RS Accountants

Quick tax tip – claim your marriage allowance (if you are married!)

by Russell Smith | Jan 25, 2016 | Tax

Readers of my blog and book will know that I am a big fan of marriage for tax purposes! (For romance advice, please read other blog writers!). Up to this point, the big advantage of being married for tax purposes was for capital gains tax and inheritance tax. However,...

3 Steps That Will Help You Save On The New Dividend Tax

by Russell Smith | Jan 11, 2016 | Tax

Learn everything you need to know about the dividend tax changes from our expert tax accountants in Leeds. In July 2015, George Osborne made an announcement that baffled many business owners. Along with a host of other things, he shared with us his plans for dividend...

Update on tax-free childcare scheme…

by Russell Smith | Jan 10, 2016 | Tax

The Tax-Free Childcare scheme has been delayed until 2017. The existing childcare scheme will also remain open to new entrants until Tax-Free Childcare is launched. The new childcare scheme is where eligible families will get 20% of their annual childcare costs will...

Changes to tax relief on travel and subsistence for IR35 companies

by Russell Smith | Jan 9, 2016 | Tax

There are some changes to tax relief on travel and subsistence for IR35 companies. IR35 companies are umbrella companies or personal service companies that generally only work for one company (i.e. an employment intermediary rather than an actual business...

Free report available on the new dividend tax and how to avoid it

by Russell Smith | Dec 17, 2015 | Tax

From 6 April 2016, there will be a significant tax increase on dividends taken from limited companies. Whilst it will still mean that limited companies are more tax efficient than being self employed (as long as your profits are over £40,000), the gap has now...

No tax change to Entrepreneurial relief in the Autumn statement

by Russell Smith | Nov 29, 2015 | Tax

There were rumours that the rules around Entrepreneurial relief may change in the Autumn statement. Entrepreneurial relief is selling a business for a tax rate of 10% as opposed to 18% or 28%. You can do this multiple times in a lifetime up to sale proceeds of £10...

The new digital tax return – what do we know about it?

by Russell Smith | Nov 28, 2015 | Tax

In the March 2015 budget, George Osborne announced that he was abolishing tax returns as we know it and bringing in a new digital tax return. We now know that small businesses will receive their digital identities by 2017. However, this could increase the workload of...

Where are we at with personal service companies IR35 following the Autumn statement?

by Russell Smith | Nov 27, 2015 | Tax

IR35 is the tax legislation that seeks to tax limited companies working for one customer like employees rather than a company. This is because HMRC does not like employees leaving employment to set up limited companies to work for the same employer (this is done...

A run down of the tax changes from 5 April 2016

by Russell Smith | Nov 26, 2015 | Tax

Here’s a run down of the tax changes from 5 April 2016 following the summer budget and the Autumn statement: Corporation tax Still 20%. 19% from 6 April 2017. 18% from 6 April 2010. Income tax All the same – 20% basic rate, 40% higher rate, 45% top rate...

Business records checks to look at your tax records now a thing of the past…

by Russell Smith | Nov 23, 2015 | Tax

In 2011 HMRC brought out the business records checks which meant that HMRC could look into bookkeeping records to see if any mistakes had been made. It wasn’t popular because it appeared to be a way for HMRC to formally starting tax investigations. HMRC have now...