Factsheets.
A library of concise summaries of information. Pick a category below or search for a specific topic — and please contact us if we can provide further help and guidance.
Browse by topic
Eleven categories. Pick a starting point.
Capital taxes
Taxes on the disposal, generally by way of sale, of capital assets — and the taxes due on death.
BrowseCorporate and business tax
Taxation issues to consider for both unincorporated and corporate businesses.
BrowseEmployment and related matters
Concise summaries of employment-law topics relevant to both employers and employees.
BrowseEmployment issues (tax)
Concise information on the tax issues relevant to both employers and employees.
BrowseGeneral business
Issues to consider when running your own business.
BrowseICT
Concise information on information and communications technology matters for businesses.
BrowsePensions
Pensions are an important consideration for all and become more so the older you get — but what are the rules?
BrowsePersonal tax
Concise information on a variety of topics relevant to an individual taxpayer.
BrowseSpecialist areas
Niche topics including charities, money laundering, insolvency, LLPs and amateur sports clubs.
BrowseStarting up in business
What to consider before — and during — your first months in business.
BrowseVAT
VAT compliance for the smaller business, including schemes, registration and Making Tax Digital.
BrowseAll factsheets
Agency workers regulations
Under the Agency Workers Regulations workers supplied to a company (or to any other entity) by an agency become entitled to receive pay and basic working conditions equivalent to any directly employed employees after a 12 week qualifying period. If you are an employer in the Lond
Annual leave
Workers are entitled to paid annual leave. We consider their entitlement and some complications. If you are an employer in the London area we, at Finance Wise Accounting Ltd, can provide you with assistance or any additional information required.
Bribery Act 2010
Under the Bribery Act 2010 it is an offence for organisations to 'fail to prevent bribery'. The defence against this offence is to ensure that your business has adequate procedures in place to prevent bribery. If your business is in the London or surrounding areas we, at Finance
Bring your own device
BYOD refers to the policy by which employees can use their own personal mobile devices to access company networks / systems. We consider guidelines on creating a policy. If your business is in the London area, we, at Finance Wise Accounting Ltd can help you to create a Bring your
Business motoring - tax aspects
For many businesses the tax allowances available for business motoring is an important matter to consider. At Finance Wise Accounting Ltd, we can provide advice for your business in the London area.
Business plans
We consider why you should draw up a business plan and what it should include. If you are starting, or have recently started a business in the London area we, at Finance Wise Accounting Ltd, can help you develop a business plan.
Business structures - which should I use?
We consider the options available to you when starting your own business. There are tax and legal implications which have a bearing on the choice you make. If you are starting, or have recently started a business in the London area we, at Finance Wise Accounting Ltd, can help you
Capital allowances
Tax relief is available on certain capital expenditure in the form of capital allowances but the amount of these allowances can vary depending on the type of asset acquired. At Finance Wise Accounting Ltd, we can provide advice on maximising tax relief for capital expenditure for
Capital gains tax
We consider the taxation of capital gains and outline the reliefs available. If you live in the London area we, at Finance Wise Accounting Ltd, can provide taxation advice to ensure that maximum opportunity is taken of the reliefs available for capital gains tax.
Capital gains tax and the family home
A valuable relief exists on the sale of the family home but in certain situations careful planning is required to ensure that the relief is obtained. If you live in the London area we, at Finance Wise Accounting Ltd, can provide taxation advice to ensure that maximum opportunity
Cars for employees
These are commonly referred to as company cars and 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 and the tax and national insurance implications. If your busine
Cash Basis for the self-employed
The optional cash basis rules allow small unincorporated businesses to calculated their profits on a cash basis rather than the normal accruals basis. At Finance Wise Accounting Ltd, we can provide advice on whether the cash basis is right for your business.
Charitable giving
Tax relief on gifts to UK charities is available if you give under Gift Aid or through a Payroll Giving scheme or by making a gift of shares or land. We outline the reliefs available here. At Finance Wise Accounting Ltd, we can provide more detailed advice if you live in the Lond
Charities in Scotland: trustees' responsibilities
Being a Scottish charity trustee brings responsibilities. At Finance Wise Accounting Ltd, we can provide guidance on the reporting requirements in the London area.
Charities: trustees' responsibilities
We outline the main responsibilities of a trustee of a charity with a particular emphasis on accounting and audit requirements. If your charity is in the London area we, at Finance Wise Accounting Ltd, can help maintain your charity's accounting records or prepare the annual repo
Child Benefit charge
The receipt of Child Benefit can result in a tax bill. This potential bill brings the Child Benefit into the scope of self assessment and, if you live in the London area we, at Finance Wise Accounting Ltd, can advise you on the potential application of the Child Benefit Charge an
Community amateur sports clubs
We consider the rules of Community Amateur Sports Clubs and their implications. If your club is in the London area we, at Finance Wise Accounting Ltd, can advise you on the CASC rules.
Companies - tax saving opportunities
Tax saving opportunities often need to be considered prior to the year end of the company or prior to the tax year end of the individuals who are shareholders or directors of the company. At Finance Wise Accounting Ltd, we can provide pre-year end tax planning advice for your com
Company secretarial duties
Certain information about a company must be publicly available including, for example, the company's annual accounts, registered office address and details of directors, company secretary (if there is one) and members. Providing and updating this information has historically been
Considerations when starting a business
What issues should you consider when setting up in business? If you are starting, or have recently started a business in the London area we, at Finance Wise Accounting Ltd, can help you with appropriate and professional advice.
Corporation Tax - quarterly instalment payments
If your company is caught by the quarterly instalment payments rules, the first payment of Corporation Tax for a current accounting period will be before payment has been made for the previous accounting period. At Finance Wise Accounting Ltd, we can help check whether the regime
Corporation tax self assessment
There are a number of procedures for filing your company's tax return and paying the tax due. We set out the basic elements here but at Finance Wise Accounting Ltd, we can prepare the necessary returns and advise on the tax payments due for your company in the London area.
Could I really make a go of it?
What are the attributes that successful business owners have? A little self analysis may be time well spent. If you are starting, or have recently started a business in the London area we, at Finance Wise Accounting Ltd, can help you start and develop your business.
Credit control
What are the points to consider when taking on a new customer? Similar points may arise in regard to your suppliers. If you are starting, or have recently started a business in the London area we, at Finance Wise Accounting Ltd, can help you manage the credit requirements of the
Criminal Finances Act 2017 and Economic Crime and Corporate Transparency Act 2023
The Criminal Finances Act makes companies and partnerships criminally liable for failing to prevent tax evasion. At Finance Wise Accounting Ltd, we can provide guidance on the key aspects of the Act and the implications for your business in the London area.
Data Security – Data Protection Regulation - Ensuring Compliance
In the run up to GDPR you will have considered if you needed to formally appoint a DPO – a necessity if:
Data Security – Data Protection Regulatory Framework
The General Data Protection Regulation (EU 2016/679) came into force on 25 May 2018 adding new elements and significant enhancements to the existing data protection regime.
Data security - access
The key issues to consider when reviewing the storage of and access to personal data on computers and networks. If your business is in the London area we, at Finance Wise Accounting Ltd, can provide you with assistance or any additional information required.
Data security - backup
The key issues to consider when reviewing the backup of data on your computer system. If your business is in the London area we, at Finance Wise Accounting Ltd, can provide you with assistance or any additional information required.
Data security - cloud and outsourcing
Cloud data storage and outsourcing can often be more secure than using internal resources however there are some additional things to bear in mind. We consider issues which should be taken into account when reviewing the security of your computer systems. At Finance Wise Accounti
Data security - data loss risk reduction
The key issue to consider is to ensure that your data is not stolen or inadvertently ends up in the public domain. If your business is in the London area we, at Finance Wise Accounting Ltd, can provide you with assistance or any additional information required.
Directors’ responsibilities
Becoming a director carries with it potentially onerous duties. Make sure you know what those duties are. If you are located in the London area we, at Finance Wise Accounting Ltd, can provide professional advice to help you fulfil your duties and obligations.
Discrimination
Employers need to ensure they have the appropriate policies and procedures in place to deal with discrimination and should raise awareness of it so that acts of discrimination can be prevented. If you are an employer or employee in the London area we, at Finance Wise Accounting L
Dismissal procedures
We highlight the main principles involved in the dismissal of employees including some common mistakes that employers make. If you are an employer in the London area we, at Finance Wise Accounting Ltd, can provide you with assistance or any additional information required.
Dividends and interest
Special rules apply to the tax treatment of interest and dividends. At Finance Wise Accounting Ltd, we can provide guidance on the rules and help you minimise your income tax liability in the London or surrounding areas.
Employee Expenses
An exemption regime applies for employee expenses. At Finance Wise Accounting Ltd, we can provide guidance on the rules which, if the necessary conditions are met, result in the expenses being tax exempt and non reportable on form P11D in the London area.
Employer supported childcare
Childcare and employer provided childcare vouchers are very popular with both employers and employees alike. If your business is in the London area or you are employed in the area we, at Finance Wise Accounting Ltd, can advise you on the exemptions available for employer supporte
Employment benefits
We consider some of the main benefit rules that apply to directors and employees. If your business is in the London area or you are employed in the area we, at Finance Wise Accounting Ltd, can advise you on the benefit rules.
Enterprise Investment Scheme
The Enterprise Investment Scheme allows qualifying companies access to equity investment from new and, in some cases, existing shareholders. The shareholders obtain potentially attractive tax breaks. At Finance Wise Accounting Ltd, we can provide help if you are interested in fin
Fixed rate expenses
We consider an optional system of fixed rate expenses which is available for some businesses. The rules allow the use of a ‘simplified’ fixed rate deduction instead of actual costs paid or incurred. It is optional, but using fixed rates may reduce the need for some of the detaile
Franchising
We consider the advantages and disadvantages of franchising and operating issues. If you are considering entering into a franchise in the London area we, at Finance Wise Accounting Ltd, can help with business plans and provide independent advice.
Fraud and how to spot it - ten step guide
How can you increase your awareness of the factors that indicate fraud? We also set out the defences that you can implement to minimise the risk within your business. If your business is in the London area we, at Finance Wise Accounting Ltd, can help you consider the areas of you
Grants
Grants are sums of money awarded, by the government or other organisations, for a specific project or purpose. Generally the amount is not repayable. If your business is in the London area we, at Finance Wise Accounting Ltd, can help you find an appropriate source of grant funds
Homeworking and tax relief for employees
Homeworking is the norm for many employees but how do the rules work with regard to the tax and what expenses are deductible? If you are an employer or employee in the London area we, at Finance Wise Accounting Ltd, can advise you on the expense rules.
Homeworking costs for the self-employed
Self-employed and working from home? Some of the costs of the home can be claimed against tax and, in some cases, these costs may be considerable. We set out types of costs that may be relieved here but at Finance Wise Accounting Ltd, we can advise on maximising the relief due to
Incorporation
If you run your business as a company you may save a considerable amount of tax. However there may be disadvantages and a sole trade or partnership structure may be better. If your business is in the London area we, at Finance Wise Accounting Ltd, can show you the potential tax s
Individual Savings Accounts
ISAs are tax-exempt savings accounts available to individuals. At Finance Wise Accounting Ltd, we advise individuals on tax efficient investments in the London area. Some information about ISAs is given below.
Inheritance tax - a summary
Inheritance tax is often called a voluntary tax in that, with planning, the payment of inheritance can be avoided. It is a tax levied on a person's estate when they die and on certain gifts made during an individual's lifetime. If you live in the London area we, at Finance Wise A
Inheritance tax avoidance - pre-owned assets
The Pre-Owned Assets rules may apply where an individual successfully removes an asset, usually property, from their estate for inheritance tax purposes but is able to continue to use the asset or benefit from it. If you live in the London area we, at Finance Wise Accounting Ltd,
Insolvency
Facing corporate or personal insolvency is stressful. At Finance Wise Accounting Ltd, we can provide guidance on the options and their implications in the London area.
Insuring your business
We consider the types of insurance you may need when starting a new business. If you are starting, or have recently started a business in the London area we, at Finance Wise Accounting Ltd, can provide you with any further information you require.
Internet and email access policy
Why you should have a written policy for your employees covering acceptable use of the internet and email. A draft acceptable use policy is included. If your business is in the London area we, at Finance Wise Accounting Ltd, can provide you with assistance or any additional infor
Land Transaction Tax
Land Transaction Tax is payable by the purchaser in a land transaction which occurs in Wales. At Finance Wise Accounting Ltd, we can provide guidance on Land Transaction Tax in the London area.
Land and Buildings Transaction Tax
Land and Buildings Transaction Tax (LBTT) is payable on the acquisition of a chargeable interest of land or buildings in Scotland. It replaces UK Stamp Duty Land Tax (SDLT) for transactions in Scotland from April 2015. At Finance Wise Accounting Ltd, we can provide guidance on LB
Limited liability partnerships
The key features of a Limited Liability Partnership are explained. If your business is in the London area we, at Finance Wise Accounting Ltd can help you consider whether an LLP structure is appropriate for your business.
Making Tax Digital for Individuals
Making Tax Digital (MTD) represents a significant change to the way in which taxpayers record their financial information and submit tax returns. At Finance Wise Accounting Ltd, we can provide guidance on the key aspects of MTD for individuals in the London area.
Managing absence
We consider the main principles of effective absence management. If you are an employer in the London area we, at Finance Wise Accounting Ltd, can provide you with assistance or any additional information required.
Micro Entity Accounting
This factsheet considers the options available to micro entities when preparing their accounts. At Finance Wise Accounting Ltd, we can provide guidance on the options available and their implications in the London area.
Money laundering
We consider how money laundering rules affect your organisation. If you have a business in the London area we, at Finance Wise Accounting Ltd, can assist on a number of matters relating to the regulations.
Money laundering - high value dealers
Regulations aimed at preventing money laundering, place procedural requirements on businesses that deal in goods and accept large cash payments. A business is defined as a High Value Dealer where it deals in goods and accepts cash equivalent to €10,000 or more in any currency. If
National insurance
The National insurance contributions (NICs) regime is complex and represents a significant 'tax' on employers, employees and the self employed. It is very easy not to pay the correct amount of contributions. If your business is in the London area we, at Finance Wise Accounting Lt
Occupational pension schemes: trustees' responsibilities
Employers can help promote retirement benefits for their employees in a number of ways including occupational schemes.
Off-payroll working and Personal Service Companies
We summarise what situations are caught by the special rules that apply to some personal service companies and the implications of the rules. At Finance Wise Accounting Ltd, we can help check whether the regime may apply to your company if you live or work in the London area.
Payroll - basic procedures
Here is an outline of what you need to do to set up and run your payroll. If your business is in the London area we, at Finance Wise Accounting Ltd, can help you to set up and run your payroll or we can run your payroll for you.
Payroll Real Time Information
The Real Time Information requirements are wide ranging and potentially onerous on employers. We provide a summary below. If your business is in the London area we, at Finance Wise Accounting Ltd, can help you to set up and run your payroll or we can run your payroll for you.
Pension savings - tax aspects
Personal Pensions are common types of 'registered pension schemes' which allow members to obtain tax relief on contributions into the scheme and tax free growth of the fund within limits. We consider the rules here. At Finance Wise Accounting Ltd, we provide advice on all taxes i
Pensions - automatic enrolment
The government is placing greater responsibility and sometimes higher costs on employers. Employers are required to provide access to pension provision for their employees. If you are an employer in the London area we, at Finance Wise Accounting Ltd, can provide help and advice o
Pensions funds - tax treatment on death
Significant changes have been made to the tax treatment of pension funds on death. At Finance Wise Accounting Ltd, we can provide guidance on the rules which allow pension funds to pass free of all taxes in the London area.
Personal tax - self assessment
We summarise the self assessment rules and penalties for failing to comply with your obligations. If you live in the London area we, at Finance Wise Accounting Ltd, can prepare your tax return on your behalf and advise you on payments that may need to be made to HMRC.
Personal tax - when is income tax and capital gains tax payable?
Under self assessment an individual is responsible for ensuring that their tax liability is calculated and any tax owing is paid on time. We summarise the tax payment rules and penalties for failing to pay on time. If you live in the London area we, at Finance Wise Accounting Ltd
Preparing for your accountant
Thank you for allowing us, at Finance Wise Accounting Ltd, to provide you with a service in the London area. Whether we are producing your accounts or carrying out tax compliance work, being prepared for us will ensure our work is carried out smoothly and efficiently and with the
Property investment - buy to let
Buy to let traditionally involves investing in property with the expectation of capital growth with the rental income from tenants covering the mortgage costs and any outgoings. If you live in the London area we, at Finance Wise Accounting Ltd, can help you sort out some of the p
Property investment - tax aspects
On the basis that the investment in property appears to make commercial sense what tax factors should you take into account? If you are considering property investment in the London area we, at Finance Wise Accounting Ltd, can help you to make property investments in a tax effici
Raising finance
Every business needs finance - whether it is just starting up or looking to develop and grow. What type of finance is best suited to the development of your business, and who should you approach for funding? If you are starting, or have recently started a business in the London a
Recruitment procedures - employment law
What are the main principles involved in the recruitment of employees? Our guidance should help you avoid mistakes, as well as ensure that your recruitment process improves and you take on better employees as well. If you are an employer in the London area we, at Finance Wise Acc
Recruitment procedures - seven steps for good procedures
Seven sensible procedures are outlined below which should help you avoid mistakes. If you are an employer in the London area we, at Finance Wise Accounting Ltd, can provide you with assistance or any additional information required.
Redundancy procedures
We consider the main principles involved concerning the redundancy of employees including the legal procedures to be followed and statutory redundancy pay. If you are an employer in the London area we, at Finance Wise Accounting Ltd, can provide you with assistance or any additio
Register of people with significant control
All companies are required to keep a Register of People with Significant Control (PSC) and to file relevant information at Companies House. At Finance Wise Accounting Ltd, we can provide guidance on PSC obligation in the London area.
Research and development
Research and development (R&D) by companies has been actively encouraged through a range of tax incentives including an increased deduction for R&D revenue spending and a payable R&D tax credit for companies not in profit. At Finance Wise Accounting Ltd, we can provide R&D advice
Running a limited company
Running a limited company presents a range of unique challenges and responsibilities. At Finance Wise Accounting Ltd, we can provide guidance on the rules regarding the reporting and financial responsibilities in the London area.
Securing business success
Here are the reasons for business failure. If you are considering, or have recently started a business in the London area we, at Finance Wise Accounting Ltd, can assist you in developing management information so that you can avoid many of the reasons for business failure.
Seed Enterprise Investment Scheme
The Seed Enterprise Investment Scheme complements the Enterprise Investment Scheme and is attractive to start up companies and investors in such companies. At Finance Wise Accounting Ltd, we can provide help if you are interested in financing your start up business in the London
Share ownership for employees - EMI
The Enterprise Management Incentive - EMI - enables share options to be granted to employees which will allow shares to be received at a later date without any tax bill arising until the shares are sold. If your business is in the London area we, at Finance Wise Accounting Ltd, c
Small Company Accounting
We consider the reporting requirements and their impact. At Finance Wise Accounting Ltd, we can provide guidance on the reporting standards in the London or surrounding areas.
Social enterprise entity structures
We consider the various legal forms of social enterprise activities. All these structures require specialist advice, so, if you are considering such a business in the London area we, at Finance Wise Accounting Ltd, can assist you.
Sources of finance
We, at Finance Wise Accounting Ltd, summarise the means of finance that are available and where we can help if you are starting, or have recently started a business in the London area.
Stamp Duty Land Tax
Stamp Duty Land Tax is payable by the purchaser in a land transaction which includes a simple conveyance of land such as buying a house but also creating a lease or assigning a lease. If you are considering property investment or acquiring a lease on a commercial property in the
Statutory Residence Test
We consider the statutory residence test and outline rules and records required. If you live in the London area we, at Finance Wise Accounting Ltd, can provide advice on your individual circumstances.
Statutory sick, maternity and paternity pay
An outline of an employer's obligations to pay statutory payments such as Statutory Sick Pay (SSP), Statutory Maternity Pay (SMP), Statutory Paternity Pay (SPP) and Shared Parental Pay (ShPP). As the scheme payments are statutory, it is important that rules are adhered to. If you
Tax-Free Childcare
Tax-Free Childcare replaced Employer Supported Childcare, and has the advantage that the self employed, as well as employed individuals, can make use of the scheme. At Finance Wise Accounting Ltd, we can provide guidance on Tax-Free Childcare and Employer Supported Childcare in t
Taxation of the family
Individuals are subject to a system of independent taxation so spouses and civil partners are taxed separately. This can give rise to valuable tax planning opportunities. Furthermore, the tax position of any children is important. Marriage and civil partnership breakdowns can als
The Construction Industry Scheme
For those working in the construction industry, the compliance requirements of the Construction Industry Scheme needs to be coped with. At Finance Wise Accounting Ltd, we can assist you to comply with the onerous requirements of the Scheme for your business in the London area.
The National Living Wage and the National Minimum Wage
We highlight the main principles of the minimum wage regulations including the hourly pay rates together with the penalties for failure to comply. If you are an employer in the London area we, at Finance Wise Accounting Ltd, can provide you with assistance or any additional infor
The New Tax Status Rules: IT, CGT and IHT
We, at Finance Wise Accounting Ltd, provide here an introduction to the taxation in the UK of income arising outside the UK for UK residents. If you live in the London area we can advise you of the effects of this legislation and deal with any tax issues arising.
Travel and subsistence for Directors and employees
We summarise the main areas to consider in deciding whether tax relief for travel and subsistence expenditure is available. If you are an employer or employee in the London area we, at Finance Wise Accounting Ltd, can advise you on the expense rules.
Trusts
Trusts are separate persons for UK tax purposes and have specific rules for all the main taxes. There are also a range of anti-avoidance measures aimed at preventing exploitation of potential tax benefits. If you live in the London area we, at Finance Wise Accounting Ltd, can pro
VAT - Making Tax Digital
Making Tax Digital for VAT (MTDfV) fundamentally changes the way in which businesses keep VAT records and submit VAT returns. At Finance Wise Accounting Ltd, we can provide guidance on the key aspects of MTDfV and the implications for your business in the London area.
VAT - a summary
We highlight the key VAT areas you need to consider when running your business. If you are starting or have recently started a business in the London area we, at Finance Wise Accounting Ltd, can help you comply with the VAT regulations.
VAT - annual accounting scheme
The annual accounting scheme helps small businesses by allowing them to submit only one VAT return annually rather than the normal four. The scheme is intended to help with budgeting and cash flow and reduce paperwork. If you are starting or have recently started a business in th
VAT - bad debt relief
VAT Bad debt relief allows businesses that have made supplies on which they have accounted for and paid VAT but for which they have not received payment to claim a refund of the VAT. We explain the situations where the relief applies. If your business is in the London area we, at
VAT - cash accounting
We summarise the workings of cash accounting for VAT. If you are starting or have recently started a business in the London area we, at Finance Wise Accounting Ltd, can advise you on the cash accounting scheme.
VAT - flat rate scheme
We explain how the VAT Flat Rate Scheme operates. The VAT flat rate scheme for small businesses reduces the administrative burden of operating VAT. If you are starting or have recently started a business in the London area we, at Finance Wise Accounting Ltd, can advise as to whet
VAT - seven key points for the smaller business
Seven key VAT areas to consider for the smaller business. If you are starting or have recently started a business in the London area we, at Finance Wise Accounting Ltd, can help you comply with the VAT regulations.
Valuing your business
There are a number of methods available to calculate the value of a business. It is not a precise science but requires experience and judgement. If your business is in the London area we, at Finance Wise Accounting Ltd, can help you value your business and help you develop an exi
Venture Capital Trusts
Venture Capital Trusts (VCTs) offer similar tax breaks to individuals as the Enterprise Investment Scheme. VCTs are managed by a variety of specialist fund companies. At Finance Wise Accounting Ltd, we advise individuals on tax efficient investments in the London area. Some infor