Opus Insights
Insights
Tax, compliance and business commentary, updated as the rules change.
Showing 73–96 of 120 articles
Does your business need to register as an employer?
If you are starting to employ staff or engaging subcontractors for construction work, you will generally need to register as an employer with HMRC. This obligation extends even to individuals who are…
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Self-Employed - Are your business records in order?
As a self-employed individual, whether a sole trader or partner, you must keep accurate records of your business income and expenses to back up your self-assessment tax return. You should also keep yo…
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Advising HMRC of change in circumstances
If your personal details or circumstances change, you may need to tell HMRC as this could affect your tax position or entitlement to certain benefits.…
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Is HMRC holding money that belongs to you?
It is important to know if HMRC is holding money that belongs to you. For example, if you have paid too much tax to HMRC, you may be able to claim a tax refund (also known as a tax rebate). Overpaymen…
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Are you using the best VAT scheme for your business?
Small businesses have several VAT schemes available that can simplify VAT administration and may help with cash flow. However, as a business grows or its circumstances change, it is important to revie…
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Claiming tax relief on business insurance
If you are self-employed, you may be able to claim tax relief on certain business insurance costs as an allowable expense. This means the cost can be deducted when calculating your taxable profits, re…
Read moreDon’t let discrimination lead to resignation or risk facing career compensation
A recent ruling has cleared the path to uncapped financial compensation following a forced resignation. A longstanding social worker had complaints raised over her work by an interim service manager.…
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Has a pay rise quietly increased your tax bill?
Many employees and business owners have welcomed higher earnings over the past few years. However, for a growing number of taxpayers, a larger salary does not necessarily mean significantly more money…
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Could new VAT rules change how you sell online?
The Government has launched a consultation on proposals that could significantly change the way VAT is collected on goods sold through online marketplaces. Although the changes are not yet law, they c…
Read moreAre you maximising tax relief on company losses?
If your company makes a trading loss, it may be able to claim relief to reduce its Corporation Tax liability. Trading losses can often be used in different ways, depending on your company’s circumstan…
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Could you claim tax relief for property repairs?
Property owners often incur costs for repairs, and understanding which costs can be deducted is important when calculating taxable property income.…
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Is your spouse paying more tax than necessary?
Married couples and civil partners are taxed separately for Capital Gains Tax (CGT), meaning each person has their own annual tax position. However, with careful planning, transferring assets between…
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Could your business recover more VAT?
If your business is VAT registered, you can usually reclaim VAT on many of the goods and services you buy for business purposes. However, many businesses fail to claim everything to which they are ent…
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When does a hobby become a taxable business?
Not every hobby becomes a taxable business, but it is important to be aware when this can happen. This can apply even if you are making some money from your hobby. HMRC looks at a range of factors to…
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Do you know who must register for VAT?
Businesses must register for VAT if their taxable turnover exceeds the VAT registration threshold, or if they expect it to exceed the threshold in certain circumstances.…
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Five ways AI can save you hours every week
Artificial intelligence (AI) is no longer just for large organisations. Many small businesses are now using affordable AI tools to reduce administration, improve customer service and free up valuable…
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Could your business survive a cyber attack?
Cyber-crime is no longer a problem faced only by large organisations. Small businesses are increasingly being targeted because criminals often assume they have fewer security measures in place. A succ…
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Are you claiming all your allowable business expenses?
If you are self-employed, claiming all of your allowable business expenses can reduce your taxable profit and, in turn, the amount of Income Tax you pay. Allowable expenses are costs that are incurred…
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Have you overlooked this valuable capital allowance?
If you have invested in a new commercial building or carried out significant renovation work, you may have overlooked a valuable capital allowance. The Structures and Buildings Allowance (SBA) provide…
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Selling shares this year?
If you are selling shares or other investments, you may incur Capital Gains Tax (CGT) on any profit, or 'gain', you make. You will need to work out your gain to determine if you need to pay tax, which…
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Could your savings generate a tax bill?
Most individuals can earn interest from their savings without incurring a tax liability thanks to a number of allowances available each tax year (from 6 April to 5 April). These include your Personal…
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Employee benefits: Are you creating tax problems without realising it?
Providing benefits and covering expenses for employees is a common part of running a business, but it is important to understand the tax implications. A benefit that appears simple or low value could…
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Making Tax Digital: Are you ready for your first quarterly deadline?
If you are already registered for Making Tax Digital (MTD) for Income Tax, it is important to ensure you are ready for your first quarterly update deadline. Unlike a traditional self-assessment return…
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Where do we draw the line between free speech and racism?
The volatile boundary between workplace speech, belief, and discrimination was recently ignited in a case that tested the sanctity of protected beliefs.…
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