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Is tax relief being cancelled for buy-to-let mortgage interest?

Is tax relief being cancelled for buy-to-let mortgage interest? To put it simply, no. A reduction, not the cancellation, of tax relief is being applied. Who does it apply to?  It applies to those who: let residential property in the UK or elsewhere, and are claiming a deduction for financing costs, and from April 2017, […]

Should I run my buy-to-let business through a limited company?

When setting up your buy-to-let business you need to consider whether to hold the property personally or whether a limited company may be more suitable.  To understand the issue better, first, let’s look at the rule changes that began to phase in from April 2017. What are the changes? From April 2017 to March 2018, […]

What’s the cheapest way to close down my company?

Starting your own successful business is a big achievement and as such, there is a vast amount of information online regarding how to start, what your first steps should be and how to grow your business as big as possible. But what if you need the opposite of that? For numerous reasons you might one […]

Sausage & Chips for 250 Days! Creative Excuses and What Not To Say

Your self-assessment tax return is almost due.  As the end of the month approaches, the January 31st deadline feels suddenly all too soon. Whether you’re a small business owner, freelancer, or contractor this deadline can be the source of a major headache not to mention a last minute panic.  If that’s the case, we’re here […]

What records do I need to keep?

Running your own business is full of difficult yet exciting challenges, however, with so much going on at once it’s easy to let the simple tasks slip by unnoticed. With all the paperwork, e-mail trails and software changes that come along with running your own business it can be near impossible to know what is […]

Self-Assessment Tax Return – Avoid the Rush

Nothing says ‘Welcome to the New Year’ like a last-minute tax return panic! It hurts to say but with Christmas over it’s now time to get back into the swing of things and start planning your business year ahead. Whereas staying warm in the cold weather might seem like the most important thing right now, […]

Where’s My Money?

Seeing cash in the bank is always a welcome sight and can really offer peace of mind to new businesses especially. However, profits are not always represented in this way, so what happens to them and why don’t you always see what you’re expecting to see? First, what do we mean by profits?  Profits are […]

Should I be a Sole Trader or a Limited Company?

Which path should you choose? Of all the topics and information we’ve covered so far in this series, this might be one of the most difficult questions to answer. Before getting started it should be noted that we would always recommend speaking to a professional advisor to ensure that you fully understand your available options […]

Setting Money Aside for Tax Bills. How Much Should You Save?

Unexpected tax bills are the last thing you and your business need.  As such, it is critical to the success of your business that you know precisely what to expect and when to expect it. With a little bit of help and preparation, you can do just that. At Moulds & Co Accountants, to ensure […]

If I don’t draw wages, do I have to pay tax?

If you’re self-employed you are essentially seen as not being paid by the business. Instead you are entitled to draw against the profits that the business makes.  As such even if you, the owner of the business, draw down no wages, you may still pay income tax. Why is this? To put it simply, you […]

Moulds & Co Ltd 2017