What we think

To Incorporate or not to Incorporate, that is the question?

Most businesses start out life as a partnership but may later become limited companies, usually because the business has grown significantly.  Fully incorporating the business, by transferring it to a limited company offers substantial annual tax savings.  Company corporation tax rates are 20% compared to personal income tax rates of up to 47%.  Therefore, for… Read more

New builds on farm land? Be VAT aware

If you own agricultural land, you may be considering building a new dwelling due to the recent relaxation in planning laws. However, there are different VAT positions dependent upon construction and usage. The good news is if construction is being carried out by a contractor, then their services, including building materials, will be zero rated… Read more

Get set for auto enrolment

Alan Whitley, Head of Workplace Pensions at Albert Goodman Chartered Accountants, highlights important factors for businesses to be aware of regarding auto-enrolment. The Government’s major initiative to encourage employees to save for retirement needs to be on the radar for business owners. Despite recent high profile Government publicity campaigns, most employers currently believe there is… Read more

Health and Wellbeing Tax Plan

HMRC launched its campaign against health and wellbeing professionals on 7 October 2013, encouraging people such as physiotherapists, chiropractors, osteopaths, alternative medicine or therapy providers etc to come forward if they had not disclosed all income and gains.  The deadline to make a full disclosure was 6 April 2014 and a dedicated Task Force has… Read more