Understanding UK capital gains tax on assets
Capital Gains Tax (CGT) not only applies to property but also to any asset which is sold and has increased in value from when it was first purchased. Items such…
read moreCapital Gains Tax (CGT) not only applies to property but also to any asset which is sold and has increased in value from when it was first purchased. Items such…
read moreCapital Gains Tax (CGT) is classed as a levy which needs paying once a second home or a buy-to-let property has been sold. If a property has been owned for…
read moreExplaining child benefit Child benefit is a government initiative that was developed to help families with the cost of raising children. In essence it is a form of social welfare…
read more‘Success’ can look very different from one business professional to the next. One common indicator can be the amount of money being earnt, with many striving to earn as much…
read moreIn April 2016, new regulations were introduced allowing employers to provide 'trivial benefits' to employees without reporting them to HMRC. But what constitutes a trivial benefit, and how do you…
read moreA Benefit in Kind is a non-cash perk provided by an employer to an employee. These benefits can vary widely, with one of the most notable being a company car.…
read moreNational Insurance (NI) is a government initiative where contributions are paid by employers, employees and self-employed. The payment is used for various state benefits and services such as the NHS…
read moreSelf-assessment tax is the amount of money an individual has to pay to HMRC. It is calculated based on the assessment of their income, deductions, and tax liabilities for a…
read moreApril has bought a change in the national living wage; it has risen from £10.42 to £11.44 per hour. This applies to anyone who is 21 and over. The changes…
read moreBusinesses are continually looking at ways to implement initiatives which save both time and reduce costs. If we look solely at accountancy firms, over the past 3 years there has…
read moreCompanies Law applies to any business that is registered in the UK and sets out a business’s legal obligations, which they must comply to. There are a set number of…
read moreChanges to the operational structure of a business can be challenging. Quite often a business owner will find success in doing something a specific way and in turn will be…
read moreForm 17 is an official HMRC document used to declare what the income split will be on a property, which is jointly owned, so that the correct tax payments can…
read moreMany people are still not fully aware of the changes that took place on 6th April 2023 in regards to capital gains tax (CGT) on a property when a couple…
read moreWith the changes to self assessment thresholds bought in to simplify the submittal processes, has it really had the positive impact the government were hoping? Let’s explore this in more…
read moreDecember is always an exciting month; businesses start to slow down and everybody looks forward to a much needed break spending time with friends and family. It is also a…
read moreThere are daily occurrences of spam related issues impacting people and businesses. It could be via e-mail or a telephone call and usually involve a person trying to impersonate somebody…
read moreAs individuals we are encouraged from a very young age to open a savings account so that money can be put away for future needs. So, the key question is…
read moreAt various times in our working life, we may all have a desire to do something for ourselves and step into the world of business ownership. However, it is only…
read moreAs a business owner cashflow is king and one of the biggest barriers faced is debt through late payments. Unfortunately, there are many reasons why customers delay making payment. Sometimes…
read moreThere are many pressures faced by a business owner and they run the risk daily of becoming over stretched and pressurised which leads to high levels of stress and illness.…
read moreThe word sustainable is one of the more common “buzz” words being used currently. In essence it refers to the ability of being maintained at a reliable rate without causing…
read moreBusiness stability is incredibly important, especially when trying to ensure the long-term future of an organisation. An area that is often overlooked, but which is immensely important, is with the…
read moreStaying on top of your costs is important for a small business and adopting a policy for best practice cost savings can be extremely beneficial. As the UK economy continues…
read moreCashflow is king for any small business and having to manage late payments can be incredibly difficult. If debt builds up, then it becomes tricky to manage your own bills…
read moreDiversification is an important aspect of any successful business. Often needing to adapt to the constant changes in a business landscape and diversify by introducing new products or services. Having…
read moreA business that employs staff will have several payroll responsibilities. One area which is often misunderstood or overlooked is the need to file a P11D. In this blog we will…
read moreChange is such an important buzz word at the moment. With the tragic news of the loss of Her Majesty we now see a new King at the helm. Alongside…
read moreOne of the most frequent and often costly issues that we see a business make is with invoicing. In order to facilitate a smooth process of being promptly paid by…
read moreSo you've decided to work with an accountant and now WHAT? What do the need, how much of my time is it going to take? ... Watch this little clip…
read moreThe concept of ‘steering by numbers’ is a business strategy of forecasting, planning and analysis. This very simple idea will look at business logic from a forecast and budget model…
read moreChange can often fill people with dread. We are at our most happy when we are content and feel safe. Even the little things like changing the provider of our…
read moreDid you know that not all accountancy firms are not created equal? It’s perfectly reasonable for you to assume that your accountancy firm holds at the very least the appropriate…
read moreThe thought of completing tax returns or doing bookkeeping can turn even the most productive of us into professional procrastinators. Anything that can help avoid the task can suddenly seem…
read moreWhilst the words bookkeeping, spreadsheets and accountancy software can fill you with dread and the thought of inputting all that data and ensuring that it all adds up can be…
read moreThis animated video explores the benefits of why a business or sole trader should immediately implement a monthly accountancy routine
read moreThe last few years have seen more of us working from home and although life is slowly returning to normal, many organisations have realised there are many benefits of home…
read moreWe thought it was time that we introduced you all to the Stepping Stones Accountancy team.
read moreFrom 1st April 2022 a new plastic tax will come into force that will be chargeable at a rate of £200 per tonne. For companies who manufacture or import plastic,…
read moreThe 1st of April 2023 will see a substantial increase to corporation tax for UK businesses. The current rate stands at 19% for all businesses no matter what their size,…
read moreAs the festive season is fast approaching many companies have finalised their plans for a little fun and laughter choosing to bring back the traditional office party. The key question…
read moreMost businesses only think about hiring an accountant once a year when it is time to complete their tax return and they’re struggling. But an accountant can add so much…
read moreIn the animated video we provide some key facts as to what you need to know in relation to Capital Gains.
read moreOn 1st October a new VAT rate of 12.5% was introduced for the hospitality industry, this temporary rate now means certain businesses will have to deal with four different rates…
read moreAs the Making Tax Digital (MTD) scheme continues to gather momentum there are many business owners still unsure of their commitments. However, the requirements can be broken down into 4…
read moreThis animated video provides details on what options are available now that Bounce Back loans are due to be repaid.
read moreWhen Bounce Back Loans were introduced in March 2020, they were hailed as a lifeline for many businesses whilst the growing pandemic crisis was impacting their business. The loans enabled…
read moreThose drivers who utilise their own vehicle for work purposes, excluding their normal commute, can claim money back against the approved mileage allowance payment rate (AMAP). The eligible amount is…
read moreIn our latest animated video we explore what the pro's and con's of employing or outsourcing new staff are.
read moreA director’s loan account (DLA) documents the transactions that occur between a director and a company. It includes salary, dividends, expenses, director’s personal bills paid for by the company and…
read moreAs part of the Government’s Making Tax Digital (MTD) plans to simplify the tax system and to speed up the time it takes for self-employed professionals and small business owners…
read moreIn this latest animated video we provide some of the key accountancy dates that everybody should be aware of.
read moreThe COVID Pandemic has seen many changes to the world of employment across the world. From remote working whilst home-schooling to zoom meetings from makeshift home offices, the workplace landscape…
read moreThe way we work has fundamentally changed over the last 16 months. Technology has allowed businesses to adopt flexible working practices to enable employees to safely work from home during…
read moreIf you apply our simple tips you can be assured that your tax return will be a lot easier to complete.
read moreThis article focuses on the importance of having the correct employment documentation in place. All characters are fictional for explanation purposes. Jamie was working on behalf of XZY Ltd, all…
read moreAn R&D project basically encompasses the research and development activities that a company will undertake when developing new products and services or when improving products or services which already exist.…
read moreIn our latest animated video we explain why you should completed your tax return in June.
read moreAt some stage, a business owner will inevitably have asked themselves the question, “do I need an accountant”? They will all have also found themselves unsurprisingly faced with the answer,…
read moreEvery business owner will agree that spending as little time as possible on your administration tasks and focussing on fee earning activities is critical to success. With the introduction of…
read moreThe Government have recently announced a 10-year strategy to build a
read moreHistorically, when a business engages with a freelancer or contractor to work on a project over a long-term basis they do not appear on any payroll, instead they receive payment…
read moreIt is surprising how a to-do list can achieve so much. The art of writing down a list of actions and then following them through to completion is nothing new…
read moreIn our latest animated video we show how you can get complete control of your self assessment, when it needs completing and what information needs to be submitted.
read morePeople usually go into business because they feel that they have something special to offer; a unique skill set or product that the market needs and a desire to offer…
read moreWhen, while the lovely valley teems with vapour around me, and the meridian sun strikes the upper surface of the impenetrable foliage of my trees, and but a few stray…
read moreWhen, while the lovely valley teems with vapour around me, and the meridian sun strikes the upper surface of the impenetrable foliage of my trees, and but a few stray…
read moreWhen, while the lovely valley teems with vapour around me, and the meridian sun strikes the upper surface of the impenetrable foliage of my trees, and but a few stray…
read moreWhen, while the lovely valley teems with vapour around me, and the meridian sun strikes the upper surface of the impenetrable foliage of my trees, and but a few stray…
read moreWhen, while the lovely valley teems with vapour around me, and the meridian sun strikes the upper surface of the impenetrable foliage of my trees, and but a few stray…
read moreAnti Money Laundering (AML) is a set of laws and regulations that were formed to prevent criminal activity whereby people disguise legally obtained funds as legitimate income. Whilst AML only…
read moreMaking Tax Digital (MTD) was first introduced during the Spring Budget of 2015, its aim was to completely negate the need for an annual tax return. Instead, taxpayers would have…
read moreAs we draw to a close on a very unusual year, the team at Stepping Stones would like to wish everybody a very Happy Christmas and Prosperous New Year. We…
read moreIn our latest animated video we show how with a little bit of help from your accountant and a cashflow forecast report, you can budget for new equipment that is…
read moreAs we prepare for the impact of Brexit, our European Union customers could be entitled to some VAT-free services. Any business that is expecting their taxable supplies to be less…
read moreThe word adapt has never been so important. In today’s unusual landscape, the impact of the Covid-19 pandemic has affected everybody. Every business has had challenges to overcome and virtually…
read moreDo you know what you can purchase in order to say thanks to your clients for their support in 2020? This animated video provides full details one what options you…
read moreThe farming industry is unique. It is one that supports the entire country through produce, crops and livestock. When you envisage a farm as a business then you realise quite…
read moreDistractions are a day-to-day occurrence for any business owner. To ensure a business runs smoothly it’s not just about meeting the needs of your clients, you also have to make…
read moreDo you know what the self-assessment deadline is? Do you know what expenses you can claim? This video will explain all about it.
read moreIndividuals operating in the Construction Industry need to be aware that from the 1st March 2021 there will be a change in how VAT will be handled. Originally these changes…
read moreThe Construction Industry Scheme (CIS) is a HMRC initiative where, if you work on a self-employed basis for a contractor in the construction industry (not as an employee), CIS rules…
read moreMore and more people are setting up their own businesses as a result of COVID-19, whether it be because of redundancy or just taking a fresh look at life following…
read moreIn our latest animated video we give an example of how simple it is to outsource all of your accountancy needs to Stepping Stones.
read moreIn today’s ever-changing landscape many businesses have had to take the approach of adapt or face the harsh reality of closing their doors. This is especially true for the retail…
read moreIn our latest animated video we give an example of how Stepping Stones can helping you stay on top of your accounts.
read moreCashflow has never been more important for businesses than in 2020. The Coronavirus pandemic has shaken businesses to the core and with the potential of a second wave a potential…
read moreThe Flexible Furlough Scheme was launched by the Government on the 1st July as the next stage of the coronavirus job retention scheme. It was designed to replace the initial…
read moreIn our latest animated video we answer popular question of what is the difference between a grant and a loan.
read moreWith the current COVID-19 crisis many businesses continue to seek government support to help them with the uncertainty of the months ahead. Whilst this aid is undoubtedly a lifeline for…
read moreWe regualrly get asked, "how do I regsiter my accountant as my HMRC agent?". You will find all the answers in our fun animated video.
read moreThe Coronavirus Job Retention Scheme (CJRS) has been set-up by the Government to enable companies to claim up to 80% of an employee’s wages plus any National Insurance or pension…
read moreSadly, the COVID-19 pandemic has had a huge impact on the small business community, some will need to close their doors and others will need to find new ways to…
read moreThe HMRC have recently announced that people can delay their second self-assessment payment for the 2019/20 tax year should they need to. For all those UK taxpayers who should be…
read moreThe Construction Industry Scheme (CIS), in its present form, has been around since 2004 but not everybody is clear on what is required and who it applies to. In essence…
read moreVAT rules are known for their complexities and the headaches that they can cause businesses around the UK. But it’s the peculiarities of the system that can have people scratching…
read moreThe Construction Industry Scheme (CIS) requires contractors to deduct payments from any subcontractors that they use in order to make advance payments towards the subcontractor’s tax and National Insurance. It…
read moreFor many years, investors have seen their buy-to-let properties as an excellent source of income. However, the Government has acknowledged the need to discourage savvy investors from procuring properties that…
read moreMany people use the Christmas break to reflect on the last 12 months and plan for the year ahead. For some though that can mean an entire career shift and…
read moreWith Christmas fast approaching, many companies are starting to plan for the festivities. With parties, presents and puddings to look forward to, don’t forget that there are some tax efficient…
read moreAccounting packages have come a long way in recent years. No longer do you need to install software on one computer in the office, restricting who can use it and…
read moreMost companies are by now, aware that under the Pensions Act 2008 they have a duty to not only put certain members of staff into a pension scheme but also…
read moreAs a business owner, there are many tasks to juggle and many hours to work. On top of this if you wish to grow your business, comes the challenge of…
read moreHighlights Class 4 National Insurance paid by the self-employed to rise to 11% by April 2019. Dividend allowance to fall from £5,000 to £2,000 in April 2018. Corporation Tax decrease…
read moreThe largest change to the taxation of small company owners in a generation came into effect on 6 April 2016 but small company owners are yet to see the effect…
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