SEISS Extension

The Self-Employed Income Support Scheme Grant Extension The Self-Employed Income Support Scheme (SEISS) was first introduced to assist sole traders and those in a partnership who had been adversely affected by Covid-19. The SEISS has now been extended to cover two further grants, each covering a three-month period with the first grant covering November 2020…Read More

Working from home allowance

We suspect that many of you have been working from home over the last few months due to obvious reasons. Did you know however that by working from home you can save money in tax? HMRC have a scheme in place which helps you cover the seemingly higher costs of working from home such as…Read More

The Winter Economic Plan

Extra Help for Small Business Owners Here are 5 extra support offerings for small business owners announced on 24th September 2020 The Government has extended the 15% VAT cut for the tourism and hospitality sectors to the end of March next year. Businesses who deferred their VAT between March & June 2020 will no longer…Read More

SEISS-The second Grant

The Self Employed Income Support Scheme (SEISS) was first introduced to assist sole traders and those in a partnership who had been adversely affected by Covid-19. The scheme offered a grant worth 80% of average monthly trading profits for a three month period, paid in a single instalment and capped at a total of £7,500.…Read More

Restarting your deferred VAT in seconds!

As you might have seen, HMRC has now ended their deferral of VAT payments and as such, you may now wish to reinstate your direct debit payments. Unfortunately, HMRC has removed the ability for us to set this up on your behalf, however, it is relatively straightforward for you to do now. Firstly, you will…Read More

The end of Furlough?

The Coronavirus Job Retention Scheme – The End of Furlough? On the 29th of May, the chancellor announced some major new updates to the Coronavirus Job Retention Scheme to help get businesses back on their feet and employees back to work. Here we outline the latest changes and highlight what you need to know. Deadline…Read More

Looking ahead to the Annual Budget

The day of the red briefcase, budget day is just around the corner. Set to be unveiled on 11th March, provided the reshuffle doesn’t delay proceedings, here is a look ahead at what we might be able to expect: Entrepreneur’s relief (Bad news for successful business owners) With the Tories promising to review Entrepreneur’s relief,…Read More

File your tax return by 30 December

The 2018/19 self-assessment tax return must be filed online by midnight on 31 January 2020 if a late filing penalty is to be avoided. A later deadline applies where the notice to file a return was not given until after 31 October 2019 – in this case, the deadline is three months after the date…Read More

Marriage Allowance

Marriage allowance is a government scheme which provides tax relief to married couples. Marriage allowance allows you to transfer 10% of your personal allowance, £1,250 in the current 2019/20 tax year to your spouse or civil partner, which could save you up to £250 in tax. Marriage allowance can be backdated up to 4 years.…Read More

Abbie’s ten tips to extract £65,000 of funds from your Ltd Company

If you are a limited company director and owner, you should prioritise working out the most tax-efficient methods to draw funds from your company. Below are some useful tips you can use to extract profits tax efficiently from your limited company: 2019/20 Basic director salary Take a director salary of £8,460 to pay a small…Read More

Private Residence Relief – Changes from 6 April 2020

Private Residence Relief (PRR) is designed to keep out of Capital Gains Tax (CGT) those gains or losses that arise when a person sells or otherwise disposes of a dwelling that has been used as their only or main residence. In the 2018 budget, the government announced the following changes: the final period exemption will…Read More

Have you ever been an Entrepreneur? There’s a relief for that

If you have been skilful or lucky enough to build a business and now think it’s time to pack up or sell, Entrepreneur’s Relief could be the answer for you. While there is more to cover than in this blog, this should give you a beginner’s guide to the Entrepreneur’s Relief. Why use it? On…Read More

Inheritance Tax Planning

Save on Inheritance Tax by making pension payments into a Self-Investment Pension Plan (SIPP) Funds held in a Self-Investment Pension Plan (SIPP) on the death of the member may be transferred to the ‘nominated beneficiaries’. The member should complete an ‘expression of wish’ form for each pension plan stating to whom they wish the benefit to…Read More

Accounting after university

Have you recently left university, and are you wondering if an accountancy career is for you? As a graduate looking to get your first job in accountancy, it is important to first evaluate whether you are willing to put in the work and dedicate another 3 years of your life to studying. Whether it be…Read More

Company Car Tax

Company cars are a great way for businesses to reward staff as a benefit on top of their salary, unfortunately, HMRC is aware of this and levies tax on the perk, this is referred to as a Benefit-in-Kind (BIK) as the car is seen as an additional taxable benefit. The amount of tax you pay…Read More

Robert Kiyosaki

The word accounting comes from the word accountability. If you are going to be rich, you need to be accountable for your money.

Robert Kiyosaki