With the new tax year having begun on 6 April 2022 and lasting 12 months until 5 April 2023, the government have introduced numerous changes in an attempt to ease the cost of living. Whether you are a business owner or an employee, you are likely to notice this having an impact. New legislation such…
If you are taking the first steps towards setting up your business, it is essential for you to be well prepared and put together a detailed business plan. The importance of a business plan cannot be understated, as it can help you to develop long term goals and objectives to get your business off the…
(Last updated February 2022) As a start-up business or small to medium sized enterprise (SME), navigating the value added tax (VAT) landscape can be one of the biggest challenges for you to overcome. We fully understand how challenging it can be – we work with businesses just like yours, each and every day. When it…
It is a real blow when you see the National Insurance deducted from your pay packet each month isn’t it? Nevertheless, if you are employed or self-employed, are age 16 or over and earning above the minimum threshold, there is no way to evade paying it! After all, it’s in your best interests to make…
Inheritance Tax is a tax on the estate (the property, money and possessions) of someone who has died). Sounds simple, doesn’t it? Well, unfortunately it is not quite as straightforward as it may seem due to the many ‘it depends on…’ type scenarios to consider. Typically, you will be exempt from inheritance tax if the…
‘Doing the books’ is often a task dreaded by business owners. The creative, risk taking traits that entrepreneurs are known for (and excel at) do not always bode well with the meticulous task of organising finances. For some, it is just an overwhelming task, especially if a business owner has little experience with managing books.…
The latest tax incentive offered by the Chancellor to help get the economy back on track following the Coronavirus pandemic, seems one of the most generous yet. The new first-year capital allowance for qualifying plant and machine assets (which has also been nicknamed the super-deduction allowance or the 130% allowance) allows for any investments a…
Looking to raise funds for your business? Not sure of the best route to take? Join our expert panel on this free webinar. Jo will cover the importance of cashflow forecasts, business pans, and knowing your numbers when it comes to raising funding. Gillian will assist you to navigate lending in the current climate and…
Furlough Scheme This has been extended till the end of September 2021, whereby the Government will pay 80% of wages up to £2,500pm. Employers must pay 10% of these wages in July and 20% in August and September SEISS This has been extended till the end of September 2021 VAT The VAT cut to 5%…
Domestic reverse charge VAT legislation is about to change the way CIS registered construction businesses handle and pay VAT. From 1 March 2021, many contractors in the construction industry will stop paying VAT to their subcontractors. Instead, the contractor will pay the VAT directly to HM Revenue & Customs. This “domestic reverse charge” (DRC) will…