Are you struggling to grow your business?

July 21, 2014

A quarter of small business owners spend half their working day on admin related tasks such as HR and finance, rather than spending time focusing on growing their business. Sound familiar?

Rent your property to your business to extract profits

July 16, 2014

Are you a practice owner? Often, a director will personally own the property from which their business trades and rent it out to them, resulting in effective extraction of profits to the business owner.

Do you have a healthy Balance Sheet?

July 11, 2014

Ever received your financial accounts from your accountant and puzzled over some of the terms? Not to worry, this is common. This article sums up some of the key terms you will see on your Balance Sheet Statement and accompanying pages.

Extracting cash from your family company

July 7, 2014

Being a shareholder of your own or family limited company can pay dividends (literally) when it comes to saving tax but how to extract your hard earned money takes more thought than when you are simply a sole trader. Many dental practice owners, dental associates and medical consultants opt to trade as a limited company so it’s always a topical subject and with dividends, salaries and bonuses to take into account, as well as the opportunity for capital extraction, careful tax planning is essential.

The Junior ISA– a tax efficient way to save for your children’s future

July 4, 2014

Junior ISA’s (JISA’s) are an increasingly popular, tax efficient way to save for the future of your children. In the last two years over £550 million has been invested in JISAs. Have you considered it as an option for your family?

Starting in self-employment – Mini guide to tax

July 2, 2014

Whether you are a medical consultant, dental associate or dental practice owner, the process of starting self-employment can be daunting. This article presents a “to-do” checklist plus links to essential forms to get you started on the right foot. Figurit also offer a FREE “Starting in Business” booklet with 12 easy-to-read chapters detailing the key things for you to consider from a tax perspective.

Selling your rental property that you once lived in?

July 1, 2014

If your now rental property was once your Principal Private Residence, you can claim Private Lettings Relief worth up to £40,000 per person against the sale of any gain made upon disposal.

HMRC business tax dashboard

June 30, 2014

HMRC have a new online tool for small businesses! The Business Tax Dashboard enables users access to one central place to view their tax position across various taxes, including self-assessment and corporation tax plus PAYE.

Debt collectors to reclaim overpaid tax credits

June 27, 2014

HMRC have instructed a selection of Debt Collection Agencies to reclaim over £1.6 billion in overpaid tax credits. Overpayments occur when HMRC don’t hold up to date information so if your situation has changed and you claim tax credits, take action now to prevent this for next year.

Use your Q1 figures to improve your business and tax position

June 25, 2014

The end of June marks the end of the first quarter of the 14/15 tax-year and typically the first quarter of your financial year if you make numbers to 31 March, which makes sense for most dentists and doctors. So what do your Q1 financial figures mean? What truths do they hold for the rest of the year? How can you use these figures to improve your business and tax position? Successful and profitable business owners know the answers to these questions.