Is Incorporation The Right Choice?

Posted by on Apr 27, 2014 in Dominic Hill Accountants | Comments Off

It is easy for small business owners to be persuaded to incorporate to take advantage of tax reductions and limited liability. However, there are many issues to consider. I have listed below some of the negative aspects of incorporation which you may want to consider before taking this step: Annual accounts have to be filed at Companies House and are available for public inspection as is other information about the company. The penalties for late submission of these accounts can be significant. Formal meetings and minutes need to be kept...

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The Budget 2014

Posted by on Apr 13, 2014 in Dominic Hill Accountants | Comments Off

The budget 2014 brought with it some important and fundamental changes to the tax legislation in this county. The Telegraph have prepared a very useful summary of the key changes. Follow the link below if you want to find out more:   Please give us a call on 01323 649509 if there is anything here that you want to discuss.

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Xero Certified Silver Partners

Posted by on Apr 6, 2014 in Dominic Hill Accountants | Comments Off

Dominic Hill are now certified silver partners of Xero; the cloud based bookkeeping solution. This means that we have taken qualifications to ensure that we are competent in all areas of Xero and are now recommended partners of the Xero product in this area. We use the Xero software for a number of clients and we work with users to help them maximise their knowledge and competency in using the Xero product; and to access more useful management information from their internal bookkeeping systems. We ourselves as a firm...

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Updated meet the team

Posted by on Apr 6, 2014 in Dominic Hill Accountants | Comments Off

We have updated our meet the team page; so come and get to know us at:  

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Mark Underdown

Posted by on Dec 6, 2013 in Dominic Hill Accountants | Comments Off

Welcome aboard It is great news that we have recently welcomed Mark Underdown to the team. He has many years experience and brings new specialisms to the company.

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What’s so good about a Ltd Company?

Posted by on Aug 1, 2013 in Dominic Hill Accountants | Comments Off

Choice regarding profits Limited Companies are a separate person for legal and tax purposes – they are separate from the individuals that own them. They pay Corporation Tax on their profit which is normally lower than personal Income Tax. You can choose when and how to extract funds from your Company. If you have a very profitable business but do not need to withdraw all the profits immediately, then with careful timing a Limited Company can help you to save tax. We provide a comprehensive service enabling you to take advantage of this...

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What’s so good about being a Sole Trader

Posted by on Jul 8, 2013 in Dominic Hill Accountants | Comments Off

Flexible use of losses Many businesses make a loss in the first few years. If you have left a job to become self employed, you can offset trading losses against previous employment income. Sole trader losses generally, can also be offset against other income such as savings interest, dividends, or rental income. This will often lead to a repayment of tax which will help your business continue at this difficult time. You cannot set Limited Company losses against personal income. Expenses Expenses incurred in you business attract tax relief. The...

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Business Tax Dashboard

Posted by on May 31, 2013 in Dominic Hill Accountants | Comments Off

HMRC’s Business Tax Dashboard was launched earlier this year. The plan is that this should offer businesses an overall picture of its tax position including payments made and amounts still owed to HMRC. You should be able to view your tax position across Corporation Tax or Self Assessment and PAYE for Employers all in one place. From June the dashboard also displays VAT – information is available for the current date and the previous 15 months. It allows online self service at a time convenient to the business, reducing the need to...

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Beware – Fake VAT & Tax Emails

Posted by on May 28, 2013 in Dominic Hill Accountants | Comments Off

Scammers are busy improving the apparent authenticity of their emails. VAT emails from ‘’, appear to be genuine, but could well be fakes. Be wary of attachments. Do not open them unless you are sure of the source. You can read more about security issues on HMRC’s website. Fake tax return acknowledgements may have fake UTR numbers in them, often containing the wrong number of digits (10). You should never disclose your personal or payment information in reply to an email that may look like it’s from HMRC. However,...

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Simplified small business tax expenses

Posted by on Apr 19, 2013 in Dominic Hill Accountants | Comments Off

Small businesses will be able to account for their income and expenses using a simplified cash-based regime for financial years starting from 1 April 2013. Basically, a business’s taxable profits will be the total amount of receipts less the total payments of allowable expenses, subject to adjustments required or allowed by tax law, for example on goods taken for personal use. The new way of accounting includes a series of flat rate allowances for car expenses, use of home and interest payments. These simplified expenses allowances will also...

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