AAG Blog

Helping you run your business. Relax, let us do the sums!

Tax-Free Dividends Restricted in 2017

This post is to help clear up any confusion you may have around the dividend tax allowance changes that came into effect as of April 2017 and then the further changes that are set for 2018. The 2017 dividend tax allowance change impacts everyone who takes over £5,000 in dividends from a company. As of April 2017 the tax-free amount of dividends you can extract from a company is £5,000. The allowance in 2016 was £40,000 so this change considerably impacts a lot of people! Currently, a UK resident who receives no more than £5,000 of dividends in the tax year has no tax to pay on that income as Read more about Tax-Free Dividends Restricted in 2017[…]

Company Formations

Forming a Company can take a lot of effort, and if not done properly can end up being quite costly… By Diane Pilling · 24 Oct 2012 Large companies can seem like living entities, usually subsisting entirely on your free time, and legally speaking this actually has more truth than we care to admit. In many cases companies are legally separate from the people who work in them or even own them. This is not to make business needlessly complicated just to confuse new-comers, but to in fact protect the very same people if the business does not go entirely to plan. Company formations   is the very act of creating the Read more about Company Formations[…]

What is Bookkeeping?

Bookkeeping helps keep your eye on your profits and losses by tracking all outgoings and income streams while helping identify areas for growth and efficency By Diane Pilling · 24 Oct 2012 Bookkeeping helps keep your eye on your profits and losses by tracking all outgoings and income streams. While also helping you identify areas of growth and ways of keeping your company lean, it is also a great way of helping you know how much to pay in tax to Revenue and Customs. Tax returns are also made easier with accurate bookkeeping. In essence bookkeeping helps businesses run smoothly and, more importantly, keeping lean and efficient. Bookkeeping the process of Read more about What is Bookkeeping?[…]

Which Cash Flow Forecast Template is the best?

We’ve written a review on a sample of the templates out there in an attempt to simplify the choices for you. By Diane Pilling · 24 Oct 2012 As mentioned in earlier blogs, planning is key. Cash flow forecasts   is a way of making sure you don’t overspend and end up insolvent. Controlling money in business is harder and more erratic than controlling ones own personal finances. For example, VAT on products sold or services rendered is paid in one lump sum after the year end, comparing that with ones personal finances, tax is paid before you receive your pay check and is incorporated into what you are buying before you even get Read more about Which Cash Flow Forecast Template is the best?[…]

Start planning for next year’s tax return.

Although the last tax return may seem like a distant memory (and one you may not want to remember soon) but it always pays to be prepared. By Diane Pilling · 24 Oct 2012 Start planning for next year’s tax return Although the last tax return may seem like a distant memory (and one you may not want to remember soon) but it always pays to be prepared. Over 19% of all Small to Medium enterprises missed out on tax breaks and grants while 10% said they had made late VAT payments or missed tax returns . Furthermore some 16% were unsure who could help them and a further 15% said they couldn’t understand Read more about Start planning for next year’s tax return.[…]

Tax avoidance, Right or Wrong?

Tax avoidance, Right or Wrong? By Diane Pilling · 05 Jul 2012 David Cameron has been under fire recently after he singled out Jimmy Carr for using a tax scheme based in Jersey called K2. One of over 1000 individuals using the scheme, Jimmy Carr managed to pay 1% tax on over £3.3 million. The K2 Jersey scheme is completely legal however Cameron is quoted as calling the act “morally wrong”. Cameron has been criticised for singling out Carr but not other celebrities such as Gary Barlow, a well known conservative. The question over ethics is a complicated one. One of the many aspects of accountancy firms is to advise firms and individuals Read more about Tax avoidance, Right or Wrong?[…]

What is the most tax efficient way of paying yourself?

When it comes to getting your rewards for the work you do, paying yourself and not the tax man is top of the list By Diane Pilling · 24 Oct 2012 For many new small business owners, the prospect of paying yourself is a new one. As years or even decades of being a salaried member of staff at another business comes to an, often abrupt, end one must keep up your income as your home bills and outgoings keep on coming. Often this results in paying yourself like you had been paid before, in the form of a monthly salary being taxed income tax and National insurance as you Read more about What is the most tax efficient way of paying yourself?[…]

How to cut down on stamp duty land tax

Stamp duty can make buying a house just that little bit too daunting. Read this to see how it shouldn’t put you off your dream home. By Diane Pilling · 30 Oct 2012 Stamp duty  was originally the payment made to the official of the town for a physical stamp that had to be attached to or stamped into a document to prove that the document was legally effective. Even though stamp duty still exists, a physical stamp is no longer needed. Stamp duty in the UK is split into two categories, Stamp duty reserve tax (SDRT) which is paid on the transfer of shares, securities, and bonds among other things, Read more about How to cut down on stamp duty land tax[…]