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
The numbers behind the covid-19 pandemic The Coronavirus has pushed the world into a downward financial spiral and plagued global societies with financial uncertainty, loss and great sadness. Many international governments and health organisations are doing all they can to not only stop the spread but to also provide support and stability to those also…Read More
Who can get the Self-Employed grant? Sole traders or partners in a trading partnership, but not director/owners of limited company businesses. What will you get? A taxable grant representing up to 80% of your average profits if you meet the following criteria: you submitted your tax return for 2018/19 ( year ended 5th April 2019…Read More
On Thursday evening, Chancellor Rishi Sunak unveiled the eagerly awaited government aid plans for the self-employed in the UK. The scheme looks to mirror the current support offered to the employed by offering an 80% guarantee on income up to £2,500 per month (dependant on conditions). How much will I get? Much like the scheme…Read More
With the vast majority of the country practising ‘social isolation’ during the outbreak of the Coronavirus, we are seeing that more money is remaining in pockets and out of the cash flow of small businesses. We look at some of the solutions available to help businesses protect themselves through this potentially difficult time financially. Government…Read More
It was announced that there would be an increase to the tapered annual allowance for pensions. There will be a £90,000 increase to ‘threshold income’ – increasing it from £110,000 to £200,000. Broadly speaking threshold income is your net income less your gross personal pension contributions. This means that individuals with a threshold income of…Read More
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
As an Employer, it’s been a long and uncertain 3 years for the UK and Brexit and especially for members of your team who are EU nationals living and working in the UK. From a business perspective, this uncertainty could have a very negative impact on your business if retaining EU national staff, and recruiting…Read More
Ever wondered why the tax year starts on the 6th of April and ends on the 5th of April the following year? Most logical thinkers would question as to why the tax year doesn’t coincide with the calendar year than runs to the 31st of December. In order to get to the bottom of this,…Read More
The annual allowance is a limit on the amount that can be contributed to your pension each year, while still receiving tax relief. The annual allowance is used up through gross pension contributions from you or your employer. The amount will depend on your earnings; the rule is that you’ll get tax relief on pension contributions of up to…Read More
Selling of residential property and the implications of Capital Gains Tax Selling a property and the associated tax implications can seem very daunting to many homeowners, however, the aim of this blog will be to simplify and explain the most common type of reliefs and deductions available to help you better understand your possible capital…Read More
IR35 is the off-payroll working rules for clients, workers and their intermediaries. The legislation was designed to assess whether a subcontractor is actually acting as a subcontractor, or whether they are a ‘disguised employee’. By establishing this, HMRC can then ensure tax avoidance is not happening. Current legislation Under the current IR35 rules, the off-payroll…Read More
Zapier is an online workflow automation tool that allows you to connect your apps and services together. You can connect two or more apps together with an “If X happens, do Y” structure, to automate repetitive tasks that currently cannot be automated due to lack of integration ability between the two apps. This is where…Read More
What is Open Banking? Open banking is the practice of sharing financial information electronically, securely, and only when customers give their permission. This means you don’t opt in or out, you choose which services you want to share data with and nothing is shared with services you haven’t signed up for. With open banking, third…Read More
The importance of a positive attitude towards mental health in the workplace has been highlighted many times over recent years. Businesses acknowledge its significance to the workforce and employee productivity and are taking steps to make sure that they’re promoting positive mental health in the workplace. According to Acas, 1 in 4 adults in the…Read More
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
