We’ve discussed the benefits of Xero’s online invoicing facility many a time in this blog. Now we’ll show you how to add a ‘Pay Now’ button to your bills and encourage even faster online payments from your clients.
Business property relief is a very valuable relief that allows certain business assets to be passed on free of inheritance tax. Other business assets qualify for 50% reduction.
On death, in the absence of business property relief, a business will be chargeable to inheritance tax.
Once you’ve decided that cloud accounting is the way forward for your creative agency, it’s time to start putting your dream team together. Not a team of people, but a team of cloud-based accounting tools that will work in perfect harmony to streamline your studio’s finances.
Private residence relief means that there is no capital gains tax to pay if you sell a property you have lived in as your only or main home for all of the time that you have owned it. For private residence relief purposes, each person can only have one main residence at any one time, and married couples and civil partners can only have one main residence between them.
Changing accountants? The time is now…
With most New Year’s resolutions failing by the time January reaches its end, you could argue that February heralds the year’s true fresh start. By now you’ve shaken off the post-Christmas blues, paid your tax to HMRC (if you’re self employed) - and you’re ready to really kick-start 2016.
Entrepreneurs’ relief is a very valuable relief that can significantly reduce the tax payable on the sale of a business. Where the conditions for relief are met, capital gains are taxed at 10% rather than at 28% to the extent that the lifetime limit (£10 million from 6 April 2011 onwards) remains available. Spouses and civil partners each have their own lifetime limit.
The old adage states that if you want something done properly, you should do it yourself - but when you’re running a business, it makes sense to automate as many of your processes as possible.
The way in which dividends are taxed is changing from 6 April 2016. For basic rate taxpayers, the new rules are far less generous than the current rules. With this in mind, profits permitting, it may be worthwhile to pay an additional dividend before the end of the 2015/16 tax year to make the most of the current regime.