The UK’s decision to withdraw from the European Union will have ramifications for all people and organizations in one form or another; whether that be through the cost of material or shipping tariffs.Read More
Alongside the boom in demand for gin, has come its potential price rise of more than 11p as sellers pass on the cost of sugar tax to consumers.Read More
There are many notable tax advantages to incorporating your business. Deciding if and when to take your company to the next level should take into consideration all these implications before making it official.Read More
The temptation to draw a sum of your pension before you hit 55 can be all too much for some. Companies have latched onto the idea of 'early pension release' and those enticed in are losing out on huge sums of money. While this isn't technically illegal, they will often hide the terms and conditions of your withdrawal within the small print of their policies. Here are a few things to look out for:Read More
Planning for the future is imperative in ensuring your intended heirs receive the inheritance you wished for them. Creating your will is undoubtedly an essential document to secure the financial future of your loved ones however it can often over-shadow equally important documents that can render your will ineffectual if not completed.
In addition to your will, key documents such as power of attorney or advanced medical directive need to be completed and filed alongside your estate plan. Such documents nominate individuals to make key decisions on your behalf if you are unable to do so yourself. If these forms are not completed, there may be a lengthy and expensive process to enable the courts to select someone for you. This could be someone you wouldn't have personally chosen and they may not have your best interests at heart.
These documents might not seem important if you are in good health, but delaying their completion can cause a great deal of inconvenience if you were to fall ill suddenly or be involved in an accident. Create peace of mind by completing them early on before it's too late to have the documents executed.
Although we highlight the importance of a will, it fails to take into account certain assets that lie outside of its realms and the probate process. This includes but is not limited to: life insurance, retirement accounts, annuities and many more. Often, beneficiary designation forms for these items declare that the assets will be placed elsewhere unless you declare otherwise so it is important you review them and make sure you and your family are aware of where they will be passed on to. It is not enough to have it stated in your will where you would like these assets to be inherited as beneficiary designation forms can often state otherwise and would mostly be sided within an IRS ruling.
For tax advice on your estate planning contact us today
If you're due a tax refund, the temptation to flitter the extra cash away on short-term luxuries can be hard to resist. Whilst temporary pleasures are all well and good, the sensible thing to do is use the money for something that will further enhance your financial situation.Read More
Inheritance tax (IHT) has been declared the most disliked tax in a poll by the general public and it's no surprise as to why. Like it or not, it's here to stay but there have been a few recent changes that might benefit you if you're thinking about planning for the future.Read More
As of April 2018, a sugar tax was enforced on all sugary drinks in the UK in an attempt to curb the ever-growing concern of the Nation's obesity epidemic.
How will it work?
There are 2 taxation categories: one that effects drinks containing more than 5g of sugar per 100ml, and a higher tax for sugary drinks with 8g or more per 100ml. The Office for Budgetary Responsibility stated the drinks will be levied at 18p and 24p per litre. The money raised is intended to be spent on increasing funding for sport in primary schools - an estimated £520 million.Read More
Retirement planning doesn't have to be complicated but can often be neglected because we like to prioritise our current spending. Failing to pay into a pension or disregarding retirement saving might make your bank account a little fuller in the short-term, but when you reach an age where generating an income isn't as easy as it once was, you'll find yourself high and dry if you don't plan ahead. According to a study by Which? the average household needs £18,000 a year to cover household essentials and this doesn't include costs of any bucket-list items you might have been saving for your wonder years - keep reading to find out if you're doing enough to save for your retirement.Read More
Music Industry booms with fastest growth in more than 20 years
Latest figures show Global music revenue has made a year-on-year increase of 8.5%, soaring to $17.4 billion (£12.2bn) in 2017. According to MIDiA Research, it's the fastest growth experienced in 23 years and is predominately driven by a huge increase in the use of streaming services. With the likes of Spotify and Apple Music at the forefront of the suppliers, streaming services now account for 43% of all revenue.
It's hoped that the music industry will continue to grow with leading media companies such as Pandora Media Inc. and Amazon.com Inc. pursuing options for paid customer privileges. With CD and other physical format sales only making up 17% of the total revenue, it's apparent that streaming has given the industry a new lease of life - one that it was desperate for after the lull years of slow sales caused.
Contact us for expert creative industry tax advice
Not having an emergency fund
Sometimes life throws you a financial curveball so it's important you set aside money to deal with it should it happen. Not only that, but with the freedom of freelancing comes the possibility that there may be periods where your workload slows down. Putting a small amount of money from your monthly paycheque (we recommend 5%) will help you pay for any unforeseen outgoings without disrupting your actual account balance. Allocating a separate account for this that isn't accessible by cash card can help curb impromptu spending.Read More
The Museum and Galleries tax relief was introduced in November 2017 as an opportunity to claim back money on the production of Exhibitions.
The premise of the tax relief is to allow museums and galleries which are charities to claim back some of the cost they incurred to put on their exhibitions, which the government hopes will make promoting the work of creative industries more sustainable.Read More
With a new tax year comes tax changes that affect all of us. This article will go into some of the tax changes you should be aware of and how they may affect you.Read More
It is possible to set up a limited company independently, however it is advised that a specialist formation agent is used in order to avoid unnecessary mistakes and obstaclesRead More
Your tax code is a combination of letters and numbers that is used by your employer and pension providers to work out how much Income Tax should be taken from your pay or pension.Read More
There are a number of income tax friendly investment schemes that are sanctioned by the government- the EIS, seed EIS and VCT schemes to name a few. However, this is lesser the case for corporate investors. The fewer opportunities for companies to minimise tax through investment is likely to be part of the reason why corporation tax rates are more generous that income tax rates.Read More
If you’re a business owner looking to reward one of your employees for long service there are a number of tax incentives and obligations you must consider.Read More
We have worked with both start-ups and established businesses in the creative industry for over 10 years. Our wealth of knowledge in creative industry business tax allows start ups to access all of the exclusive tax breaks they are entitled to, that will enable them comfortably make it through their first year.Read More
With the tax deadline having just past, we have had many tax-filers contacting us with penalty notifications for failing to file on time.
There are however some instances where the HMRC will give lenience.
What is a reasonable excuse?Read More
As a self-employed worker using your home as a workplace, the work-related expenses incurred through using your work as a home are tax deductible.Read More