BLOGS
Financial Insights and Expert Advice
Join us as we explore the intricacies of accounting, taxation, financial planning, and more. Let’s embark on this journey together
The recent ‘pingdemic’ has resulted in large numbers of employees self-isolating. Where an employee meets the qualifying conditions, you must pay them SSP while they are self-isolating. As qualifying periods of self-isolation count as a Coronavirus-absence, if you are a small employer, you may be able to reclaim the SSP paid to self-isolating employees from HMRC under the Coronavirus Statutory Sick Pay Rebate Scheme.
In July 2020, the VAT rate for the tourism and hospitality sector was temporarily reduced to 5%, from 20%. The businesses that were able to take advantage of the reduced rate include;
This week is about helping raise awareness of the importance of your payroll, for your employees, to your own business, and the economy.
A UTR is your Unique Taxpayers Reference Number, is what identifies you personally with HMRC. Read for more information
When you pay VAT in QuickBooks Online, you are recording the payment against a specific VAT period; you are not transferring money to HMRC.
Whether you’re brand new to QuickBooks or you use it already, there’s always more to learn to ensure you’re maximising the resources you have available to you. Find out our top 3 tips
From 15 June 2021, all businesses and organisations will need multi-factor authentication in order to sign into the Government Gateway.
If you are self-employed, you will pay Class 2 and Class 4 National Insurance contributions if your profits exceed the relevant thresholds.
You can use a PAYE Settlement Agreement (PSA) if you wish to settle the tax liability arising on the provision of a benefit-in-kind.
As the Coronavirus Job Retention Scheme (CJRS) enters its final months, now is the time to review grants that you have claimed under the scheme, and pay back any amounts claimed in error. You may also choose to repay voluntarily funding that you have received under the scheme if your business does not need it. Some notable large companies in the retail and hospitality sectors have opted to do this.
Claims for the fifth grant under the Self-Employment Income Support Scheme (SEISS) will open from late July - Find out more
The residential stamp duty land tax (SDLT) threshold applying in England and Northern Ireland was temporarily ...
Although the furlough system was designed to keep workers employed, unfortunately, it doesn't protect them from being made redundant.
Shareholder disputes often arise on matters such as company strategy, salaries and dividends.
Disputes amongst ...
If you are an employee with a company car, you will be taxed on the benefit derived from the car being available for your private use.
Do you need to access financial help your business after the effects of the COVID-19 pandemic, the Recovery Loan Scheme may be for you.
To help businesses which have suffered losses as a result of the COVID-19 pandemic, the period for which certain trading losses can be carried back is extended from one year to three years
How long do you need to keep your records for?
If you run your business as a personal or family company, you will need to decide how best to extract profits for your personal use. A typical tax-efficient strategy is to pay yourself a small salary and then extract any further profits as dividends. Where this approach is adopted, you will need to determine your optimal salary level of 2021/22.
A garden office/outbuilding is normally considered a structure and therefore it is not possible to claim tax relief for the costs of the building/shed, even if it is moveable. This includes all costs of any planning, foundation work and installation.
To help meet some of the costs of the COVID-19 pandemic, the Chancellor has opted to freeze various allowances and thresholds until April 2026, rather than increase the rates of income tax and capital gains tax. As incomes rise over the period, more people will pay tax, and more people will pay tax at the higher and the additional rates.
If you are a taxpayer and you make a Gift Aid declaration when making a donation to a charity, the charity can reclaim basic rate tax on your donation.
The main rate of corporation tax is due to increase to 25% for the financial year 2023, starting on 1 April 2023.
If you pay all or some of your income tax via PAYE, it’s important to check that you are on the correct tax code. As we start the new 2021/2022 tax year, HMRC will be sending out your individual coding notices (usually via post); you may have already received yours.