On The Spot Blogs

Jargon Busting - Does your SPV issue SPVs?

Continung this series of Jargon Busting explanations, we turn to SPV which has been used for many years in the business world and also by HMRC VAT.

 

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Top Five Most Common Tax Queries - 2016/17

Today is the last day of the 2017 tax year and you may be interested to hear the more common tax queries our clients have asked during the tax year. 

 

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Brexit - Three Recommended Business Responses

Following the non-reversible Brexit vote last Thursday, how should you navigate your business through the inevitable uncertainty?

 

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Sole Traders - Six #Tax Numbers You Must Know

1. 4 Years - If you are in the first 4 years of your business and make a loss, you can use this loss to reduce your tax bill in the previous 3 years, such as from the job you had before you set up your business. You will receive a tax refund.

2. £5,725 - If your profits are lower than £5,725, you don't have to pay the annual £140 Class 2 NI, unless you need a credit towards your state pension. Ask for a repayment for earlier years.

3. £7,755 - If your profits are higher than £7,755, you will pay 9% Class 4 NI. This gets you no state benefits and effectively increases your tax rate from the 20% income tax rate to a total 29% tax rate.

 

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