Alchemy blog

 

Honest opinion and illuminating comment

At Alchemy, we believe in clarity and honesty, and the blog is where we put that into practice. We’ll keep you updated on the latest developments in tax law and government legislation, unpicking what each change really means for you and your business.

Understanding R&D tax credits for developers

Understanding R&D tax credits for developers

Businesses working on cutting-edge products or processes can be eligible for corporation tax relief in the form of research and development (R&D) credits. These were launched by the UK government in 2000 to encourage the emergence of the next Dyson or ARM, producing...

Tax for creatives – company structures, R&D relief and IR35

Tax for creatives – company structures, R&D relief and IR35

If we’re honest, tax and accountancy are about as far from the business of creativity as it’s possible to get. And the thrill of completing a self-assessment tax return or wading through corporation tax guidance on the HMRC website certainly isn’t why most people...

Bookkeeping for Small Business

Bookkeeping for Small Business

Bookkeeping isn’t exactly known for its glamour. Indeed, many accountants see it as low value work; some even see it as being beneath them – but the number of business owners that get this wrong, having not been given proper...

Business expenses for photographers

Business expenses for photographers

Whether you operate your photography business as a sole trader or through a limited company, it's important to make sure you're claiming all the tax relief on business expenses you're entitled to. The rules can seem complicated, especially for things like utilities...

Cashflow for photographers

Cashflow for photographers

Photography, more so than many other businesses, can have real peaks and troughs in the flow of work. For wedding photographers, for example, summer is usually hectic with more clients than can be handled, while winter can be a dead zone. Those who depend on pitching...

Can I invest funds in limited company in the stock market?

Can I invest funds in limited company in the stock market?

This is a question that I am often asked by clients seeking higher returns on their cash than they would otherwise achieve from a bank, where they do not want to extract the cash from the company due to the tax that would be suffered on dividends, or believe that the...

IR35 reform to the Private Sector

IR35 reform to the Private Sector

IR35 is an anti-avoidance tax that has been around since the turn of the century. It’s objective is to prevent individuals that would otherwise be an employee from engaging via a limited company and receiving the tax benefits associated with being in business. Since...

Can I employ a family member?

Can I employ a family member?

As with claiming a tax deduction for any business expense, a salary must be paid on a commercial basis, wholly and exclusively for the purposes of business. It follows that if you employ a family member to carry out a function of the business; firstly, they must...

Incorporating a Limited Company

Incorporating a Limited Company

For a lot of people, the formation of a limited company represents the first steps towards being your own boss. The formation of a company is a relatively straight-forward process. All companies require a name, shareholders, directors, a registered office and articles...

How to pay yourself

How to pay yourself

So, you’ve taken the jump into self-employment. You’ve won your first client and done the work. Now how do you get paid? Quite simply, you must issue an invoice to your customer and provide with them with the means of making a payment. What an invoice must contain...

What to consider when appointing an accountant

What to consider when appointing an accountant

Appointing an accountant is a huge decision when starting your business, you are putting your business finance in the hands of somebody that (in a lot of cases) you know nothing about. Here we consider some things to look for when researching an accountant: Are they a...

What is the future of accounting?

What is the future of accounting?

The accounting profession has recently started to undergo a major shift. The ‘traditional’ desktop hosted accounting packages, spreadsheets and paper-based record keeping are swiftly moving towards cloud based systems. Accounting looks to follow many other industries...

The Autumn Budget 2018

The Autumn Budget 2018

The Chancellor of the Exchequer, Phillip Hammond, announced the 2018 Autumn Budget this week, his last before the UK’s scheduled departure from the European Union on 29th March next year. We have summarised the key tax announcements for small business owners. Income...

Limited Company vs Umbrella

Limited Company vs Umbrella

  If you are a freelancer or agency worker, regularly working on short-term contracts, often you will not be able to engage directly with the end client (as a sole trader) and so will be required to work through a separate entity such as a Limited Company or an...

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