Remember Remember…the 31st January

The 31st January is the self assessment tax return deadline for both sole traders and partnerships. If you are the owner of a new sole trade or partnership you may not have submitted one of these tax returns yet, but don’t worry, we have all the information you need. Why Sole Traders and Partnerships? Sole…

2018 Budget – Businesses

Whilst there was no immediate change to the current corporation tax rate of 19% there was confirmation of the intention to reduce the rate to Keith Roberts accountant Lancashire 17% from 1 April 2020. Something to look forward to! For those businesses with significant investment in plant and machinery planned for the next couple of…

Class 2 National Insurance – What You Need To Know

If you are self-employed and earn above the 2018/19 small profits threshold of £6,205 per annum then you are required to pay Class 2 National Insurance of £2.95 per week. The exact amount payable is determined when you complete your self assessment tax return and is paid alongside your income tax. Class 2 NI entitles…

Medical Profession – Pension Tax Trap

It’s that time of year again when we come round to preparing tax returns. We understand how complicated they can get. One of our specialisms here at Egan Roberts is acting for clients in the medical profession. Tax returns can be complicated enough to put together with a combination of practice or NHS income and then private…

Making Tax Digital for Vat

Making Tax Digital. You may have heard of this? If you have not and you are a vat registered business then you need to find out about this as soon as possible. Contact us on andrew@egan.co.uk   As from April 2019 all vat registered businesses will need to be able to submit their vat returns direct…

Make your list and check it twice!

The Christmas markets opened this week, but what about January? You might not be thinking about it yet but your accountants are! While your children sit down to start their lists to Santa, you should join them and complete your tax return checklist. Running your business and planning Christmas leaves little time for all of that admin…

Investment Schemes: Company and Investor Perspectives

At Egan Roberts we provide year round tax advice on income tax, capital gains tax, inheritance tax trust and estates and non-domiciliary tax issues. If you are interested in growing your business or making an investment, the below investment schemes may be available to you. Enterprise Investment Scheme (EIS) The company’s perspective An EIS raises…

HMRC Investigations: What to Expect

Whether you are the chief executive of a multi-million pound company or a small business owner, HMRC may open an investigation if they suspect false reporting or underpayment of tax. Triggers Reasons for you or your business drawing the attention of HMRC are: HMRC receives a tip-off  your business regularly receives payments in cash tax…