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Bitcoin and the Tax Implications

By | 2018-03-12T15:25:15+00:00 February 9th, 2018|

Bitcoin is a new digital currency using peer-to-peer technology and no central authority or banks, otherwise known as a ‘cryptocurrency’. The bitcoin is currently trading at £7579.17 to 1BTC (February 2018), following a fall from £15,000 in December 2017. As the value of the bitcoin rises and falls, many are considering the tax implications of

Introduction of the Dividend Tax – Why your tax return may be higher than expected

By | 2018-03-12T15:25:31+00:00 January 29th, 2018|

If you noticed your tax return being a little higher this year, here may be the reason: Many company owners pay themselves in the form of dividends, rather than a salary. However, in 2016 a new regulation was introduced called the ‘Dividend Tax Allowance’ whereby only the first £5,000 of your dividend payment will be

Autumn Budget 2017 – The Highlights

By | 2017-12-18T13:54:19+00:00 November 22nd, 2017|

When the Autumn Budget is released the amount of information provided can often be overwhelming. So here you'll find the important highlights that could affect your business: From April 2018, personal allowance will rise in accordance with inflation, from £11,500 to £11,850. From April 2018, the basic rate threshold will be increased to £34,500, meaning an

GDPR – What is it and What does it mean for you?

By | 2018-03-12T15:25:45+00:00 October 3rd, 2017|

You may have heard about the new legislation coming into effect soon called the GDPR, but what is it, and how will it affect you and your small business? What is GDPR? GDPR stands for General Data Protection Regulation and will replace the current Data Protection Act (DPA), standardising data privacy laws across Europe.  The

How Franks Are Modernising Accountancy in Yorkshire

By | 2017-08-29T13:41:41+00:00 June 2nd, 2017|

Ah, Yorkshire – what a wonderfully vibrant and beautiful county this is! We absolutely love this area and love helping local companies succeed in their business ventures even more. From Harrogate to Wetherby, York and beyond – Franks has been modernising the way in which start-up businesses throughout Yorkshire approach accountancy practices and procedures. How

Our Top 4 Accounting Software Platforms for Your Small Business

By | 2017-08-29T13:42:16+00:00 May 19th, 2017|

Running your small business can be difficult, not only are you selling your product or service, marketing your product or service, as well as everything else, you’ve also got to complete your accounts – quickly and accurately! That’s why you need an accounting software that suits you, your business and does everything you need it

Accountants & Tax: ‘Making Tax Digital’ Legislation is put on hold

By | 2017-08-29T13:42:35+00:00 April 28th, 2017|

In November, we announced that the government were implementing an initiative to ‘Make Tax Digital’ in April 2018, however this legislation has been put on hold. The legislation had already been delayed until 2019 by the Chancellor in the Spring Budget for some small businesses. Since the government’s announcement of a general election, they are

Important VAT Flat Rate Scheme changes for Small Businesses

By | 2017-08-29T13:46:15+00:00 December 6th, 2016|

Does your business use the VAT (Value Added Tax) Flat Rate Scheme and spend little on raw materials? If so, the change to the VAT Flat Rate Scheme that was announced in the Autumn statement will affect you. What happens now and what’s changing? Currently, the VAT Flat Rate Scheme is an incentive from the