Would you be leaving some of your business to HMRC when you die?
Planning ahead and claiming Business property relief could avoid that! Business property relief is very important. Every business owner that would like to save tax on inheritance tax. Business property relief reduces the transfer of value of the property transferred for inheritance tax purpose However, to be able to enjoy this relief, your business would […]
TIME FOR CELEBRATIONS ARE HERE AGAIN!
Business gifts are very common at this time of year. It’s a time that we all try to say thank you to those that have supported us during the year. In this blog, I will like to explain the tax consequences of business gifts. GIFTS TO EMPLOYEES When employers give gifts to their employees, it […]
5 Ways Even Sole trader And Individuals Can Pay Lower Tax.
Sole traders and individuals in the UK can also save tax by having a good tax plan. In this blog, I have explained how this can be achieved. Main Tax Paid by Sole traders A sole trader usually pays mainly three types of tax. Income tax for Sole traders A sole trader would pay income tax […]
What Landlord Ought To Know About Rental income in UK.
Landlords receive rental income from renting out properties in the UK. The landlord has to pay income tax on the profit from the rental income. This affects both residents and non-residents of the UK. What to do if you start receiving Rental Income from a UK property? The first step is to disclose this to […]
Entertainment in business
Entertainment in business Most businesses do give gifts to their employees and provide entertainment to their clients. I have explained in the blog, The tax consequence of doing this. Here is the issue with business entertainment: Entertainment in business is an allowable accounting expense when it relates to the business, however, could be disallowable […]
How To Avoid Paying Too Much Tax Without Paying A Tax Advisor.
Personal Tax account is an important tool that HMRC uses to implement making taxes digital for individuals. This account has all the information that relates to a taxpayer. Information such as their full name, their pay as you earn information, employment history from previous years. For self-employed taxpayers, it also has their self-assessment details and tax calculation. […]
TAKE 10 MINUTES TO SET UP AN AMAZING TOOL THAT WOULD SAVE YOU MONEY
Personal tax account, a new tool created by HMRC. A personal tax account is one of the new tools that HMRC is using to apply to make tax digital for Individuals. HMRC are investing so much in technology and innovation and they launched out using dynamic coding for PAYE(pay as you earn). This means they […]
How to reduce capital gains tax when selling your business.
Business owners with Tax issues, even on a personal level, could still be a bother. Ronzl Accountants Limited caters to individuals, entrepreneurs, and families. Even individuals and families need tax planning advice this is because we all pay taxes. Ronzl offers a number of services to benefit persons that are not connected to any company. Let us end […]
Most Common Fatal Mistake we make when closing a Limited Company
Limited companies make a common mistake that is done by directors when closing their limited company by sending a strike-off form to Companies House. When a director or the directors decide to bring the business to an end, there are several compliance issues to be carried out so as to prevent tax compliance issues in […]
NOT TOO LATE TO SAY HAPPY NEW YEAR
The tax code at the start of the new tax year comes with different compliance requirement which includes changes in the tax code. In Uk, the tax year begins on the 6th of April every year. we would be explaining some of these changes. The tax code in the new tax year. In 2018/19, the […]