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…
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…