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…
With so many schemes and deadlines floating around, we thought it might be useful to share this helpful summary of the main grants and schemes currently available to small businesses and the self-employed affected by the pandemic (mostly taken from the FSB website. Remember, hardship grants and funding are also available at local authority level…
When it comes to owning or working in a small business, being organised is pretty much a prerequisite. There are lots of different tools on the market nowadays to help you automate certain areas of your business, streamline processes and ensure you are as efficient as you can be. If you are considering a CRM…
Establishing great relationships with other like-minded business people can provide a lifeline of support and business generation for a start-up or small business at any stage. Networking is a great way to share your successes and mistakes with others and will play an important part in growing a sustainable business. Inevitably, the main purpose of…
At the beginning of September, additional new VAT rules for 2019 were brought in, following the introduction of Making Tax Digital (MTD) in April. These new changes were made in order to tighten up existing VAT regulations and ensure businesses cannot gain unfair tax advantages – Her Majesty’s Revenue and Customs (HMRC) claims there is…
Entertainment expenses are not usually tax deductible for businesses in the UK. This means that you cannot claim tax relief for these expenses to reduce your tax bill, and you cannot claim the VAT back on expenditure either. However, there are circumstances that are not quite so clear cut. Taxation and VAT are complex systems…
Read all about our founder and director, Joanne Bell, who recently won Kent Business Woman of the Year 2019.
If you are a VAT-registered UK business, you will be all too aware that Making Tax Digital came into play for VAT periods that began on the 1st April 2019. This is intended to be an overhaul of the tax and VAT system, making administration more effective, more efficient and easier for taxpayers. And it definitely…
Making Tax Digital (MTD) is a new initiative from HM Revenue & Customs (HMRC), intended to make it easier for individuals and businesses to keep on top of their taxes and submit information. It is part of HMRC’s plans to become more digitally advanced – “one of the most digitally advanced tax administrations in the…