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Reducing Tax

Friend & Grant Chartered Accountants have been helping small and medium sized businesses in the Medway towns and North Kent for over 20 years

23rd November 2023
Autumn Statement 2023 Key Points Friend & Grant Accountants

Autumn Statement 2023: Key Points

Yesterday, Chancellor Jeremy Hunt presented his second Autumn Statement, but with a very different tone to the gloomy announcements made this time last year. The Chancellor announced initiatives with a massive focus on pushing growth in the economy. The main question you’ll all no doubt have is… “how does it affect me?”, let’s take a look…

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23rd November 2023
What is a trust The pros and cons of setting up a trust Friend & Grant Accountants

What is a trust? The pros and cons of setting up a trust

Trusts are often overlooked by many as being too complicated or something only for the rich, whilst the former may be partially true the latter definitely is not. With proper professional advice the benefits of trusts can be demystified, and both the tax and practical benefits realised.

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16th November 2023

November 2023 Newsletter

Our Latest News Letter Explores, if a salary or dividend will be best in 2023/24, Year end tax planning ideas for businesses, The change in LLP rules meaning some members may NOT be self employed, HMRC challenges around the LLP scheme for property businesses and reclaiming input VAT on the sale of shares

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15th November 2023
The Growing Demand for Rental Properties in the UK Treating It Like a Serious Business Friend & Grant Accountants

The Growing Demand for Rental Properties in the UK: Treating It Like a Serious Business

With demand for rental property being at an all time high we explore considerations if you are thinking of getting into property investment and how to ensure you are compliant from the offset of your journey as a property investor.

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20th October 2023

October 2023 Property Newsletter

Property updates for October 2023 including - Record numbers of landlords making next purchase via Ltd companies, rocketing rent predictions, Possible rent controls increasing rent in Scotland and Proposed planning permission required for second homes in Wales.

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26th October 2023
Can my company buy gold coins as an investment Friend & Grant Accountants

Can my company buy gold coins as an investment?

With great economic uncertainty at present and unstable inflation rates, business owners need not only be concerned with their company profits, but also with the value of their spare cash in real terms over time. Gold bars and gold coins have historically been considered as a relatively safe investment choice, so can you company take advantage of this?

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19th October 2023
It’s a car! It’s a van! It’s a tax headache waiting to happen! Friend & Grant Accountants

It’s a car! It’s a van! It’s a tax headache waiting to happen!

In this blog, we cover the different tax aspects of purchasing a company vehicle and the potential implications if you get it wrong!

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18th October 2023

October 2023 Newsletter

Updates for October 2023 including: The importance of accurate forecasting and utilising cloud accounting software. Associated companies and quarterly corporation tax payments. The upcoming budget report and rumours surrounding IHT.

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12th October 2023
Recession Fever Unravelling the Media's Obsession and Unveiling the Truth Friend & Grant Accountants

Recession Fever: Unravelling the Media's Obsession and Unveiling the Truth

With constant scaremongering in the mainstream media about a recession coming we have been talking to our clients and assessing the market so we can be prepared to help our clients however hard times get. In this blog Andrew Grant gives his views and shares his findings.

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20th September 2023

September 2023 Newsletter

Updates for September 2023 including: Tax Free childcare, the effect of high earnings on child benefit entitlement, Merger of R&D Tax schemes, Income tax on Inherited Pension Funds, HMRC requiring more information from tax payers and advisory fuel rates for company cars from 1st September 2023.

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14th September 2023
Will Inheritance Tax be Abolished Friend & Grant accountants

Will Inheritance Tax be Abolished?

Inheritance tax is a burden faced by an increasing number of estate beneficiaries, but rumour has it the government plan to abolish it ahead of next year’s General Election. We consider whether this is likely to happen.

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11th September 2023
Can I buy artwork through my Limited Company Friend & Grant Accountants

Can I buy artwork through my Limited Company?

Next in the series of less common company purchases we look at the implications of purchasing artwork through your company and what tax relief or tax charges this brings.

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7th September 2023
How to Save (IHT) Inheritance Tax by Using the Family Home Friend & Grant Accountants

How to Save Inheritance Tax by Using the Family Home

Inheritance tax is a burden faced by an increasing number of estate beneficiaries, and it can be difficult to do anything about it when the only valuable asset is the family home. We explore what can be done to reduce the tax liability in this scenario.

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24th August 2023
Inheritance Tax-Friendly Investments Friend & Grant Accountants

Inheritance Tax-Friendly Investments

Inheritance tax is a burden faced by an increasing number of estate beneficiaries, but it is possible to reduce the tax liability or wipe it out altogether by making shrewd investments.

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17th August 2023
Saving Inheritance Tax through Gifting Friend & Grant Accountants

Saving Inheritance Tax through Gifting

Inheritance tax is a burden faced by an increasing number of estate beneficiaries, but there are simple steps that can be taken to reduce the tax liability or wipe it out altogether.

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10th August 2023
Is a company pool table an allowable expense Friend & Grant Accountants

Is a Company Pool Table an Allowable Expense?

Surely the tax man wouldn’t let me buy a pool table? Think again! Break out spaces for employees not only bring with them the benefits of increased staff morale, collaboration and productivity, but also some unexpected tax benefits.

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31st July 2023
Harnessing Hybrid Benefits for Company Car Drivers Exploring Tax and BiK Implications Friend & Grant accountants

Harnessing Hybrid Benefits for Company Car Drivers: Exploring Tax and BiK Implications

What's the difference between a hybrid car and a tax efficient hybrid car? Turns out much more than you think! We explore identifying the most tax efficient hybrid cars for your next company car.

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18th July 2023

July 2023 Newsletter

Our tax updates for July 2023 including, the deadline for topping up NI contributions being extended. An explanation of "Full expensing" which is replacing super-deductions. The VAT flat rate scheme and if small businesses should still use it, relief for working from home and HMRC scrutinizing tax avoidance schemes.

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6th June 2023

June 2023 Newsletter

Our June 2023 Newsletter with tax updates including Employment Related Securities, HMRC Interest rate rising and company car fuel rates.

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18th May 2023
Should I Register for VAT Friend & Grant Accountants

Should I register for VAT?

Registering for VAT isn’t always a black & white option, here we go through scenarios where VAT registration may or may not be beneficial to your business.

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11th May 2023
Asbestos Contamination When disaster strike there’s always tax relief Land Remediation Friend & Grant Accountants

Asbestos? Contamination? When a disaster strikes there’s always tax relief!

Finding any sort of contamination on your property can easily burn a hole in your pocket, but this valuable tax relief may help you recover some of your money!

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15th May 2023

May 2023 Newsletter

We look at the tax updates for May 2023 including HMRC phasing out paper submissions for P11D's and for the 23/24 tax year. Pension updates including the lifetime allowance and the importance of estate planning, Could there also be a reform of the Construction Industry Scheme?

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27th April 2023
Avoid Costly Estate Administration Period Mistakes Friend & Grant Accountants (2)

Avoid Costly Estate Administration Period Mistakes

How to comply with tax reporting requirements during an estate administration period and save tax.

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20th April 2023
The Pros & Cons of Setting Up a Group Structure Friend & Grant Property & Construction Accountants

The pros and cons of setting up a group structure

Group structures are not just for large companies, they can be used very effectively for smaller owner managed businesses to save tax and de-risk their assets.

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12th April 2023

April 2023 Newsletter

We look at the tax updates for April 2023 including State Pension Top Ups, HMRC raising interest rates , ATED returns and IR35

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23rd March 2023
Want to reduce your corporation tax bill A no brainer Friend & Grant Accountants

Want to reduce your corporation tax bill? A no-brainer!

With a range of changes in the world of tax coming into effect from April 2023, discover two simple ways to reduce your corporation tax burden and save your company money!

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16th March 2023
The A to Z of The Spring Budget 2023! Friend & Grant Accountants

The A to Z of The Spring Budget 2023!

Keep reading to find out what Chancellor Jeremy Hunt’s “Back to Work” Budget means for you. Is 2023 a year of opportunity?

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10th March 2023

March 2023 Newsletter

Our March Newsletter looks at tax updates including hopes for the spring budget, HMRC letters about R&D Claims and penalties for deliberate errors!

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8th March 2023
Tax planning tips to reduce your 202223 tax bill

Tax planning tips to reduce your 2022/23 tax bill

The end of another tax year is fast approaching and you may be asking yourself are there are any ways that I can reduce my tax bill?

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6th March 2023
Aged 45 to 70 years Ensure you maximise your State Pension National Insurance Friend & Grant Accountants

Aged 45 to 70 years? Check your National Insurance Credits and ensure you maximise your State Pension!

With new rules coming into place from 5 April 2023 with regards to topping up your qualifying years for national insurance, it may be worth looking into whether you have your full national insurance credits. Without this you may not get the maximum amount of state pension that you could be entitled to.

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2nd March 2023
Tax Free Allowances Are you using yours Friend & Grant Tax Accountants

Tax Free Allowances – Are you using yours?

Everyone wants to save as much tax as they possibly can without getting in trouble with the tax man, but are you using all of your tax free allowances to their fullest potential?

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17th February 2023

February 2023 Newsletter

MAKING TAX DIGITAL FOR INCOME TAX DELAYED AGAIN… Making tax digital (MTD) for income tax self-assessment (ITSA) was originally scheduled to start in 2018 and was then put back to 2023 and then 2024. It was announced just before Christmas that the new system of submitting digital information quarterly to HMRC has been delayed yet...

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14th February 2023
Love and taxes match made in heaven tax savings Friend & Grant Accountants

Love and taxes: a match made in heaven?

A new Austen-style literary classic? Not quite a romantic novel, but this Valentine’s Day when your significant other asks where their flowers are, you can reply…”I’ve got you the gift of tax savings!”

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18th November 2022
Autumn Statement 2022 – What Does it Mean for Me? Friend & Grant Accountants

Autumn Statement 2022 – What Does it Mean for Me?

Autumn statement was delivered by the Chancellor on 17 November. Read our expert analysis aimed at owner managed business owners and high net worth individuals.

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11th October 2022
How You Can Reclaim VAT When Building Your Own Home - The DIY Housebuilders Scheme Friend & Grant Accountants

How You Can Reclaim VAT When Building Your Own Home - The DIY Housebuilders Scheme

For many people building their perfect home is just a dream. However over recent years we are seeing more and more cases of individuals looking to do just that. To ensure that individuals enjoy the same VAT advantages as professional builders check out the DIY Housebuilders Scheme.

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28th September 2022
The Mini-Budget 2022 and How It Will Affect You - Updated Version Friend & Grant Accountants

The Mini-Budget 2022 and How It Will Affect You - Updated Version

On Friday we were presented with a ‘Mini-Budget’ – in light of the new parliamentary changes. PM Truss’ campaign came with promise of bold plans to cut taxes and stimulate growth in the economy, and although a ‘mini’ budget by name, it was not ‘mini’ by nature in respect of the changes ahead.

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5th August 2022
Video Games Tax Relief Friend & Grant Digital & Tech Accountants

Video Games Tax Relief – A Cash Flow Game Changer?

Are you planning on, or in the process of, developing a video game? Have you considered one of HMRC’s creative industry tax reliefs, Video Games Tax Relief (VGTR) – you could be missing out on additional tax relief of up to 20% of qualifying development costs!

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3rd August 2022
Research & Development claims R&D Friend & Grant Accountants

R&D claims - Free money or is there a sting in the tail?

Free money!! Every company director loves a tax rebate, particularly when you have incurred expenditure on a project and someone tells you that not only is this expenditure tax deductible but for the same money spent you can get additional tax relief of 130% on the expenditure and either get a lovely big tax rebate by trading in losses at 14.5% or reduce your tax liabilities down significantly.

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1st August 2022
VAT Tips for Landlords – How you could save money! Friend & Grant Accountants de minimis rules

VAT Tips for Landlords – How you could save money!

Residential rental income is an exempt supply for VAT purposes, and so as a rule VAT cannot be charged on this income or reclaimed on related expenses. However, if you’re in a situation where you’re a landlord, but also run a VAT registered business making taxable supplies as a self-employed individual, then there may be a way you can reclaim VAT on your rental expenses too through your VAT Returns.

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20th July 2022
Thought about creating your own Property Investment Company (SPV)? Friend & Grant Accountants

Thought about creating your own Property Investment Company?

Higher rate tax payer? Looking to build wealth? Thought about creating your own property investment company? Pros and cons.

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4th July 2022
Tax efficient investments Friend & Grant Accountants

Tax efficient investments

This blog looks at which investments are tax efficient and how you can minimize the tax payable on your financial investments.

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24th June 2022
Have you considered trust for holding family investments? Friend & Grant Accountants

Have you considered trusts for holding family investments?

In a recent blog we looked at using a company to hold property investments, however an alternative (and sometimes overlooked) vehicle for ownership of all family investments, property or otherwise, is through a trust structure.

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15th June 2022
Increase your property value and reduce costs with eco-friendly solutions and save VAT! Energy Savings Materials ESM Friend & Grant Accountants

Increase your property value and reduce costs with eco-friendly solutions and save VAT!

With energy costs going through the roof it could make sense to make small eco-friendly improvements to your property which can reduce running costs and also add value to your property.

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6th June 2022
Which employees attract national insurance incentives for employers? Friend & Grant Accountants

Which employees attract national insurance incentives for employers?

With the increase in employer NI costs from 13.8% to 15.05% on 6 April 2022 many employers have been looking carefully at their employment costs. For an employee earning £20,000 a year the employer NI cost is usually £1,640. There is an employment allowance (£5,000 from 6th April 2022) which can be claimed by most employers to set against their employer NI costs. This negates part of the cost, however for employers with say two to three team members it doesn’t take much to fully utilize the allowance, making the cost of each additional employee you take on more expensive with the increase in employer NI.

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23rd May 2022
Employer’s NI up from 6th April 2022! How to reduce the impact of this tax increase using salary sacrifice Friend & Grant Accountants

Employer’s NI up from 6th April 2022! How to reduce the impact of this tax increase using salary sacrifice

On 6th April 2022 the employer’s national insurance rate increased to 15.05% from 13.8%. Employer’s NI is an additional tax liability payable by employers on the gross wages of their employees. For a company with 10 employees and an annual payroll bill of £300,000 this is an annual increase in costs to the employer of £3,750.

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28th March 2022
The Spring 2022 statement and our assessment of the impact on business Friend & Grant Accountants

The Spring statement and our assessment of the impact on business

With the war in Ukraine continuing and huge increases in energy costs inflation is expected to increase substantially over the coming year. The financial pressure is huge with households facing the largest ever recorded cost-of-living squeeze and businesses suffering substantial planned tax rises as well as pressure on wages and fuel costs. Chancellor Rishi Sunak delivered the government’s Spring Statement last Wednesday but it was clearly aimed at households. For businesses there was very little content.

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15th March 2022
What tax will I need to pay on my property sale? Friend & Grant Accountants

What tax will I need to pay on my property sale?

Our client bank consists of many different types of property owner: those that buy property as a place to live, those that buy for investment purposes, those that through circumstances become accidental landlords, those that choose to make a living through buying, developing and selling property. What they all have in common is that at some stage they will contemplate selling their property and at that stage they will usually start to consider the tax implications.

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10th March 2022
Are you claiming the full pension relief on your employment income? Friend & Grant Accountants

Are you claiming the full pension relief on your employment income?

Payments made into a pension scheme qualify for a very valuable tax relief at your top rate of income tax. Not only will the monies in the pension fund be available to provide you with an annual income for your retirement but the fund itself falls outside your estate for inheritance tax purposes and is usually available to pass to your family on death.

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11th February 2022
Our top ten tips for landlords Friend & Grant Accountants

Our top ten tips for landlords

Becoming a landlord, particularly if you are planning to manage the letting yourself, can be daunting. The legalities are complex, finding the right tenants is not easy, things do go wrong and it is easy to underestimate how much time you’ll need to spend on one property let alone a portfolio!

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29th October 2021
Budget 2021- Chancellor supports business in the short term with big tax increase planned for the future Friend & Grant Accountants

The 2021 budget- how does it impact you?

Every year we sit with baited breath waiting to see what is in store for businesses and individuals from a tax perspective. Were we in for some surprises? Was there going to be a radical overhaul of the tax system particularly in respect of capital gains tax and inheritance tax?

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18th October 2021
Is a family investment company tax efficient? Friend & Grant Accountants

Is a family investment company tax efficient?

When your loved ones are seriously ill understandably the last thing you want to think about is anything to do with finances. However it is worthwhile knowing that in cases where a spouse or civil partner is terminally ill there could be an opportunity to save large amounts of tax by passing property in a tax efficient manner.

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15th October 2021
Death Bed Tax Planning – is it worthwhile? Friend & Grant Accountants

Death Bed Tax Planning – is it worthwhile?

When your loved ones are seriously ill understandably the last thing you want to think about is anything to do with finances. However it is worthwhile knowing that in cases where a spouse or civil partner is terminally ill there could be an opportunity to save large amounts of tax by passing property in a tax efficient manner.

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24th September 2021
Do writers have to pay tax? Friend & Grant Accountants Writing Income

Do writers have to pay tax?

It is often the case that those who have creative flair possess no interest in more mundane things like figures. Unfortunately for those people, especially if and when they become successful, they need to pay tax on their profits and so they either require some understanding of accounting and tax matters or be prepared to pay someone else to deal with it for them.

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4th August 2021
Do I need to pay tax on my cryptocurrency gains? Friend & Grant Accountants

Do I need to pay tax on my cryptocurrency gains?

Over the last few years the number of people buying and selling cryptocurrencies has increased significantly. Is it any wonder given the significant potential gains which individuals can make! Bitcoin hit a record high of $65K in April 2021 (falling to $38,073 at the time of writing this blog on 3rd August).

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29th June 2021
The business benefits of a healthy team Friend & Grant Accountants Employee Health Don’t miss out on tax relief for home working!

Don’t miss out on tax relief for home working!

Given the recent advice from our prime minster about working from home where applicable, many employees will be wondering whether they can make a tax claim for working from home.

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4th June 2021
What is salary sacrifice and how can it save me tax? Friend & Grant Accountants

What is salary sacrifice and how can it save me tax?

Salary sacrifice schemes have been around for many years, but they should not be overlooked because when used as part of an overall remuneration package they can save significant amounts of tax and national insurance for employees and employers.

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20th May 2021
What is the new super-deduction for investment in equipment? Friend & Grant Accountants

What is the new super-deduction for investment in equipment?

The new super deduction will run for two years from 1 April 2021 and is a radical new “super-deduction” of 130% for investment in new plant.

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23rd March 2021
Tax efficient life cover for directors and employees Death in Service Friend & Grant Accountants

Tax efficient life cover for directors and employees

Life cover is never a great subject to talk about but unfortunately you never know when the unexpected may happen. We have all heard of tragic stories of individuals unexpectedly losing their lives, and whilst it is rare it does happen and for many this can leave a huge financial hole for their loved ones.

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9th March 2021
Budget 2021- Chancellor supports business in the short term with big tax increase planned for the future Friend & Grant Accountants

Budget 21- Chancellor supports business in the short term with big tax increase planned for the future

In the Chancellor’s second real Budget on 3 March 2021 he announced that he had to level with people about the state of the UK economy. Unsurprisingly given the amount of support necessary for businesses and to keep unemployment levels down the UK finances are in a mess! The national debt is expected to hit £2.5 trillion by the end of 2021!

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5th March 2021
Build Your Marketing Machine in 7 Steps - chaos for the construction industry. VAT domestic reverse charge Friend & Grant Accountants

VAT domestic reverse charge- chaos for the construction industry.

The long delayed VAT Domestic Reverse Charge for the Construction Industry was finally introduced on 1st March 2021.

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4th February 2021
The business benefits of a healthy team Friend & Grant Accountants Employee Health Don’t miss out on tax relief for home working!

The business benefits of a healthy team

There are many benefits of working from home from an employee’s point of view. The savings in time and costs of commuting to work are significant. The improvements in family bonds can also provide real dividends - being there for when your children leave for school or being at home for dinner with the family and tucking the children in at night are benefits which many parents find priceless.

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18th January 2021
Does it make sense to buy a company motorbike? Friend & Grant Accountants

Does it make sense to buy a company motorbike?

Our latest blog looks at the possibility of having a company motorbike and we analyse the good and bad points that need to be considered.

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12th November 2020
What is the flat rate scheme for VAT? Friend & Grant Accountants

What is the flat rate scheme for VAT?

The flat rate scheme was first introduced in the 2002 budget and is a simple way for small businesses to account for VAT on their supplies.

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15th September 2020
Aren’t 4X4 pickups just for builders? Friend & Grant Accountants

Aren’t 4X4 pickups just for builders?

Looking for a tax efficient company vehicle and for various reasons an electric car is not an option? How about a 4x4 pickup? In our blog we give 4 great reasons why a pickup might not be a silly idea after all.

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21st August 2020
Looking to give shares away in your company? Beware the pitfalls. Friend & Grant Accountants

Looking to give shares away in your company? Beware the pitfalls.

Looking to give shares away in your company to secure an investor, business partner or lock in an employee? Beware the pitfalls. In this blog we look at why company owners are prepared to sell or giveaway shares in their companies. We look at the problems, the tax issues, some of the solutions and recommendations we would make to ensure that if you do sale or give away part of your company that you secure your financial position.

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28th July 2020
Is your family protected? Friend & Grant Accountants

Is your family protected?

Being your own boss is risky at the best of times. If anything unexpected happened would your family be protected?

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8th June 2020
Looking to increase your profits? Is it a good idea to voluntarily register for VAT? Friend & Grant Accountants

Looking to increase your profits? Is it a good idea to voluntarily register for VAT?

Business startups and small businesses often do not need to register for VAT. However by registering for VAT the VAT incurred on expenditure can be recovered potentially increasing profitability. The article explores the circumstances when voluntary registration makes sense and when it doesn’t.

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7th May 2020
My income has gone down because of Covid-19 - Should I reinstate my child benefit claim? Friend & Grant Accountants

My income has gone down because of Covid-19 - Should I reinstate my child benefit claim?

Over the last few years many people have cancelled their child benefit payments because their income levels have meant they would otherwise need to pay back the benefit claimed in full through their self assessment Tax Return. However with the current crisis this may need a rethink.

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25th March 2020
What are the Tax Implications of Buying an Electric Van? Friend & Grant Accountants

What are the Tax Implications of Buying an Electric Van?

The Government has introduced a number of tax incentives and measures to encourage more people to use zero emission vehicles, and there are rumours that the planned ban on the sale of new diesel and petrol vehicles, as well as hybrids, could start as early as 2032.

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4th November 2020
The Mileage Rates for Electric or Hybrid Cars Friend & Grant Accountants

The Mileage Rates for Electric or Hybrid Cars

The Government is pressing ahead with its plan to ban all new non-electric cars from sale by 2035 at the latest, and many UK car buyers are already shifting towards electric and hybrid cars.

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19th March 2020
When can Employees claim for Working from Home? Friend & Grant Accountants

When can Employees claim for Working from Home?

Given the recent advice from our prime minster about working from home where applicable, many employees will be wondering whether they can make a tax claim for working from home.

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16th March 2020
Key Tax Aspects of the March 2020 Budget Friend & Grant Accountants

Key Tax Aspects of the March 2020 Budget

We detail all the key tax announcements made by the Chancellor in his March 2020 Budget.

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12th February 2021
Man in a suit cycling

Cycle To Work - Employee Benefits & Tax Savings

More and more employers are encouraging their employees to cycle to work rather than drive or use public transport. Luckily the government provide tax incentives, which makes this arrangement attractive to employer and employee, particularly for owner managed businesses where they are often one and the same!

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24th February 2020
What are the Tax Implications of Loans to Employees? Friend & Grant Accountants

What are the Tax Implications of Loans to Employees?

A client recently asked us about benefits in kind for lending employees money? A great question and the answer has led to one very happy employee!

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5th November 2019
Tax Efficient Charitable Giving at Christmas Friend & Grant Accountants

Tax Efficient Charitable Giving at Christmas

With Christmas coming we thought it would be helpful to summarise all the key tax benefits you can use over the festive season to ensure you have a very tax efficient Christmas!

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12th November 2019
Keep Details of Your Director’s Loan Account and Keep it in Credit! Friend & Grant Accountants

Keep Details of Your Director’s Loan Account and Keep it in Credit!

In a recent Tax Tribunal case the judge agreed with HMRC that a detailed breakdown of director loan account transactions is required, including dates. The significance is that where the loan account is overdrawn (debit balance) there may be a possible P11D benefit on the director and also a tax charge on the company.

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5th November 2019
Have a Very Tax Efficient Christmas! Friend & Grant Accountants

Have a Very Tax Efficient Christmas!

With Christmas coming we thought it would be helpful to summarise all the key tax benefits you can use over the festive season to ensure you have a very tax efficient Christmas!

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4th November 2019
ten ways to save inheritance tax

Top Ten Ways to Save Inheritance Tax

No-one likes paying tax, but it’s a fact of life. But when it comes to inheritance tax, it seems doubly unfair. After all you’ve probably already been taxed on a lot of the value in your estate, why should you pay tax again? Well we’re committed to reducing the inheritance tax burden of our clients....

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22nd October 2019
How to Get Investors for Your Business Friend & Grant Accountants

How to Get Investors for Your Business

If you need funding for your business and want to attract investors, why not look at SEIS and EIS? They're tax schemes authorised by HMRC and provide generous tax incentives to the investor.

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20th October 2019
Should I put my Buy to Let into a Ltd Company? Friend & Grant Property Accountants

Should I Put My Buy To Let into a Limited Company?

We're often asked whether to purchase a buy to let property personally or via a limited company. Read our detailed advice to help you understand the up-and down-sides of each option. Everyone’s circumstances are different; the pros and cons must be weighed up on a case by case basis.

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10th October 2019
Need Help With a Revenue Enquiry? Friend & Grant Accountants

Need Help With a Revenue Enquiry?

Nobody likes to receive post from the tax man, especially when HM Revenue & Customs have chosen your Tax Return for enquiry. It’s easy to panic and you’ll have lots of questions rattling around your head. Here are our top tips for handling a HMRC Revenue enquiry.

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17th February 2021

Time For A New Company Car? Why Not Make It An Electric Car?

Thinking about getting an electric or hybrid car for your company? The government has announced that there will be a zero P11D benefit for the drivers of electric cars from 2020/21. This is instead of the 2% scale charge that was originally included in Finance Act 2017 to apply for 2020/21.

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9th October 2019
Can I Claim Tax Relief for My Glasses and Hearing Aid? Friend & Grant Accountants

Can I Claim Tax Relief for My Glasses and Hearing Aid?

Claiming tax relief on eye tests is often overlooked by business owners, but can you claim tax relief on your Ray-Ban glasses? We thought it would be helpful to outline the rules.

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3rd October 2019
What is a Lifetime ISA and is it Worth Having? Friend & Grant Accountants

What is a Lifetime ISA and is it Worth Having?

The Lifetime ISA (LISA) is for over 18s and under 40s. Each year you can put up to £4,000 into your LISA and the government will contribute a 25% bonus of your investment. The product is highly tax efficient and can be used as a vehicle to buy your first home.

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6th September 2019
Planning for Changes to Taxation of Landlords Friend & Grant Accountants

Planning for Changes to Taxation of Landlords

HMRC really seem to have had it in for landlords in recent years. For some it will be worthwhile to restructure their affairs in order to minimise the impact of recent legislation changes.

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29th July 2019
Is Your Business Obsessed With Innovation Friend & Grant Accountants

Is Your Business Obsessed With Innovation

Every successful businesses has a special formula; they’re obsessed with innovation - it's in their DNA. There are several great tax breaks for companies that innovate.

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5th July 2019
What To Do With the Kids This Summer Friend & Grant Accountants

What To Do With the Kids This Summer

As a parent one big headache could be what to do with the kids this summer. If the kids are under 11 the government can help. If they are over 13 how about getting them to come to work for you?

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3rd July 2019
Offshore Funds Taxation Friend & Grant Accountants

Offshore Funds Taxation

Friend & Grant have experience tackling the taxation challenges of a variety of foreign savings, investment, & retirement products, such as offshore funds; we can help advise you on what income needs to be reported, the available allowances, and can help formulate a tax-efficient repatriation plan.

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19th June 2019
How do You Lock in Key Members of Your Team? EMI Schemes Friend & Grant Accountants

How do You Lock in Key Members of Your Team?

For those business owners seeking success there is nothing more frustrating than finding that key person only for them to leave you. So how do you lock in key members of your team?

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23rd May 2019
Make Sure You Keep More of Your Pot of Gold Friend & Accountants Entrepreneurs’ Relief ER

Make Sure You Keep More of Your Pot of Gold!

If you are building a business you must have an end goal. For most entrepreneurs that end goal is the wish for a pot of gold at the end of the rainbow. Hopefully we will all get there and all the effort will be worthwhile. Unfortunately someone else hopes you’ll get there too, it’s not a naughty leprechaun but someone equally as annoying, the tax man!

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26th April 2019
One Minute Guide to R&D Friend & Grant Accountants

One Minute Guide to R&D

Businesses are missing out on a huge tax windfall if they conduct Research & Development and don’t claim the additional tax relief – over 250,000 successful claims have been made to HMRC

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5th March 2019
Startups VAT Registration Get it Right! Friend & Grant Accountants

Startups VAT Registration Get it Right!

For all startups knowing when to register for VAT is fundamental. Get it right and you could save £’000s in tax, get it wrong and there could be penalties and additional costs. The rules are fairly straightforward but unfortunately many businesses still fail to register on time.

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26th February 2019
5 Easy Tax Wins, Tax Planning tips For Company Directors Looking To Grow Their Businesses and Save Tax! Friend & Grant Accountants

5 Easy Tax Wins, Tax Planning tips For Company Directors Looking To Grow Their Businesses and Save Tax!

As a company director are you looking to build a strong working relationship with a trusted advisor who will help you save tax and grow your business. If you are then why not speak to us about 5 easy tax wins which we can implement with you.

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8th February 2019
Estate Planning for Your Parents Friend & Grant Accountants

Estate Planning for Your Parents

You don’t have to be a client to access our Estate Planning for Your Parents service. Our clients agree that this type of forward planning is very tax efficient and helps them to understand the estate that they may have to administer when their parents die.

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7th November 2018
Budget Report 2018 Friend & Grant Accountants

Budget Report 2018

This is our special budget report following the Chancellor’s Autumn Budget announcements. As previously announced, these were the main themes of the Chancellor Phillip Hammond’s third budget but what we were waiting to hear was where the extra money was going to come from? Had he found a “Magic Money Tree”, or would tax and...

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23rd October 2018
Is My Big Mac Tax Deductible? Friend & Grant Accountants

Is My Big Mac Tax Deductible?

Subsistence is a big problem area in tax. Many clients incorrectly assume that if you are working and buy a lunch or grab a snack when re-fuelling the car or van that this is fine to claim against your tax bill.

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23rd October 2018
Don't Let the Taxman Ruin Your Day Out Friend & Grant Accountants

Don't Let the Taxman Ruin Your Day Out!

Entertaining clients is a legitimate business expense and can be paid out of the business account. But, you will not be able to claim tax relief for the amounts spent nor can you claim back any VAT paid. But, if there is a sponsorship element to the expenditure then the position may be more favourable.

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23rd October 2018
Fancy a Classic Car as Your Company Car Friend & Grant Tax Accountants

Fancy a Classic Car as Your Company Car?

Will your next company car be a classic? How would you like to drive a fun Fiat 500 from the sixties or a cool Lancia Fulvia from the seventies? This is a serious question for car enthusiasts and one several of our clients have said a big YES to! Surprisingly, classic cars can be quite...

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23rd October 2018
Is training Tax Deductible Friend & Grant Accountants

Is Training Tax Deductible?

This question is asked a lot and it is usually along the lines of…. “I would like to learn about X and there is a great course. Could I put it through my business?” Most business owners think that training costs aimed at improving skills or business profits automatically qualify for tax relief, but that’s not...

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23rd October 2018
Maximise Tax Free Trivial Benefits Friend & Grant Accountants

Maximise Tax Free Trivial Benefits

Tax Free Trivial Benefits – Make Sure You Make the Most of This Opportunity First announced in the spring 2015 budget, new legislation clarifying the tax treatment of trivial benefits came into force from 6th April 2016. But is this an easy opportunity to extract benefits tax free from your company? The simple answer is yes!...

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22nd October 2018
100% Tax Relief on Tesla Model X Friend & Grant Accountants

100% Tax Relief on Tesla Model X Continues

Do you think that all 100% tax relief cars are electrics with the performance of an old fashioned milk float? Think again. This one does 0 to 62MPH in 2.9 seconds! There’s over 130 makes and models of cars which qualify for 100% tax relief; some amazing vehicles are included on the list: BMW I8,...

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22nd October 2018
Residence Nil Rate Band - Don't Waste This Valuable Tax Relief Friend & Grant Accountants

Residence Nil Rate Band - Don't Waste This Valuable Tax Relief

From April 2017 HMRC began phasing in the ‘residence nil rate band’ which could mean large savings on inheritance tax bills for future generations. From 6 April 2020 it’s worth £70,000 per estate – so a whopping £140,000 of tax ready to be saved per couple. However, there are potential stumbling blocks as with most...

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9th October 2018
Making Tax Digital - 5 Things To Do To Be Compliant Friend & Grant Accountants

Making Tax Digital - 5 Things To Do To Be Compliant

Despite there being no public news announcements from HMRC, like the TV advert about Auto-Enrolment with the 10ft furry monster, Making Tax Digital (MTD) for VAT is still going ahead from 1 April 2019. MTD for VAT will affect almost all VAT registered businesses in some way, meaning there could be more work to do...

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9th October 2018
Tax advantages of Furnished holiday lettings Friend & Grant Accountants

Tax Advantages of Furnished Holiday Lettings

Many of the recent changes in the taxation of buy to let rental businesses do not apply to property businesses that qualify as furnished holiday lettings. In particular, the restriction on deductibility of finance costs that started to apply from 2016/17 does not apply to furnished holiday lettings. It may be worth considering investing in...

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9th October 2018
Pension Payments Friend & Grant accountants

Pension Payments Can Have a Sting in the Tail

Make Pension Payments before 6 April but High Income Clients Beware the Sting in the Tail  Making a personal pension contribution before the 6th April can be extremely tax efficient. Higher rate tax payers should be able to get higher rate tax relief on their personal pension contributions. For directors with their own companies employer...

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