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
We will talk you through how to set up your HMRC account, so you are ready to submit your capital gains liability to HMRC. There have been some changes to the rules since 6th April 2020- individuals who are due to pay capital gains tax on UK residential property disposals have 30 days after the…Read More
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
With the VAT flat rate scheme, you pay a fixed amount of VAT on yourgross turnover, the actual percentage you use will depend on the typeof business.To start using the Flat Rate Scheme your business taxable turnoverhas to be £150,000 or less.You must leave the scheme if your turnover is over £230,000 includingVAT.You will then…Read More
It’s a digital world – The next step for MTD We have already had the first big move in Making Tax Digital, with the transition of nearly all VAT registered companies with a turnover of over £85,000 being forced onto digital software such as QuickBooks or being made to use bridging software, keeping an online…Read More
What has happened? On the 8th July 2020, the UK government announced that it would be introducing a temporary reduction in the rate of VAT for certain supplies of hospitality, holiday & hotel accommodation and admissions to certain attractions. They will be slicing the rate of VAT payable from the normal standard rate of 20%…Read More
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
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
Replacement of business asset relief Rollover relief (ROR) allows the gain arising on the disposal of a qualifying business asset to be rolled over (i.e deferred) when the sale proceeds are reinvested in a qualifying replacement asset within a qualifying time period. This relief is both available to individuals and companies. For individuals The…Read More
Look after your cash flow and it will look after your business More so now than ever, cash is extremely important to the success of your business. As we slowly come out of COVID 19, it will be vital to make sure you are making the most of your cash reserves, support loans and managing…Read More
How to complete a stock transfer form and get it processed, including new measures put in place because of Coronavirus (COVID-19). Due to measures put in place to stop the spread of coronavirus (COVID-19) HMRC have temporarily changed the way they deal with Stamp Duty. You should not post stock transfer forms to HMRC –…Read More
Potentially a tax-free way to make the most out of your unused land For those of you with a sizable garden, you may have thought at some point that you may not be using this space to its full potential. Maybe you were planning to grow some vegetables and then realised, you don’t have the…Read More
The government have introduced changes to the way that Capital Gains Tax for residential properties is reported and paid with effect from 6th April 2020. These changes mean that when you sell a residential property in the UK that results in a Capital Gains Tax liability you will have 30 days from completion of the…Read More
A PAYE Settlement Agreement (PSA) allows you, as an employer, to make an annual payment to cover all the tax and National Insurance due on minor, irregular or impracticable expenses or benefits for your employees. Class 1B national insurance is due on PSA’s which means that the expense or benefit does not need to be…Read More
Small-business owner-managers Do you want to know how to draw £50,000 from your company and pay just £2,663 in tax and NI whilst saving £1,726 in corporate tax? Or even better, do you want to know how to draw £50,000 from your company and pay just £3,023 in tax and NI whilst saving £2,375 in…Read More
Never call an accountant a credit to his profession; a good accountant is a debit to his profession.
Charles Lyell
