How to decrease your tax liability

At Schoolgate we are often asked by our clients “what reliefs are available to lower our tax liability?” And the answer is very often “Enterprise Investment Scheme Relief (EIS)” or “Seed Investment Scheme Relief (SEIS)” EIS/SEIS offers substantial tax incentives to investors in companies that qualify.  Here is a brief overview of tax reliefs under SEIS/EIS: income tax relief for …

What is a reasonable excuse for filing your tax return late?

Further to our last post with some outrageous excuses for not submitting your tax return, here we will examine what exactly does constitute a reasonable excuse in the eyes of HMRC. Taxpayers that have not yet filed their 2016-17 self-assessment returns will have been charged an automatic £100 penalty for late submission. The penalty applies from 1 February 2018 even …

5 common questions from small businesses regarding self assessment tax returns

With the deadline for tax return submission just a few days away, here are some FAQs from small businesses on self assessment returns. Do I need to register for self assessment? You can consult HMRC’s website to find out if you need to fill in a self assessment tax return: https://www.gov.uk/check-if-you-need-a-tax-return Can I claim for my business phone, which is …

What are VAT special schemes?

There are three principal VAT schemes available to small businesses: The flat rate scheme The annual accounting scheme The cash accounting scheme The Flat Rate Scheme The purpose of this VAT scheme is to simplify the way a business accounts for VAT and so reduce the cost of complying with their VAT obligations. With the VAT Flat Rate Scheme, you …