Business Support | Helpful tax, accounts & business publications, factsheets & checklists

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Using the latest technology, our Tax App has been developed to provide you with useful tax tools and information via your mobile device.

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Resources

Below are links to factsheets and other helpful resources on many common issues and challenges but please do contact us for further advice – we’d be happy to help!


Business start up

Writing a business plan | Business objectives and direction

Creating a business plan is important. It will help determine whether you gain funding from potential investors and will assist you in clarifying your business objectives and direction. Learn how to write an effective plan and some of the common pitfalls to avoid in this business support factsheet.

Business startup structures | Which company structure should I use?

If you are starting, or have recently started, a business it is important to decide the best legal and taxation structure for it. The most suitable business structures will depend on your personal situation and your future plans. We at Wise & Co can help you decide what is right for you.

Raising Finance | Business Funding

Many businesses will need to raise finance at some point, whether when starting up or to develop and grow. Additional business funding requires a commitment in terms of capital and interest payments. Embarking on this course of action must therefore be planned carefully. This might include pinpointing the type of finance required, who you might approach for business funding, and how to prepare a business plan.

Capital taxes

Capital Gains Tax | Tax reliefs for capital gains

We consider capital gains tax and outline the reliefs available. A capital gain arises when certain capital (or 'chargeable') assets are sold at a profit. The gain is the sale proceeds (net of selling costs) less the purchase price (including acquisition costs). We can help you use the tax reliefs available and minimise capital gains tax.

Inheritance Tax Planning (IHT) | Estate planning summary

Inheritance Tax (IHT) is levied on a person’s estate when they die and on certain gifts made during an individual’s lifetime. The payment of IHT can be greatly reduced - or perhaps avoided - with careful planning. It is always necessary to tailor the strategy to fit your situation and our team can provide advice to help you minimise potential inheritance tax charges.

Stamp Duty Land Tax | SDLT

Stamp Duty Land Tax (SDLT) is payable by the purchaser in a land transaction. This might be a simple conveyance of land such as buying a house or creating or assigning a lease. If you are considering property investment or acquiring a lease on a commercial property, the Wise & Co team can help you to make property acquisitions in a tax-efficient manner.

Corporate and business tax

Business motoring | A guide to tax allowances

For many businesses, the tax allowances available for company vehicles are an important matter to consider. This factsheet focuses on the tax deductions for different types of vehicle expenditure in a variety of business scenarios. As things change, it is worth contacting us to discuss your specific situation.

R & D tax relief | Research and Development (R&D) tax reliefs

Research and Development (R&D) by UK companies is being actively encouraged by the government through a range of tax incentives. The government views investment in R&D and innovation as a key driver of economic success. Tax reliefs include an increased deduction for R&D revenue spending and a payable R&D tax credits for companies not in profit.

Home working costs for the self employed | Expenses claimed against tax

Self-employed and working from home? Some of the costs of the home can be claimed against tax and, in some cases, these may be considerable. The tax rules differ depending on whether you are self-employed as a sole trader or partner, or as an employee. At Wise & Co, we can advise on maximising the tax relief due to you.

Employed or self-employed | Check employment status for tax

The question of whether someone is employed or self-employed is not as straightforward as it might at first appear. Many people assume they are free to choose, but HM Revenue & Customs (HMRC) emphasises that this is not the case. Read more here, including how to check employment status for tax.

IR35 | Off payroll working rules

IR35, or the 'off-payroll working rules', have been designed to deal with people who choose to change their employment status to avoid paying certain employment-related taxes, namely Pay As You Earn (PAYE) and National Insurance Contributions (NICs). We look at the IR35 rules and highlight mistakes to avoid making.

Making Tax Digital Advice | Support for businesses and self employed

Making Tax Digital (MTD) is being rolled out by the government to ensure that every individual and company submit digital taxes. Those businesses whose UK taxable turnover is above the £85,000 UK VAT-registration threshold will have been following MTD rules since April 2019. Making tax digital has been extended to cover all UK VAT-registered businesses from 1 April 2022.

Employment

Cars for employees | Company Car Tax

Commonly referred to as company cars, these vehicles are taxed by reference to the list price of the car but graduated according to the level of its carbon dioxide (CO2) emissions. We outline the main areas to consider, as well as the company car tax rules and national insurance implications. Our team can advise you on specific employer-provided car benefit rules.

General business issues

Valuing your business | Company value

There are many reasons why you may need to calculate the value of your business. Here we consider the range of methods available, as well as some of the factors to consider during the process. Valuing a company is not a precise science but requires experience and judgement. The Wise & Co Team can help with this and also assist in developing an exit strategy if you have decided to sell.

Business finance advice when cash is scarce | Safeguard cash flow

Take a look at our ideas to help improve your cash flow management, including ensuring that you are taking advantage of appropriate tax relief schemes, controlling when you get paid, grants and other forms of funding.

Personal tax

Furnished holiday lettings | Tax on holiday lets

Property ownership has a number of different tax implications and there are fairly complex rules regarding Furnished Holiday Lettings. Wise & Co can guide you through the legislation, whilst helping to minimise your potential furnished holiday let tax liability.

Property investment | Tax on investment property

If you are considering property investment, there are significant differences in the tax obligations of owners, depending on whether they’re individuals or a company. The team at Wise & Co can help you to make investments in a tax-efficient manner.

Property investment | Buy to let tax

Buy to let traditionally involves investing in property with the aim of capital growth, with the expectation that rental income from tenants will cover the mortgage costs and any outgoings. The Wise & Co Team can help you sort out some of the potential problems that may arise and structure the investment appropriately for buy to let tax.

Statutory Residence Test | SRT Tax

The Statutory Residence Test (SRT) provides a definitive process to determine the UK residence status of any individual. That status will be applied for income tax, capital gains tax and inheritance tax purposes. We look at the SRT and outline rules and records required. Wise & Co can provide advice on your individual circumstances.

VAT

VAT annual accounting scheme | Small business VAT

This scheme helps small businesses by allowing them to submit only one VAT return annually rather than the normal four. It aims to help with budgeting, cash flow, and reduce paperwork. If you are starting or have recently started a business, Wise & Co can advise you on the pros and cons of the VAT annual accounting scheme and how to join it.

VAT cash accounting | Cash accounting scheme

We summarise the workings and rules of cash accounting scheme for VAT, looking at the advantages and disadvantages. It enables a business to account for and pay VAT on the basis of cash received and paid, rather than on the basis of invoices issued and received.

VAT flat rate scheme | Flat rate VAT

We explain how this optional VAT flat rate scheme operates, as well as its rules and the records you must keep. It was introduced to reduce the administrative burden imposed when operating VAT. A set percentage is applied to the turnover of the business as a one-off calculation instead of having to identify and record the VAT on each sale and purchase you make.


Coronavirus Briefings


Helpful Publications


Checklists

CORONAVIRUS (COVID-19)
Visits to our offices are now limited to the delivery and collection of records only.

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Thank you for your understanding. We wish everyone safe and well as we weather these difficult times together.