MTP Advisory

✨ Big News! ✨ We're thrilled to share that the website has had a fresh new update! 🎉 So, what's new? 📲 Firstly, we've added a 'Who We Help' dropdown, so you can see what business we specialise in and how we can support you. There's also an 'About' page, where you can get to know more about the story behind Mark Prescott. We'd love for you to check it out and let us know your thoughts! 😀 https://lnkd.in/ebGs2bNH #newwebsite #newbusiness #smallbusiness #accountants #charteredaccountants #smallbizz

⏰ New Blog Alert: 'Self-assessment: What is the big fuss about?' Tax season can be stressful, but understanding the self-assessment process can save you time, money, and unnecessary headaches. In our latest blog, we cover: ✅ Penalties for late filing and payment – including fixed fines and behaviour-based penalties that could cost up to 100% of your tax liability. ✅ Capital Gains Tax and cryptocurrency – why detailed record-keeping is crucial for compliance. ✅ Payments on Account (POA) – and how to navigate this often-overlooked cashflow challenge. With deadlines looming and HMRC penalties increasing, staying informed has never been more important. Whether you're new to self-assessment or a seasoned filer, planning ahead is the key to avoiding penalties and interest charges. https://lnkd.in/ekqWAibw

Happy new year! 🥳 Have you set yourself any new-years resolutions or goals? If any of those goals were to improve the management of your personal and/or business finances, then look no further! Check out our latest blog that discusses some tips to kickstart 2025 and propel yourself towards financial success 😀 https://lnkd.in/efp5sXfN

Check out our latest blog where we discuss the topic of reclaiming input VAT on purchases made before registering. https://lnkd.in/eysTAU3m We recently got a client £17,000 back in VAT! 😲 If this seems relevant to you and your business, do reach out. 📲 #vat #vatregistration #smallbusiness #smallbiz #accountingtips #taxadvice #taxwork #ukbusiness

Christmas gifts and entertaining for UK Limited Companies 🎅 As the holiday season approaches, we’re aware you may be thinking of spreading some festive cheer. To help, we’ve put together a quick guide on Christmas gifts and entertaining that can be claimed through your UK limited company. 🎁 From employee rewards to client appreciation, this blog breaks down what’s allowable and how you can make the most of the festive season. 👉 Click here to read the blog - https://lnkd.in/e-X9XTrV If you have any questions or need advice tailored to your business, feel free to get in touch. 📱 We’re here to help you make this Christmas both merry and tax-efficient! #smallbusiness #christmasgiving #christmasgifts #taxcompliance #uksmallbiz

Wait, another blog?! 😮 📢 Autumn Budget 2024: Key highlights 📢 We know, we’re a tad late to the party.. 👀 The latest Budget from Chancellor Rachel Reeves has brought in a mix of anticipated moves and some big surprises. Head over to our website, where we break down the Autumn Budget 2024 announcements, including key percentages, dates, and all the essential insights you need. 📝 👉 https://lnkd.in/e2YhAXjZ Stay informed on the latest tax changes and what they mean for you and your business. #Budget2024 #TaxUpdate #Finance #Business #HMRC #CorporateTax #PersonalTax

🚀 New Blog Alert! 🚀 Excited to share my latest blog post on our website: “How to Pay Yourself as a Limited Company Director.” https://lnkd.in/e3wJCyYa For many business owners, managing personal income effectively while staying compliant can be challenging. In this post, I break down the options and strategies for paying yourself as a director of a limited company. Whether you’re a new director or looking to optimize your current strategy, this guide is packed with actionable insights to help you make informed decisions. Check it out, and let me know your thoughts! 💼💬 #SmallBusiness #Directors #FinanceTips #TaxEfficiency #LimitedCompany

This is a question we get asked a lot. We can’t use one approach for every situation, however one key point to consider is how much cash you’re spending. Let’s explore some generic pros and cons of operating as either a sole trader or a limited company in the UK 🇬🇧 If you need guidance on which business structure works best for you, do get in touch. 📱 #soletrader #limitedcompany #accountingadvice #taxadvice #businessstrategy #taxtips #smallbusiness #taxseason

You must tell HMRC by 5 October if you need to complete a tax return if you have not sent one before. 🚨 The last tax year started on 6 April 2023 and ended on 5 April 2024. HMRC must receive your tax return and any money you owe by the deadline. ‼️ If you are doing an online tax return for the last tax year, you must submit it by midnight 31 January 2025. ⏰ In the link below, you can check if you need to submit a tax return before registering. https://lnkd.in/dcxcQXp If you need assistance with completing your tax return, or have any personal tax queries, do not hesitate to get in touch. 📱 ✉️ #selfassessment #taxadvice #taxseason #soletrader #taxtips #accountants #businessadvisors

What is a Directors Loan Account (DLA)? 🧐 Understanding a DLA is crucial for anyone running a UK limited company. A DLA is essentially a record of money you or close family members have borrowed from or lent to your company, separate from your salary, dividends, or expenses. This can include: 1. Withdrawing cash from the business’ bank account 💸 2. Paying for personal expenses that are not wholly and exclusively related to business trading 🛍️ ✈️ If you owe your company money - You and/or your company may have to pay tax if you take a director’s loan of greater than £10,000 If the company owes you money - Providing interest was charged on the loans, the interest counts as BOTH a business expense for your company & personal income for you. You must report the income on a personal Self-Assessment tax return. 😮 Properly managing your DLA is key to staying compliant and optimizing tax efficiency. 😃 If you would like more guidance on this topic to ensure compliance with HMRC, get in touch. 📱 #dla #directorsloan #hmrc #taxcompliance #accounting #taxadvice #financialadvice