We are often asked: “What expenses can I claim now that I am self employed?”.
The rather glib answer is “anything that relates to your business”. Whilst this is generally true, there are some expenses which, although genuine business expenses, are specifically excluded from tax relief....read more
In business, your profits are your reward for your endeavours. In fact, profitability is one of the essential measures of a business’ success. Profits are the very lifeblood of a business.
They fuel growth, support the owners, provide for the well being of the staff, and ultimately determine the success or failure of the business. So how can you increase your profits?
There is sometimes a general presumption that dividends may be paid out of any cash that happens to be in the bank account at the time. But it’s nothing like so simple as that.
The Companies Act 2006 sets out exactly what documentation is required for forming a company, and it is very different from that which was previously needed.
The main rate of corporation tax is currently 19% and it will remain at that rate until 1 April 2023 when the rate will increase to 25% for companies with profits over £250,000.
There are many situations where a business would benefit from expansion. Whether it is because of increased demand for a service or product, adapting to your customers’ changing needs, or branching out into a new area, it is important to weigh up both the advantages and disadvantages of growing your business.
To qualify for Tax-Free Childcare all parents in the household must generally meet a minimum income level, based on working 16 hours a week (on average £142 a week) and each earn less than £100,000 a year and not already be receiving support through Tax Credits or Universal Credit.
Whether this is an easy or difficult task depends on the type of business. A business which uses the services of casual workers, very young or very old workers will need to spend some time in analysing its workforce. A business which only employs salaried staff will have an easier task.
The UK property market, whilst cyclical, has proved over the long-term to be a very successful investment. This has resulted in a massive expansion in the buy to let sector.
Buy to let involves investing in property with the expectation of capital growth with the rental income from tenants covering the mortgage costs and any outgoings.
Managing and reducing the risk of late payment is essential. Indeed, small and medium-sized enterprises are particularly vulnerable to the effects that late payment can have on cash flow, profitability, and ultimately the viability of a business.
Employer Supported Childcare (ESC), commonly by way of childcare voucher, is for many employers and employees a tax and national insurance efficient perk. We consider the implications of this type of benefit on the employer and employee.
The Construction Industry Scheme (CIS) sets out special rules for tax and national insurance (NI) for those working in the construction industry. Businesses in the construction industry are known as ‘contractors’ and ‘subcontractors’. They may be companies, partnerships or self-employed individuals.
The cost of purchasing capital equipment in a business is not a revenue tax deductible expense. However, tax relief is available on certain capital expenditure in the form of capital allowances.
Finding a method of finance that works for you and your business is crucial to its success. However, raising funds remains a significant challenge for many businesses. Whether you are looking to start a new business or need capital to expand, there are various options to consider.
National insurance is often overlooked yet it is the largest source of government revenue after income tax.
We highlight below the areas you need to consider and identify some of the potential problems. Please contact us for further specific advice.
Student loans are part of the government’s financial support package for students in higher education in the UK. They are available to help students meet their expenses while they are studying.
Over the coming years, the government will phase in its landmark Making Tax Digital (MTD) initiative, which will see taxpayers move to a fully digital tax system.
This factsheet outlines some of the key issues for businesses.
Against a backdrop of rising inflation, Chancellor Rishi Sunak presented his first Spring Statement on Wednesday 23 March 2022.
The Chancellor Rishi Sunak presented his third Budget on 27 October 2021. In his speech he set out the plans to “build back better” with ambitions to level up and reduce regional inequality.
In this brief guide we look at the ‘Domestic Reverse Charge’ (DRC) that is to be introduced for VAT on construction services from 1 March 2021. This was announced in a consultation in early 2018, with the intention that it shouldbe introduced on 1 October 2019. It was delayed for a year because of Brexit, then delayed another 5 months because of the pandemic. As far as we can tell, Brexit and the pandemic will still be with us on 1 March 2021, but we have to be prepared for the new rules to be introduced without a third delay.
Since the onset of the coronavirus pandemic, many businesses and individuals have benefited from a range of schemes, including furlough grants for staff unable to work, grants for the self-employed, deferral of VAT and Income Tax payments and cheap, government-backed business loans.
The High Income Child Benefit charge applies to a taxpayer who has income over £50,000 in a tax year where either they or their partner, if they have one, are in receipt of Child Benefit for the year.
The current regime for taxing employer provided cars (commonly referred to as company cars) is intended:
• to encourage manufacturers to produce cars which are more environmentally friendly and
• to give employee drivers and their employers a tax incentive to choose more fuel-efficient and environmentally friendly vehicles.
We set out below the main areas of importance.
Please do not hesitate to contact us if you require further information.
With less than a month to go it is time to prepare for the end of the Brexit transitional period.
Whilst the United Kingdom officially left the European Union (EU) on 31 January 2020, this prompted the start of an 11-month transitional period during which time the UK remains part of the Single Market, the EU Customs Union and the VAT Territory. The UK will leave the EU VAT Territory on 31 December 2020.
Since the onset of the coronavirus pandemic, many businesses and individuals have benefited from a range of schemes, including furlough grants for staff unable to work, grants for the self-employed, deferral of VAT and Income Tax payments and cheap, government-backed business loans.
Chancellor Sunak received widespread praise for his business support measures introduced following the onset of the coronavirus pandemic. Many businesses and individuals have benefited from a range of schemes, including furlough grants for staff unable to work, grants for the self-employed, deferral of VAT and Income Tax payments and cheap, government-backed business loans.
Chancellor Rishi Sunak presented a Summer Economic Update on Wednesday 8 July 2020. In his speech he stated that the government has taken decisive action to protect the UK economy but people are anxious about losing their job and the rise in unemployment.
Chancellor Rishi Sunak has pledged a £750 million package to help charities during the COVID-19 pandemic.
Sunak announced the measure last night in an attempt to address concerns that some charities are facing collapse.
As part of the scheme, £370m will go to small local charities that are working with vulnerable people during the coronavirus crisis.
An increasing number of businesses are planning to furlough staff over the next week, according to the British Chambers of Commerce (BCC).
The coronavirus job retention scheme enables employers to obtain grants to cover up to 80% of furloughed workers' wages, up to £2,500 a month.