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Claiming tax relief for employment expenses

In most cases, employees will be able to claim back any expenses that they incur in doing their job from their employer. However, where the employer will not reimburse the employee’s expenses, there may be tax relief to be had. In most cases, employees will be able to claim back any expenses that they incur […]

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Starting a business – what profits are taxed?

An unincorporated business pays tax on what is known as the `current year basis’. This means that, as a general rule, the profits for a tax year are taxed by reference to the profits for the 12 months to the accounting date that ends in that tax year. An unincorporated business pays tax on what […]

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One Accounting Testimonials – ”The Table Restaurant”

We think that the best way to find out about One Accounting and what we do is to hear it from our own clients. This is our first video testimonial from Sean Clark, an award-winning chef who has been running ”The Table Restaurant” in Edinburgh for over a year now have been dealing with the […]

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Budget 2017 – Tax Hikes on Self-employed and Directors or Shareholders

A summary of the key business tax announcements made in the Chancellor’s Spring Budget on 8 March 2017. Dividend allowance cut to £2k In a surprise move, it was announced there will be a cut in the tax free dividend allowance from the current £5,000 to £2,000 with effect from the start of the tax […]

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A five-year overview for Tax if you run a Small Company

An overview of how the total tax paid by Limited Companies will change over the next four tax years, using the current tax year as a starting point. Following the announcement of a change in the tax-free dividend allowance in last week’s budget, our Director Chris Thomas has written an overview of how the total […]

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Scots to pay more income tax from 6th April – or will they?

From 6th April 2017 you will be paying more tax than your counterparts in the rest of the UK. Or will you? The minority SNP Government required the support of the 6 Green MSP’s to pass the first reading of its 2017/18 budget on 2nd February… Look away now if you are one of the […]

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Coming soon: tax-free childcare

New tax-free scheme aims to help working parents with the cost of childcare. The new scheme will replace the current system of employer-supported childcare (ESC) which is offered by less than 5% of employers and used by around 450,000 families. All eligible parents will be able to join the scheme by the end of 2017. […]

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Reclaiming Tax Once Director’s Loan Repaid

One Accounting’s guide on Reclaiming Tax Once Director’s Loan Repaid In family companies, many directors and shareholders maintain loan accounts with the company. As long as any loans are cleared within nine months and a day of the year end (i.e. by the date by which corporation tax for the period is due), the only […]

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Personal tax changes for 2016/17

The start of a new tax year generally brings with it a number of changes and 2016/17 is no exception. So what has changed for this year? The start of a new tax year generally brings with it a number of changes and 2016/17 is no exception. So what has changed for this year? The […]

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The 21 Types of Tax We Pay

An idle lunch time surf took me to an HMRC document which itemised no fewer than 21 Taxes that made up the £437 BILLION collected by the UK Government in the 2011-12 fiscal year. An idle lunch time surf took me to an HMRC document which itemised no fewer than 21 Taxes that made up […]