HLAS

As a car loving accountant, this is a subject close to my heart on two counts; great cars and low tax! In the next tax year (2020/2021) having a company electric vehicle will become much more attractive. The Benefit in Kind (BIK) charge will drop to 0% and only rise to 2% in tax year 2022/2023. What does this mean in the real world? A Porsche Taycan costing £100,000 would give you a benefit of only £2,000 per year, which means a tax cost of £800 as a 40% tax payer. Compare this to a petrol or diesel car costing [...]

If your business operates in R&D, you could save thousands of pounds each year.  What are R&D tax credits?  R&D tax credits are a government tax incentive designed to encourage productive innovation in UK businesses by rewarding limited companies that are actively making a difference to improve their product performance, manufacturing processes and streamlining their services to be more efficient and reduce their carbon footprint.   Is my business eligible? If your business is liable to Corporation Tax and undertakes R&D, you could claim back on your expenditures. Examples of R&D activity include: Improving product performance and manufacturing processes by [...]

The wait is over for successful Win a Shop candidates       With a fantastic response to the Win a Shop competition, Princes Quay called in the expertise of the judging panel and after a long morning of deliberating – the semi-finalists have been announced. Centre Manager, John Magee was joined by Hull BID’s Kathryn Shillito, FEO’s Jan Brumby, local entrepreneur Jonathan Elvidge and property expert, Mickola Wilson from Seven Dials Fund Management. The team had some very tough decisions to make with a wide range of high-quality entries from delis and cafes to clothing and furniture brands, but the final [...]

  HMRC are implementing Making Tax Digital (MTD) to streamline the way businesses report their finances, bringing with it a bank of new software, regulations and questions. According to the Making Tax Digital Monitoring Businesses’ Awareness of MTD report little over 6 weeks ago , 20% of VAT registered businesses still have no idea when they plan to sign up, and 11% still do not know what MTD is. Now that we have passed the starting line of the 1st April, it is important to get our heads out of the sand and into the cloud.   There are two [...]

Join Us At Our MTD Business Briefing Pink Pig will be hosting Making Tax Digital Business Briefings every fortnight from January through to April 2019. Join us for refreshments as we inform you of what MTD is and offer a step-by-step guide of what you need to do next. See the flyer below for more information: We plan to host these sessions every fortnight from January through to April 2019. Currently scheduled dates are as follows: 13th December 2018: 8am-10am 3rd January 2019: 6pm-8pm 17th January 2019: 8am-10am 31st January 2019: 6pm-8pm  

It's so important to know exactly how the budget is going to impact on YOUR pocket! As we all know, there is a certain amount of money the government so kindly allows us to earn before we must pay income tax. This is called our personal allowance. From April 2019 that is increasing from £11,850 to £12,500. In monetary terms, as that is the threshold before we start being taxed at 20%, it means an extra £130 in your pocket each year. There had been talks of this previously, but the chancellor has decided to introduce this a year early [...]

With the school holidays over (finally!!) Its time to get back into the swing of things. But do you know what funds you are taking from your business and how you plan to do it!? For many, September is almost like a second new year. I don’t mean in terms of the financial year, but it’s the time you get back on track and start fresh. People start heading back to the gym and getting into a normal routine again. One of the most common questions I get asked, mainly from new start- ups, is ‘how much can I take [...]