George Oriel ACCA

25/06/2025

🚨 Are You Secretly Paying 60% Tax? Find Out If You’re Losing Thousands!🚨

If you earn over £100,000, HMRC could be hitting you with a hidden 60% tax rate between £100,000 and £125,140! 😱

For every £2 you earn above £100k, you lose £1 of your personal allowance – and by £125,140, it’s gone.

But don’t panic! You can fight back:

✅ Boost your pension contributions

✅ Make Gift Aid donations

These moves could slash your tax bill and put money back in your pocket!

Don’t let your hard-earned cash slip away. Act now! 💸

10/06/2025

🚀 2025/26 Salary vs Dividend Showdown: Which Pays More for UK Business Owners? 🚀

Are you an owner-manager? Your pay structure matters! Here’s the scoop for the new tax year:

💷 Salary

Subject to Income Tax and National Insurance (NIC)

Must go through PAYE

Builds pension & state benefits

💸 Dividends

Paid from company profits after corporation tax. (Can also use previous years profits if not already distributed).

NO NIC!

Taxed at special rates:

8.75% (Basic)

33.75% (Higher)

39.35% (Additional)

First £500 is tax-free (Dividend Allowance)

✨ Why combine both?

Low salary: Lower PAYE & NICs

High dividends: More in your pocket, less to HMRC

BUT: Dividends = profits only + must follow the legal process

⚠️ Heads Up:

IR35/off-payroll rules can catch you out if you’re really an employee

Keep accurate records & follow Companies Act rules

Issue dividend vouchers for every payment

If you want to discuss how to be more tax effecient send me a direct message or email me at [email protected]

09/06/2025

🚨 Directors: Unlock the Hidden Benefits Goldmine—Supercharge Your Rewards and Slash Your Tax! 🚨

Are you a director or owner of your own company? Here’s how to turn Benefits in Kind (BIK) into your business’s secret weapon:

💎 MAXIMISE YOUR REWARD PACKAGE!
• Tap into premium perks: company cars, private medical cover, gym memberships, and more—beyond your regular salary.
• Customise your benefits to perfectly match your lifestyle and business goals.

🎁 CASH IN ON TAX-FREE PERKS!
• Treat yourself and your family to gifts, meals, or vouchers—each up to £50, totally TAX-FREE!
• As a director of a close company, you can claim up to £300 per year in these trivial benefits for yourself and family—absolutely no reporting to HMRC, no tax headaches!
• Just remember: the perk must not be cash or a cash voucher, and shouldn’t be a direct reward for work done.

🛡️ STAY COMPLIANT & STRESS-FREE!
• Follow the simple rules: keep each trivial benefit under £50, avoid cash, and don’t link it to specific work.
• Use your £300 annual allowance wisely to stay on HMRC’s good side—no paperwork, no penalties!

🚀 POWER UP YOUR TEAM LOYALTY!
• Offer BIK to key staff and keep your business buzzing with motivation and appreciation.

If you have any interest in discussing how benefits in kind could help your business, drop me a message or send me an email at [email protected]

20/05/2025

🎒 Is your child starting school this September? Don’t miss out on Tax-Free Childcare!

Working families could save up to £2,000 per child each year on childcare costs—including childminders, after-school clubs, and approved play schemes. For every £8 you pay in, the government adds £2, up to £500 every 3 months (£1,000 if your child is disabled). The scheme is open to children up to age 11 (or 16 with disabilities).

To qualify, each parent must:

Work at least 16 hours per week

Earn at least £10,159 per year (from April 2025)

Earn less than £100,000 per year

You can’t use Tax-Free Childcare if you claim Universal Credit or employer childcare vouchers.

Plan ahead for the new school year—check your eligibility and sign up today at GOV.UK!

If you have any questions about any of it, feel free to get in touch with a direct message or an email to [email protected]

09/05/2025

🚀 Salary vs Dividend: What’s Best for Business Owners in 2025/26? 🚀

Are you an owner-manager? Your pay structure matters! Here’s the scoop for the new tax year:

💷 Salary
• Subject to Income Tax and National Insurance (NIC)
• Must go through PAYE
• Builds pension & state benefits

💸 Dividends
• Paid from company profits (after corporation tax)
• NO NIC!
• Taxed at special rates:
• 8.75% (Basic)
• 33.75% (Higher)
• 39.35% (Additional)
• First £500 is tax-free (Dividend Allowance)

✨ Why combine both?
• Low salary: Lower PAYE & NICs
• High dividends: More in your pocket, less to HMRC
• BUT: Dividends = profits only + must follow the legal process

⚠️ Heads Up:
• IR35/off-payroll rules can catch you out if you’re really an employee
• Keep accurate records & follow Companies Act rules
• Issue dividend vouchers for every payment

💡 Pro Tip: For tailored tax planning, always check the latest legislation or speak to a professional!

If you need any advice if this will work for you get in touch at [email protected] or send me a direct message.

06/05/2025

🚗💡 Make the switch to electric vehicles for your business! Here's why it pays off:
✅ 100% First-Year Allowance: Claim full tax relief on new EV's.

✅ Benefit-in-Kind (BIK) Tax Rates: Ultra-low BIK rates for company electric cars:
• 2% in 2025/26
• Increasing to 3% in 2026/27 and 4% in 2027/28
This makes EVs an affordable and attractive perk for employees!

✅ Tax-Free Workplace Charging: Employees can charge their EVs at work without incurring taxable benefits if facilities meet certain criteria.

✅ Low Running Costs: The advisory fuel rate for electric cars is just 7p/mile—perfect for cutting expenses.

✅ Support ESG Goals: Reduce emissions and align your business with sustainability standards.

Future-proof your business with electric vehicles! 🌍📈 From tax savings to employee benefits, it’s a win-win for everyone.

If you want any further information, please contact me on [email protected] or send me a direct message.

02/05/2025

🚨 Hobby or Business? Know the Difference! 🚨

Not every money-making hobby counts as a business for tax purposes, but when your side hustle starts growing, it might be time to check your tax position! 💼📊

HMRC uses a "business test" to determine if your activity is truly a business. For example, repairing cars or selling stamps as a hobby might lead to taxable income, but that doesn’t automatically make you a business owner. It’s all about intention and scale! ⚖️

💡 Key Things to Consider:
• Are you making regular or substantial profits?
• Do your activities look like trading (e.g., advertising or selling goods/services)?
• Are your costs related to a genuine business activity?

Remember, income tax and VAT rules apply to profits from a trade, profession, or vocation. Don’t let your growing hobby land you with an unexpected tax bill—stay informed and compliant! ✅

🌟 Many successful businesses started as a hobby. Is yours next?

https://www.gov.uk/hmrc-internal-manuals/vat-business-non-business/vbnb20000

If you are unsure if your side business is a hobby or trade get in touch with me by email at [email protected] or send me a direct message.

29/04/2025

📢 Important Update: Making Tax Digital (MTD) for Income Tax is Coming! 🚨

From April 2026, self-employed individuals and landlords earning over £50,000 annually will need to:
✅ Keep digital records
✅ Submit quarterly updates to HMRC
✅ Abide by a new penalty regime for late submissions or payments

💡 What’s next?
April 2027: Extends to those earning between £30,000 and £50,000
April 2028: Includes sole traders & landlords with income over £20,000
HMRC is already reaching out to taxpayers with income close to £50,000 to prepare them for these changes.

💼 Why MTD?
To modernise the tax system and improve reporting accuracy.

⏳ Time to get ready! Don’t wait—ensure your records are digital and you're MTD-ready.

If you need any help with setting up for MTD for self assessment returns feel free to contact me on [email protected] or send me a direct message.

25/04/2025

🚀 Boost Your Tax Efficiency: Top Allowable Expenses for the Self-Employed! 🚀

Being self-employed, knowing which expenses you can reclaim is key to maximising your tax savings. Here's your ultimate checklist:

1. 🖇️ Office Essentials: From stationery to postage!

2. ✈️ Travel Smart: Deduct business travel expenses, including vehicle costs and accommodation.

3. ⚖️ Professional Fees: Legal and professional service fees that keep your business running.

4. 📣 Marketing Magic: Costs for advertising and promoting your brand.

5. 🛡️ Insurance: Protect your business with deductible insurance premiums.

6. 💼 Capital Allowances: Depreciate business assets like machinery for tax relief.

7. 📚 Training: Invest in courses that directly enhance your business skills. Be aware only continued professional development can be claimed!!

8. 👥 Employee Costs: Include salaries, bonuses, and pensions.

9. 🔗 Subscriptions: Professional memberships that support your business growth.

10. 🏦 Bank Charges: Fees for business accounts and credit cards.

11. 💸 Bad Debts: Write off those unrecoverable debts.

12. 🔧 Repairs: Maintain your business property and equipment.

13. 🏢 Rent: For your business premises.

Ensure all expenses are incurred wholly and exclusively for your business. Make sure you keep all your records!!

If you need any assistance with any of this please get in touch through direct message or email me at [email protected]

22/04/2025

💡 Tips for Preparing & Submitting Your Personal Tax Return 💡

📂 Get Organised
Collect everything:
• Income records (P60, payslips, rental income)
• Deductible expenses (charity donations, business costs)

🧾 Do You Need to File?
You must file if you're:
• Self-employed
• Earning over £100k (even through PAYE)
• Receiving untaxed income (freelance, property, stocks and shares and other investments)

💻 Choose Your Filing Method
• Online – Use HMRC’s service (Deadline: 31 Jan)
👉 File online
• Paper – Submit by post (Deadline: 31 Oct)

💰 Know Your Numbers
Add up all income (including payroll) and claim reliefs:
• Personal Allowance
• Business expenses
• Marriage Allowance (if eligible)

✅ File & Pay On Time
Avoid fines by filing and paying your tax bill by 31 Jan.

📜 Keep Your Records
Save your tax documents for 6 years in case HMRC needs them.
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If you need support on filing your tax return, then please email me at [email protected] or send me a direct message and I will be happy to help.

Send a message to learn more