The benefits of Incorporation If you’re currently a sole trader and your annual profits are high, it might be time to think about incorporating your company. Incorporating your sole trade into a limited company comes with many benefits as well as being an efficient way to save you money on tax each year.As you’ll know,…Read More
Capital allowances are claimed on assets as a form of tax relief. Full first-year allowance (FYA) is a type of allowance on certain assets that allows you to claim tax relief on the full cost of the asset in the year of purchase. So how does it work? When you purchase an asset that qualifies…Read More
If you took the opportunity to defer your vat payment between March and June 2020, then you must act before 21st June 2021 to either pay in full or set up a payment plan with HMRC otherwise you will incur 5% penalty. Last year at the start of the covid pandemic, the government allowed businesses…Read More
As of the 5th November 2020, the UK Governments Furlough Scheme has been extended further by 5 months. Therefore, the new projected end date for the scheme is the 31st March 2021. And not to worry if you have not applied for this scheme previously, it is now available for new applicants. There is now…Read More
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
After a backlash from the public that the proposed support for the coming months was too frugal, the Chancellor updated the future support schemes for businesses, employees and the self-employed. Self-Employment Income Support Scheme Grant Extension Two further grants covering the periods November 2020 to January 2021 and February 2020 to April 2021 were announced…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
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
Up until now, company directors have been able to furlough themselves and carry on doing their director duties, provided they are doing no income-generating activities. This is still the case, however, with the introduction of a new phase of the furlough scheme, they may wish to consider the option of ‘Flexible Furlough’. Here we explain…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
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
In the corporate world, sometimes things aren’t exactly black and white when it comes to accounting procedures.
George W. Bush
