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What is Capital Allowance and How can you claim it?

What is a capital allowance? A capital allowance is an expenditure the U.K or Irish business may claim against its taxable profit. Capital allowances may be claimed on most assets purchased for use in the business, ranging from equipment and research costs to expenses for building renovations. The classification of these assets determines whether full or partial value can be claimed and whether the allowance is deductible in one year or over several. Once a business has calculated the number…

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Switching from a Limited Company to an Umbrella Company

Switching from a Limited Company to an Umbrella Company Why would you need to switch from running your own limited company to using an umbrella company? We discuss the possible reasons behind this and what you need to do to switch from a limited company to an umbrella –if you find you will be better at making the switch. What is an umbrella company? A PAYE umbrella company is a standard UK limited company, operated by a third-party supplier acting…

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How are cryptocurrencies taxed in the UK?

The terminology, types of coins, tokens, and transactions can vary. The tax treatment of crypto-assets continues to develop due to the evolving nature of the underlying technology and the area in which crypto assets are used. The fats of each case need to be established before applying the relevant tax provisions according to what has actually taken place (rather than a reference to terminology). Our views may evolve further as the sector develops and HMRC may publish amended or supplementary…

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Self Employed vs Limited Company, Which is better for you?

Self Employed vs Limited Company, Which is better for you? Self-Employed This is the most popular way of running a business in the UK and maybe the best option if you want to get your company up and running quickly with minimal fuss. You can set the wheels in motion without worrying about filling annual accounts, paying corporation tax, or registering your business with companies house Limited Company Choosing to set up as a limited company is not as straightforward…

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What expenses can you claim with a limited company?

HMRC has general guidance on what expenses you can claim with a limited company. This means anything that is “essential” for your trade will fall under the description. Anything your company purchases for its trade, should allow it to generate more profit, for example, any software your company requires to use or advertise its services can be claimed for full tax corporation tax relief. If you want to claim more, then you will need to create a calculation to apportion…

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MAKING TAX DIGITAL – MTD

Background For businesses over the VAT registration threshold, VAT is the first tax selected for digitalisation in the UK. This will take effect from 1 April 2019 for most businesses. For Income Tax and Corporate Tax, MTD will not be mandated until April 2020 at the earliest. Threshold Businesses with turnover above the VAT threshold (£85,000 per year for the 2018/19 tax year), have until 1st April 2019 to comply with MTD. After this date, all VAT-registered businesses will need…

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Autumn Budget 2018

  Autumn Budget 2018 Personal taxation and wages The personal allowance threshold, the rate at which people start paying income tax at 20%, to rise from £11,850 to £12,500 in April – a year earlier than planned The higher rate income tax threshold, the point at which people start paying tax at 40%, to rise from £46,350 to £50,000 in April After that, the two rates will rise in line with inflation National Living Wage increasing by 4.9%, from £7.83…

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Accountants in Slough

HMRC rejects Self-Assessment expenses and excuses

HMRC rejects Self-Assessment expenses and excuses Angela MacDonald, HMRC Director General of Customer Services, said ‘Each year we still come across some questionable excuses, whether that’s blaming a bus touring schedule or seeing aliens. However, each year we’re making it easier and more intuitive for our customers to complete their tax return. We also receive absurd expense claims from vet fees for a rabbit to room service at a hotel. It is unfair to make honest taxpayers pick up the…

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taxreturn

Self-Assessment Tax Return 2016-17 – DEADLINE

We are now in the final stages of the 2016-2017 Self-Assessment Tax filing period. The deadline being 31st January 2018. The filing of the Self-Assessment allows for HMRC to collect taxes from individuals who run their own businesses or if they receive income that is not taxed through the PAYE. There are a few circumstances where an individual will need to submit a self-assessment tax return: Being self-employed Have savings or investment income above £10,000 before tax Receiving £2,500 or…

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vat

VAT Margin Scheme

The VAT Margin Scheme is designed to be used by VAT Registered businesses that buy and sell: Second – hand goods (Goods that can still be used, or which could be used after repair) Works of art Antiques Collector’s items. This allows VAT to be paid only on the difference between the price the item was bought for and the price it was sold for. Why use the margin scheme? Often when trading in second hand goods they will have…

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Asmat Accountants

Asmat & Co are one of Berkshires’ leading independent firms of Accountants servicing a growing and satisfied clientele. At Asmat & Co expert advice is available from senior qualified Chartered Management Accountants (ACMA) and Chartered Certified Accountants (ACCA), at very attractive packages tailored to suit varied individual and business requirements. The professional team at Asmat & Co. possesses extensive experience in providing accounting, tax, finance transformation and business advisory services to a diverse customer base.

CONTACT US


  • 84 High Street, Slough, Berkshire SL1 1EL, United Kingdom
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  • 01753 424968 / 02035 988 621
  • 01753 437109
  • info@asmataccountants.co.uk

Reading Office

  • 365-367 Oxford Road, Reading, RG30 1HA
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  • 0118 950 9841
  • reading@asmataccountants.co.uk



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