Ridgefield Consulting's Accounting Advice

If you've worked long and hard to build up your business, but are now looking to handover the reins to someone else, then you shouldn't be prevented from doing so because of heavy taxes. In this podcast episode, we explain what holdover relief is, how it works, and how to use it so that you can pass down your business stress-free.  Access the full article which is regularly updated here:...

Running out of time to complete your annual accounts? Don't panic! You can request a filing extension. This episode will talk you through how to do that and our accountants share their tips on how to make sure you never miss your deadline.  Access the full article which is regularly updated here: https://www.ridgefieldconsulting.co.uk/tax-guides/how-to-extend-your-filing-deadline/ For more co...

As a limited company director, if you're not paying yourself strategically, then you could be missing a trick and overpaying on taxes that you don't need to! Make sure you take a combination of both dividends and a salary where possible and we'll explain the different scenarios that could help you save and earn more.  Access the full article which is regularly updated here: https://...

Accessing a director's loan account can be a powerful and flexible option when you're in need of cash quickly for personal reasons, but this comes with strict tax rules if you want to avoid the high penalties. We explain everything you need to know about using a director's loan account, including covering how you might accidentally open one!  Access the full article which is regular...

When you run your own limited company, accessing funds from it is not always straightforward. Make sure you're extracting any money you need for personal use in the most tax-efficient manner by combining these 5 different strategies.  Access the full article which is regularly updated here: https://www.ridgefieldconsulting.co.uk/tax-guides/ways-to-take-money-out-of-a-limited-company/ For more...

In this podcast episode hosted by Arekshe, she shares all our tips and tricks for how voluntarily registering for VAT can benefit your business. Listen to our podcast to see if you're ready to be VAT-registered. Getting a mortgage is one of the main challenges when it comes to buying a property, but when you're self-employed it can seem like it's even more difficult. That's not...

Getting a mortgage is one of the main challenges when it comes to buying a property, but when you're self-employed it can seem like it's even more difficult. That's not necessarily the case though, and in this podcast episode, Arekshe explains how an accountant can help you secure a mortgage more easily. Access the full article which is regularly updated here: https://www.ridgefield...

More and more of us are earning extra money on the side, whether it's out of need or for personal enjoyment; but do you know that this may mean having to pay more income tax? In this episode, Lauren explains how HMRC will seek to tax those who make extra income from hobbies or side hustles. Access the full article which is regularly updated here: https://www.ridgefieldconsulting.co.uk/tax-gui...

Social media influencing and content creation has fast become a lucrative career. If you're working in this sector, then be sure you understand the rules on how to declare your earnings which may need to include any free promotional gifts you receive.  This podcast episode will serve as a guide to influencers, bloggers, vloggers, content creators and everyone else in between on how HMRC will...

Going through a divorce or separation is challenging enough as it is, but when you inevitably have to deal with the financial aspect, it can add another level of complications. This podcast episode from the team at Ridgefield Consulting explains when a tax liability may arise and what the rules are for dealing with them.  Access our full article:https://www.ridgefieldconsulting.co.uk/tax-guides/wi...

For any aspiring entrepreneurs, listen to this episode for a step by step guide on everything you need to know on how to set up your own limited company. Ellie will go through the different options available to you as well as share essential need-to-know information for before you get started. Access the full article which is regularly updated here: https://www.ridgefieldconsulting.co.uk/tax-guide...

Could you really make more rental profit by owning investment through a limited company? Well, the answer is, it depends. In this episode, Ellie weighs up the different scenarios and explains in what instances you could make a lot more through owning your property portfolio through a limited companies, as well as warns you of some potential downfalls. Access the full article which is updated regul...

If you've been investing in research and development for the past few years, or you're considering a research and development project for the first time, then be aware of the big changes that came about in 2023. Not only did the Chancellor change the process of applying, he's also changed how much you can claim and on what. In this episode, Lauren will cover the key changes.  Access...

There are pros and cons to becoming VAT registered, but ultimately, if you're looking to grow your business then learn how you can take advantage through voluntary VAT registration. Lauren explains how. Access the full article which is regularly updated: https://www.ridgefieldconsulting.co.uk/tax-guides/voluntary-vat-registration/ For more content like this, visit the 'Tax Guides' p...

If you're thinking about whether you can afford to hire employees for your business, then listen to this episode to find out about employment allowance. Kizzy explains how it works and how much you could claim. Access the full article which is regularly updated here: https://www.ridgefieldconsulting.co.uk/tax-guides/how-to-claim-employment-allowance/ For more content like this, visit the &apo...

Want to find out how you can lower your corporation tax bill whilst keep your employees happy? Did you know that there are select salary sacrifice schemes which are approved by HMRC which means they do not attract P11d tax unlike other workplace benefits? In this episode, Kizzy goes over the different available schemes you can use and how they benefit both your business and your employees. Access...

In this episode Nisali helps you understand what will happen if you miss the tax deadline. She'll cover issues such as automatic penalties, how you can appeal to do, what to do if you cannot afford to pay as well as some tips on how to avoid missing the tax deadline again. Please note that our article versions are regularly updated so you may want to check for the latest rates, thresholds and...

In this episode, Ellie shares 10 tips on why there are advantages to completing your tax early. From practical advantages such as avoiding fines, maximising tax strategies, and securing a mortgage, to more personal benefits such as not feeling stressed, having to waiting on a call queue and being able to budget better. Access the full article which is regularly updated: https://www.ridgefieldconsu...

In this episode, Kizzy explains the different ways you can split up your income tax bill throughout the year to help you pay for the total bill come 31st January. Spreading out the costs can make paying for your tax much more manageable. Learn about the ones that you can arrange yourselves, and the ones that HMRC will automatically enrol you onto so that you're not caught out. Please note tha...

In this episode Kizzy explains how a company director can withdraw cash from their limited company through dividends. She'll go through a step by step guide as well as go over the pros and cons of issuing dividends. Access the full article which is regularly updated here: https://www.ridgefieldconsulting.co.uk/tax-guides/how-to-take-out-dividends-from-my-limited-company/ For more content like...

In this episode, Simon explains what tax relief is available if your sole trader business hasn't gone as well as planned. When you make a loss, you can claim tax relief. Simon will outline the rules when it comes to offsetting loss in the current tax year, carrying it forwards, or carrying it back. Access the full article which is regularly updated: https://www.ridgefieldconsulting.co.uk/tax-...

In this episode Kizzy talks about different ways you can donate to charity and how it will help you reduce your tax. Donating to charity is not always seen as a conscious tax strategy, but can be a very efficient way to reduce your tax payments. Learn how to use three different methods of donating to charity and how it will help you save on tax. Access the full article which is regularly updated:...

In this episode Kizzy talks about whether or not you have to pay tax on your pension. Learn about two different types of pensions, when you can start receiving your pension and how much you'll be taxed on it. Access the full article which is regularly updated: https://www.ridgefieldconsulting.co.uk/tax-guides/do-i-have-to-pay-tax-on-my-pension/ For more content like this, visit the 'Tax...

In this episode, Bryn explains what R&D tax credits are and how small to medium sized enterprises can claim them to make their funding for innovative projects go further. We go through different scenarios for loss making and profit making companies so that you can understand how much you could receive from claiming R&D tax credits. Bryn also explains the process for how to claim as well as...

In this episode Ellie shares the team's top ten tax saving tips for self-employed mums. Being a mother is hard enough work with plenty of jobs to do, but if you're also running your own business then some advice on ways you can save on tax will really help you boost your finances. Access the full article which is regularly updated: https://www.ridgefieldconsulting.co.uk/tax-guides/top-10...