg Insights - Succession Planning in Family Businesses + Trusts - Why a Discretionary Trust? In a discretionary trust you may have any number of beneficiaries who can enjoy the future wealth and growth of the trust and the trustees have the power to decide which beneficiaries should benefit, as well as when and how they might benefit. Choosing a discretionary trust means you can protect the wealth of the business from anything that may befall a beneficiary, such as divorce, ill health or death, known as asset protection. There is also huge flexibility in the discretionary trust structure which means you can look beyond the next generation but also consider future generation of family members to enjoy the business’ success. And in terms of tax considerations, there are opportunities for estate and IHT planning, as well as capital gains tax savings. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711565461148-7DVXRWYGYYIORT1M43QO/image-asset.jpeg Insights - Succession Planning in Family Businesses + Trusts - Asset Protection Having a discretionary trust in place gives protection of your business asset in case something were to befall one or all of your beneficiaries. All assets in a trust, including a business, do not form part of a beneficiaries estate if they die, for example. Compare this to gifting a family member shares in the business, who then subsequently dies; In this scenario, the shares in the business will be valued as part of the beneficiaries estate and inheritance tax (IHT) may be payable. Specifically for a family business where the entire shareholding or a majority shareholding is often owned by only family members, a discretionary trust provides a useful vehicle to ensure that shares do not end up in the hands of non-family members, and importantly there is no dilution of a majority shareholding. A trust can also ensure have the correct legal protection in place via Articles of Association and a Shareholders' Agreement to ensure the ownership of the family business shares remain in the family. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1627377919821-UQKYL9JVBH0SI6FMMMZX/family+trusts.jpg Insights - Succession Planning in Family Businesses + Trusts - Flexibility of Discretionary Trusts A discretionary trust can be created to ensure optimum flexibility to share the wealth from a family business amongst younger and future generations. The trust has total discretion and control on who, when and how a beneficiary should benefit from the wealth held in the trust itself. So it is the trust and the chosen trustees who have the control and power to share the wealth in whichever way they see fit to beneficiaries; the beneficiaries themselves have no say in the matter and none of the the beneficiaries have the legal right to either capital or income. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711565519286-R8AOHSMG0U9W12WRPIL2/image-asset.jpeg Insights - Succession Planning in Family Businesses + Trusts - Tax Implications of a Discretionary Trust The two taxes to consider when opening a discretionary trust and placing an asset in it, including a family business , is inheritance tax (“IHT”) and capital gains tax (“CGT”). If managed right, you could mitigate paying these taxes if the trust is set up correctly at the time of gifting the family business to the trust. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711565555610-JPKZTXKJBT5UZO8SEPBG/image-asset.jpeg Insights - Succession Planning in Family Businesses + Trusts - Business property relief (“BPR”) s one such tax relief available when considering gifting shares in the family business. If you are eligible to use this relief, then you could benefit from 100% relief so that no IHT is payable on the transfer of the shares of the business into trust. To claim BPR the family shares must be held in a private trading company (versus an investment company) and shares owned by the donor or person setting up the trust for at least 2 years. If the donor dies, BPR may still be available if the shares in the business are still owned by the trust. Furthermore, if there are any future changes to IHT or trusts in the future by governments, if qualifying, BPR relief will remain. Again, BPR is hugely valuable as if you qualify, there is no IHT of 40% to pay on the business assets at the time of the donor’s death. If BPR is not available for IHT purposes, then generally speaking there is a 6% tax every ten years on the value of the shares. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711565593040-PZB5AE2REYIG0GALSAL4/image-asset.jpeg Insights - Succession Planning in Family Businesses + Trusts - Capital gains tax relief Capital gains tax relief may be available if a gift of the family business is made to a trust, known as holdover relief, which means there is no CGT to pay at the time the family business moves into the trust. Normally, if an asset is gifted, there could be a CGT tax bill if the asset gifted has increased in value from the date the donor bought the asset to the date the donor gifts the asset. Holdover relief essentially defers the CGT payable until a later date. This means that the trust would receive the family business at the value which the donor bought it and any gains in the value are ‘held over' until the trustees sell the shares in the business, if at all. Good news that holdover relief may be available even when the assets are distributed to a beneficiary out of the trust. Any capital gains tax would only be due in this case if the beneficiary decides to sell the shares rather than gift. This gives the potential for more tax planning opportunity for the individual beneficiary to make the most of their tax reliefs at the time of sale to keep their own capital gains tax bill as low as possible. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1627463677456-RVL4BG3W2MJ41W0HAR9L/Practice+Talk+Rukhsana+1.jpg Insights - Succession Planning in Family Businesses + Trusts - We are tax specialists The tax consequences of making any gift will always depend on the circumstances at the time. It is important to plan as well in advance as possible and seek specialist advice when considering succession planning and gifting shares in a family business. Get in touch to see how we can help. https://www.mirandusaccountants.co.uk/insights/cryptoassets-inheritance-tax-where-do-you-stand monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711565214150-QAYIEK33NVXC37NRKHWB/image-asset.jpeg Insights - Cryptoassets + Inheritance Tax - IHT treatment of cryptoassets Every individual has a £325,000 threshold on their overall estate value before any IHT is due at death. Assets in the estate above this amount are taxed at 40%, unless there are other tax reliefs to make use of at the time of valuation. If your partner or spouse dies and the value of their estate is being scrutinised, you can for example make use of spouse exemption. In this case, all assets, including crypto asset, left you by your spouse will benefit from 100% IHT relief, providing you are a UK based. if you were unmarried, the IHT is calculated on the value of the assets immediately before death. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711565313147-OLTSE4I3IUEOK5N4LBFY/image-asset.jpeg Insights - Cryptoassets + Inheritance Tax The executors valuing an estate which includes cryptoassets are in a difficult position if for example, the tax due on the cryptoassets is higher than the current value of the cryptoasset. Executors on a estate have a duty to obtain the best price reasonably possible for risky assets and generally they will look to sell off risky and volatile assets in an estate. Another challenge for executors is proving the ownership of cryptoassets and getting access to the funds. Cryptoassets are generally held in virtual wallets that need a 16 digit key to access them so its important that if you, your spouse or partner, or anyone else where you are beneficiary of their estate, makes sure the executors have access to the 16 digit key. There is no central register for cryptoassets so this is vitally important. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1626888780979-0WUJTNN1F5IO24M1MNAC/62142422_404852246788709_6304801081863962624_o.jpg Insights - Cryptoassets + Inheritance Tax - Cryptoassets Tax Advice Crypto investors are facing an increasingly complex tax landscape in the UK with HMRC guidance being under constant review. If you’re unsure how HMRC’s requirements impact you, or need help submitting the correct information, please get in touch to see how Mirandus can help. https://www.mirandusaccountants.co.uk/insights/cypto-tax-in-the-uk monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711564698843-64LNOP78KZ13GJR7RNZ1/image-asset.jpeg Insights - How Cryptoassets are taxed in the UK - Defining cryptoassets Cryptoassets are officially defined as cryptographically secured digital representations of value or contractual rights that can be transferred, stored, and traded electronically. Currently, HMRC do not consider cryptoassets to be currency or money, and have identified three types: Exchange tokens (like bitcoins); Utility tokens; Security tokens. The current HMRC guidance currently only considers the taxation of exchange tokens in the UK. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/d6401de6-1ce4-4f44-aa3b-773c0f572d8c/tax+on+savings+and+interest.jpeg Insights - How Cryptoassets are taxed in the UK - Capital Gains Tax If you hold cryptoassets personally versus via a company, you will be liable to pay capital gains tax (CGT) when you sell them. If you hold a large portfolio of crypto assets yet to be cashed in, you will need to consider planning for a large tax bill when you do. In the current tax year, all individuals have an annual exemption of £12,300 to utilise before paying any tax on gains made on assets, which will help reduce your tax burden. If you’ve been trading in cryptoassets, so buying and selling, and made any gains (even if only in a digital sense), then depending on those gains, you could still face a CGT tax charge. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711564812592-DDEU9CFVWGIJ9YXPTAPC/image-asset.jpeg Insights - How Cryptoassets are taxed in the UK - Income Tax & National Insurance Contributions You will be liable to pay income tax and National Insurance contributions on cryptoassets received in these situations: *If you receive cryptoassets from your employer as a form of non-cash payment; * For ‘mining’ or from ‘airdrops’. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711564902412-25FOKVB8HZP9P8UZBRVV/image-asset.jpeg Insights - How Cryptoassets are taxed in the UK - Inheritance Tax Planning Cryptoassets which are held by UK residents for tax purposes are viewed as being held in the UK, even though they are digital assets. As a result, when estate planning for inheritance tax purposes. cryptoassets will be included in your estate for inheritance tax purposes. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1625055924428-KH2XODCKM3SSD7QF03GC/62142422_404852246788709_6304801081863962624_o.jpg Insights - How Cryptoassets are taxed in the UK - Cryptoassets Tax Advice Crypto investors are facing an increasingly complex tax landscape in the UK with HMRC guidance being under constant review. If you’re unsure how HMRC’s requirements impact you, or need help submitting the correct information, please get in touch to see how Mirandus can help. https://www.mirandusaccountants.co.uk/insights/eu-vat-e-commerce-package-wr862 monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711564491294-PTM6W0NFIL72SIVMMFLT/image-asset.jpeg Insights - Exporting to the EU - Our Top Tips - Exporting to the EU 6 months on For small business owners, one of the main challenges is the increased level of trading complexity now involved in exporting to the EU as the EU itself is not a single entity, but made up of many countries that have their own trading regulations and restrictions. So a business owner who is exporting to multiple EU countries, that is a lot of red tape to deal with. Six months on, the exporting process is running more smoothly with UK businesses learning the customs process and end consumers experiencing improved buying experience. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711564536707-SQFGG3LDLE15P2EZPWY9/image-asset.jpeg Insights - Exporting to the EU - Our Top Tips - Top Tip - Online sales We suggest total transparency when selling online and advising customers at the point of sale of all costs associated when purchasing from you, including custom duties, VAT and shipping costs, and give the cost breakdown clearly if you produce invoices. Your customers will value this clarity versus charging at a later date and potentially damaging the relationship and your reputation. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711564575230-51O4X2D93DU1O2Z3C73V/image-asset.jpeg Insights - Exporting to the EU - Our Top Tips - Top Tip - Go Digital Make your life easier and opt to send customs information electronically. Use your shipping company’s online tools for example and paperless trade services where you can. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711564628509-GXSDZTQWSS8WQROBLPGT/image-asset.jpeg Insights - Exporting to the EU - Our Top Tips - Top Tip - Accuracy is key When completing customs paperwork, make sure the data provided is accurate and clear, particularly when noting description of your goods. Any ambiguity, customs will delay the export. For example, it is not enough to provide a description of ‘clothes’ under the goods description, you will need to provide as much detail as possible to avoid unnecessary delays to your end customer. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711564603014-STCBR494LRI3QQ4LG87W/image-asset.jpeg Insights - Exporting to the EU - Our Top Tips - Top Tip - Contact details of buyer Make sure you provide contact details of your end consumer when completing customs paperwork, particularly if they are due to pay the custom duties and VAT. Often custom officials are required to contact the end consumer before releasing your goods, either for payments or request for additional information. Again, this will mitigate delays for getting your product to the end consumer in the EU. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1626088472565-QDTK3MSDJ1GKFXSM5FJS/Practice+Talk+Rukhsana+1.jpg Insights - Exporting to the EU - Our Top Tips - We can help Our mission is to support our clients’ tax and accounting needs in ways that best sets them up for success. We believe that a compliant and tax-efficient business is the foundation for success, and that these areas shouldn’t be barriers to any business growing and achieving what they want to. We exist to remove those barriers, by working in partnership with our clients and providing expert advice every step of the way https://www.mirandusaccountants.co.uk/insights/eu-vat-e-commerce-package monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711562707420-V8UOPWARTN2VZ9W21PEE/image-asset.jpeg Insights - EU VAT E-commerce Package: Do you sell online and to the EU? - What will change? The changes to EU VAT reporting are designed to simplify VAT reporting, promote ecommerce and increase online cross-border transactions. It’s aim is to specifically to help small business and remove barriers in a post-Brexit environment. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711563418882-CLJL9T300G3EQVFBA999/image-asset.jpeg Insights - EU VAT E-commerce Package: Do you sell online and to the EU? - How does OSS impact my EU customers? The IOSS makes life simpler for your EU customers. Instead of seeing zero-rated VAT products, customers will see the full price of a product, including the ax. There will be a speeding up of customs requirements which means your products could arrive faster. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1625055924428-KH2XODCKM3SSD7QF03GC/62142422_404852246788709_6304801081863962624_o.jpg Insights - EU VAT E-commerce Package: Do you sell online and to the EU? - Finances are a living, breathing part of your business A business’ financial needs develop and change over time. We keep our finger on the pulse of not only our clients’ growth but of their industries and the ever-changing tax and finance landscape. https://www.mirandusaccountants.co.uk/insights/emi-employee-incentives-and-the-pandemic monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711559700335-BJX8VBYTNRA5USIRAWSJ/image-asset.jpeg Insights - Incentivise, Retain & Attract Employees: EMI Options - Why choose EMI options? The scheme was introduced specifically for smaller businesses with growth potential to keep workforces engaged by providing an option to buy shares in the business or their parent company with compelling tax advantages. As an employer, you can decide when and in what circumstances employees can exercise their options - in other words cash in their shares - whilst also setting the price of the shares. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711559718624-DSESFZESMEHK3EIF2LF2/image-asset.jpeg Insights - Incentivise, Retain & Attract Employees: EMI Options - What are the tax advantages of EMI Options? EMI options has an impact on an employee’s income tax, national contributions and capital gains tax liabilities if certain conditions are met. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1624915898586-E1YHNN7FD4DB988MJZ90/maximiser.jpg Insights - Incentivise, Retain & Attract Employees: EMI Options - Mirandus are your trusted financial partner We believe that a business’ financial health is the foundation for its success, and that it’s essential to consider the complete picture of what this looks like for each business individually. As your plug-in partner, we will work alongside you to understand your goals and needs and provide expert advice to support every stage of your journey. Learn more about us and contact us for a free consultation to discuss your needs. https://www.mirandusaccountants.co.uk/insights/did-you-know-you-directors-are-entitled-to-redundancy-payments monthly 0.5 2021-06-30 https://www.mirandusaccountants.co.uk/insights/how-can-i-be-a-profitable-business-whilst-minimising-my-tax-liability monthly 0.5 2021-06-18 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1624010306057-ORRJJHJS6C0NV3A0M7OQ/1+%281%29.png Insights - How can I be a profitable business whilst minimising my tax liability? https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1624010309927-L4RGI1FXQBDUSKGCPS1R/2.png Insights - How can I be a profitable business whilst minimising my tax liability? https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1624010311375-HE3LJLZF3PTNY5PD3EHG/3.png Insights - How can I be a profitable business whilst minimising my tax liability? https://www.mirandusaccountants.co.uk/insights/made-a-business-loss-this-year-boost-your-cash-flow-with-new-temporary-tax-rules monthly 0.5 2024-03-25 https://www.mirandusaccountants.co.uk/insights/what-is-the-super-deduction-tax monthly 0.5 2021-06-09 https://www.mirandusaccountants.co.uk/insights/spotlight-on-rukhsana-adam-founder-and-head-of-london-office monthly 0.5 2021-06-02 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1622629099757-UE7O79NP9VUHODGLB0AP/John+Major+mirandus+.png Insights - Spotlight on Rukhsana Adam, Founder and Head of London Office - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.mirandusaccountants.co.uk/insights/iht monthly 0.5 2021-05-04 https://www.mirandusaccountants.co.uk/insights/new-tax-year-are-you-making-these-tax-claims monthly 0.5 2024-03-25 https://www.mirandusaccountants.co.uk/insights/are-you-eligible-for-rampd-tax-credits monthly 0.5 2024-03-25 https://www.mirandusaccountants.co.uk/insights/what-will-inheritance-tax-post-brexit-amp-post-covid-look-like monthly 0.5 2024-03-25 https://www.mirandusaccountants.co.uk/insights/n2hhmkigesdrgws6oxs3vivrqiwu7y monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711559426450-5V3KQCI4DLW1WZNM01NM/image-asset.jpeg Insights - New Tax Year Changes Impacting You - Tax free income TAX FREE INCOME - INCREASING IN THE NEW TAX YEAR BUT THEN FROZEN FOR FIVE YEARS From 2021/21, the personal allowance (PA) will rise from £12,500 to £12,570, an increase of £70, the smallest increase seen in recent times. We are used to seeing our personal allowance or tax free income rise year on year substantially, and although this increase is most welcome, it is much less than previous years. The personal allowance thresholds are the same across the UK, but the income tax thresholds in England, Scotland and Wales differ, however, across the UK, all UK taxpayers will be paying more income tax over the next five years, particularly if your income increases year on year. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711559458850-P8RDCIVXOESIG7EERZM4/image-asset.jpeg Insights - New Tax Year Changes Impacting You - Dividend Allowance The Tax-Free Dividend Allowance for the 2021/22 tax year remains at £2,000. Furthermore there is no change to dividend tax rates in the 2021/22 tax year: - The tax-free dividend allowance is £2,000 - Basic-rate taxpayers pay 7.5% on dividends - Higher-rate taxpayers pay 32.5% on dividends - Additional-rate taxpayers pay 38.1% on dividends. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711559483335-5QWOTDM4E8FM5BW8T6UW/image-asset.jpeg Insights - New Tax Year Changes Impacting You - Company Cars The increases to benefit in kind (BiK) tax rates for company cars for the 2021/22 tax year will come into force as planned. For cars first registered after 5th April 2020 will see their benefit charge rise by 1%. Fully electric cars have no tax charge in the 2020/21 tax year, but there will be a charge on 1% of their list price in the 2021/22 tax year, increasing to 2% in 2022/23. From 6th April 2021, the percentage applied to the list price of the car will increase based on the CO2 emissions published by the Vehicle Certification Agency. HMRC has published a ready reckoner you can use to calculate your company car tax. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711559505665-WN34IRE0U3CFQZUUS7PE/image-asset.jpeg Insights - New Tax Year Changes Impacting You - Fuel Benefit When your company pays for fuel you have used personally or allows personal use of a company van, it is a Benefit in Kind t(BIK) tax charge. The BIK is being increased from 6th April 2021. The BIK on company vans increases to £3,500 (from £3,490). The BIK on fuel for a van provided for personal use increases to £669 (from £666). A director who is provided with a company car and also receives free fuel from the company is taxed on the cash equivalent value of the benefit each tax year. The cash equivalent amount is fixed each year and increases to £24,600 (from £24,500) on 6th April 2021. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711559544108-3N79R7U866C9VZK2TFU2/image-asset.jpeg Insights - New Tax Year Changes Impacting You - CAPITAL GAINS TAX The Capital Gains Tax annual exempt amount for individuals remains at £12,300 for the 2021/22 tax year and will be frozen at that level until 2025/26. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711559566894-I0O4ED36UQJ5Q0LBI5D3/image-asset.jpeg Insights - New Tax Year Changes Impacting You - Inheritance Tax There is no change to the Inheritance Tax (IHT) nil rate band, the threshold remains at £325,000 and is frozen at that level until 2026. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711559589251-PH0J19DS7LZBW86MCGXV/image-asset.jpeg Insights - New Tax Year Changes Impacting You - Entrepreneurs’ Relief From 6th April 2020 the Entrepreneurs Relief lifetime allowance limit remains capped at £1 million. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711559616891-ZRIG28BF749LSJ70EXIL/image-asset.jpeg Insights - New Tax Year Changes Impacting You - Corporation Tax Corporation Tax payable on company profits remains at 19% for the 2021/22 tax year. However at the Spring Budget in March, the Chancellor announced plans for a rise in the headline rate of Corporation Tax to 25% from April 2023. From that date, there will be a new small profits rate of 19% for companies with profits of less than £50,000 with a tapered increase to the rate as profits increase. Businesses with profits over £250,000 will pay the main rate of 25% from April 2023. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1617287673556-ZL1AUPNTAGURWKJ73Y6I/super+deduction+2.jpg Insights - New Tax Year Changes Impacting You - Business investment tax relief and loss relief A new “super-deduction” tax relief was announced for businesses to reduce their tax bill by 130% of what they spend on investment or plant and machinery. The Chancellor also announced the extension of the normal loss carry-back rules from one year to three years for losses of up to £2 million. This will enable tax repayments to be claimed, providing relief and cash flow support for businesses. https://www.mirandusaccountants.co.uk/insights/the-kickstart-scheme-is-it-right-for-your-business monthly 0.5 2021-03-11 https://www.mirandusaccountants.co.uk/insights/ir35-changes-from-6-april monthly 0.5 2021-03-09 https://www.mirandusaccountants.co.uk/insights/highlights-from-the-uk-spring-budget-today monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711559210091-YBFEOBD0Q5I5IK3H68H2/image-asset.jpeg Insights - Highlights from the UK Spring Budget - COVID funding update https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1614692949159-1XEEZ7D7O8JJUETI84QT/Jobs+2021.jpeg Insights - Highlights from the UK Spring Budget - Support for small businesses https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1614780335083-X1HAC0F6SMBEO65VZNMK/support%2Bfor%2Bindividuals.jpg Insights - Highlights from the UK Spring Budget - Support for Individuals https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1614780242639-D2NEPQSUKTL0EHXGXOZU/TAx%2Bchanges.jpg Insights - Highlights from the UK Spring Budget - Tax update https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711559353043-XW615PHNNO9OZBW6VH4I/image-asset.jpeg Insights - Highlights from the UK Spring Budget - Investment & Green Agenda https://www.mirandusaccountants.co.uk/insights/small-business-loans monthly 0.5 2024-03-25 https://www.mirandusaccountants.co.uk/insights/how-to-run-your-small-business-productively monthly 0.5 2024-03-25 https://www.mirandusaccountants.co.uk/insights/brexit-vat-a-guide-for-small-business monthly 0.5 2024-03-25 https://www.mirandusaccountants.co.uk/insights/spring-budget-our-predictions monthly 0.5 2024-03-25 https://www.mirandusaccountants.co.uk/insights/tax-benefits-electric-car monthly 0.5 2024-03-27 https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711559032248-0VQYYB1MJN52P94UU3YW/image-asset.jpeg Insights - The Tax Benefits of an electric car - Electric versus fuel The average UK driver will cover 7,400 miles in a year and the average new car fuel consumption is around 50 miles per gallon. So a typical new car gets through 148 gallons of petrol in a year. If the average price per gallon is £5.45 that means the “average” EV driver will save around £400 a year in fuel. And they pay no road tax – adding another £150. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711559062393-10VW1LPWLIUVCMI73CR8/image-asset.jpeg Insights - The Tax Benefits of an electric car - Electric company car? The tax incentives of buying an electric company car versus a fuel car are currently very attractive thanks to the government’s Green Agenda. A business owner of a new petrol-fuelled BMW 3-series company car last April is paying a benefit in kind (BIK) tax of 32%, rising to 34% by 2022/23. BIK is charged when a company car is used both personally and for the business. The rules are strict around exclusive business use, and invariably, most business owners suffer this BIK cost. Contrast the BIK costs with a top-of-the-range new electric car that attracts zero BIK this financial year, 1% next and 2% the year after. The numbers speak for themselves. In this example, the BMW costs over £13,000 more in tax over 3 years. https://images.squarespace-cdn.com/content/v1/5e0e504b72ecad689acb2949/1711559096589-503FVUEGBC258K5VUJBJ/image-asset.jpeg Insights - The Tax Benefits of an electric car - Business Owner? If you are a business owner with turnover over £100,000, you could consider buying an electric company car instead of taking the income. At £100K income or above, for every £2 you earn over £100K, you lose £1 of your personal allowance, which means the effective income tax rate is around 60%. 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