Turner Little on how small businesses are demanding tax compliance reform

Research has shown that the average small business owner is spending £5,000 and an astonishing three working weeks on tax compliance every year. This has prompted representatives of small companies in the UK to demand reform.

Read the article in full on the Turner Little Blog.

Turner Little on why SMEs often pay more corporation tax than they should

You may assume that SMEs would pay comparably less corporation tax than larger businesses. However, information from accountants Moore Stephens found that they paid more in 2016.

The corporation tax paid by SMEs in 2016 was 21.7% while businesses that have a turnover of more than £1bn paid an effective corporation tax rate of 20.1%, showing a reversal of previous results.

Read why SMEs often pay more corporation tax than they should in full.

Tax tips for small businesses

Taxes may be a pain for every business owner, but they are necessary. It can easily feel overwhelming, particularly for small business owners who are trying to keep on top of everything.

With new business, employees, pitches, products, and plans vying for your attention, it can be all too simple to let taxes slide. While not doing taxes is unthinkable, it can be a daunting task if it doesn’t coincide with your skill set. That’s why we’ve come up with the following tips to help small businesses deal with taxes.

Read Turner Little's Tax tips on the Turner Little Blog.

How mixed partnership work for tax planning purposes

A mixed partnership is a business strategy in which, for example, you form a limited company to manage your properties. This limited company becomes a formal partner in your business.

This business structure is ideal for people who manage their own properties, but find it’s not viable to fully incorporate their business. Making the limited management company a partner makes incorporation simpler if you wish to do so later.

Read the article in full on the Turner Little Blog.

6 tips to help you handle your accounts and tax

So, you’ve taken the plunge and started your own business. You have a plan, bank account, insurance and HMRC registration. You may even have your first office and employees.

But there’s something you absolutely need to sort out before you can sit back and enjoy your burgeoning business – your accounts and tax. It can be daunting to people not used to managing wages, tax and business accounts, but the more you can understand up front, the easier it’ll be when it comes to managing cashflow and everything that comes with it.

It’s always worth getting solid advice on tax and accounting, and at Turner Little we’re more than happy to help you through those first crucial steps. You can contact us here, but in the meantime, check out our tips for keeping on top of tax and business accounts.

Read the full article on the Turner Little Blog.

Government gives small businesses more time on tax changes

Addressing concerns about timescales, the government has pulled back on the Making Tax Digital initiative, which aims to shift all tax records and payment online. They have now said that the three million small businesses affected by the proposed changes will be able to move over to the new online tax system at their own pace.

It’s likely to be a big relief for the small businesses affected by the Making Tax Digital government initiative.

Four Million Britons Want to Become Self-Employed

It appears that more people in the UK are recognising the benefits that working for themselves can bring into their lives. Turner Little look at a new report show that four million Britons want to become self-employed.

Read the full article Here.

Tax Return Revolution Arrives in 2017

It is essential that as a small business owner, you learn your tax obligations, otherwise your firm could incur significant financial penalties. You should be aware that 2017 will see a huge shake-up in British tax return reporting, as Whitehall clarifies its ‘Making Tax Digital’ programme. 

Read the full article: Tax Return Revolution Arrives in 2017

How Small Businesses Can Lower Their Corporation Tax Bill

If you run a limited company, no matter the size of your operations, you are required to pay 20% corporation tax on your profits to HM Revenue & Customs (HMRC). Helping you reduce this financial burden, Turner Little explains how to lower your corporation tax bill as a small business owner.

Read the full article: How Small Businesses Can Lower Their Corporation Tax Bill

UK SMEs Are Capitalising On R&D Tax Credits

If you run a small to medium sized enterprise (SME), you can claim (research and development) R&D tax credits. You can use these credits to offset certain product development costs from your corporation tax bill, lowering your outgoings. New data indicates that many SME owners are taking advantage of these tax credits, but that a significant share of small businesses are not aware of their full entitlement.

Read the full article on the Turner Little Blog.

How to Set up a Trust

There may come a time where you cannot control your own funds effectively. In these instances, you may want to establish a trust to ensure your money is managed appropriately.

Here, Turner Little look at what a trust is, when it should be arranged and how to set one up. Read more on the Turner Little Blog.

Small Business Losing Out on Millions in Tax Relief

New figures show that by deeming expenses too small or insignificant to claim, sole traders and small businesses are losing out to the tune of millions of pounds in tax relief.

Turner Little discuss what this means for companies and how you could be saving on tax relief.

Read the full article on the Turner Little Blog.