Information
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Frequently asked questions
It all began with a simple idea fueled by a deep passion. As a small business, we pride ourselves on personal attention and dedication to every detail. Our approach is rooted in quality and integrity, ensuring that everything we do reflects our commitment to excellence.
When should I register my business for VAT?
VAT registration becomes compulsory when your taxable turnover exceeds the applicable VAT registration threshold. Some businesses may also benefit from registering voluntarily before reaching the threshold. Whether voluntary registration makes sense depends on your customers, expenses and business circumstances.
Should I operate as a sole trader or a limited company?
There isn't one structure that is best for everyone. Tax position, expected profits, administrative responsibilities, liability, future plans and how you intend to take money from the business can all affect the decision. It is worth reviewing the overall position rather than choosing a structure based purely on tax.
What expenses can I claim through my limited company?
A company can generally deduct business expenses that meet the relevant tax rules, but the treatment varies depending on the expense. Travel, working from home, professional fees, equipment, training and other costs can all have different rules, so keeping accurate records is important.
What is the most tax-efficient way to take money from my limited company?
Directors may receive money through salary, dividends, pension contributions, expense reimbursements and other methods depending on their circumstances. The most appropriate combination can change with profits, other income and current tax rules, which is why remuneration planning should be reviewed rather than automatically using the same approach every year.
Do landlords need to complete a Self Assessment tax return?
Receiving rental income can create tax reporting obligations depending on the amount received and your individual circumstances. Landlords should keep records of rental income and allowable property expenses and consider their reporting requirements each tax year.
Can I claim business expenses that I paid personally?
Potentially, yes. If a director pays a genuine company expense personally, it may be recorded through the director's loan account and reimbursed by the company, subject to the normal rules applying to that particular expense.
When should I start thinking about tax planning?
Ideally, before the transaction or financial decision takes place. Waiting until accounts or tax returns are being prepared can mean that some planning opportunities are no longer available. Reviewing your position during the year gives you more time to consider appropriate options.
Why shouldn't I wait until my year-end to speak to my accountant?
Accounts tell you what has already happened. Regular communication during the year can help identify upcoming tax liabilities, cash-flow requirements, changes in profitability and potential planning opportunities while there is still time to act.