News From Mark Stanley Accountants

Entertaining and food

‘What can I can claim for food?’ is a common question asked of accountants. ‘Well, it depends’, is the usual answer. If it is lunch/dinner/coffee at a business meeting then you can’t claim it through your business. The reason for this is that food isn’t a requirement in having a meeting, so it’s not a ... Read More

Benefits of having an accountant

Many small business owners think that they can save money by not hiring an accountant, and having the assistance of some software instead. Unless you have a background in bookkeeping and accountancy this can be an expensive mistake. Hiring a good accountant can have many benefits, no matter how small your business. Before you start ... Read More

New tax changes from April 2018

This is the time of year when HMRC implement the changes introduced by the latest budget from the Chancellor of the Exchequer. Here are the main changes, which took effect from 6th April 2018. 1) The personal allowance has increased to £11,850. So the first £11,850 of your income is tax free. However, you may ... Read More

End of the tax year

The end of the tax year 2017/18 is approaching, and as such there are a few things we should be thinking about; – the dividend tax free allowance of £5,000 is available up to 5th April 2018. From 6th April 2018 this allowance reduces to £2,000. Make sure your shareholding in your company reflects this ... Read More

The new £1,000 tax free trading allowance

The new £1,000 tax free trading allowance is available from 6th April 2017. This covers small amounts of trading and miscellaneous income from providing goods, services or other assets. The trading allowance provides a complete exemption from income tax if the total trading and miscellaneous income in the year is less than £1,000. Aswell as ... Read More

Making Tax Digital

Making Tax Digital is a government plan coming into force from April 2019. The aim is for individuals and businesses to submit quarterly returns instead of the annual tax return, in operation now. Information such as bank interest and income from employment will be given directly from the bank and employers to HM Revenue and ... Read More

Ltd company v sole trader

With the change in the Corporation Tax rate to 19% from 1/4/17, and the dividend tax allowance of £5,000 in 2017/18, reducing to £2,000 from 2018/19 the tax savings of having an incorporated company as opposed to being a sole trader are shown in the figures below. The assumptions I have made are: – for ... Read More