We regularly write articles to keep you up to date with changes that affect your growing business.
Every year employers across the UK submit an end-of-year report to HM Revenue & Customs (HMRC) outlining the benefits provided to each employee and director, which were not included in their wages. This report is sent using the P11D form, which must be submitted by 6 July following the end of the tax year. At
Two company directors have been banned for a total of 21 years after they fraudulently claimed £100,000 in bounce back loans. Following an investigation by the Insolvency Service, Aamer Aslam from Huddersfield and Razwan Ashraf from Keighley were disqualified for 11 and 10 years respectively after they fraudulently claimed Bounce Back Loans (BBL). The disqualifications
A pilot scheme using software in preparation for the next phase of HM Revenue & Customs’ (HMRC) Making Tax Digital (MTD) initiative has seen a slump in users. Self-employed businesses and landlords with annual business or property income above £10,000 will need to follow the rules for MTD for Income Tax and Self-Assessment (ITSA) from
It’s a new year and many people who may have lost their jobs during the pandemic or have decided to take their life in a new direction, will be looking to start up a business. It could be a full-time endeavour or a part-time business looking to make a bit of extra income to cope
According to a new survey from the Federation of Small Business (FSB), more than 440,000 small businesses could fail because of a new late payment crisis. The national small business organisation has called for the Government to step in and take urgent action to improve how companies are paid. According to the FSB study, 30
It was recently announced that the Government would reform business rates relief for owners of second homes – resulting in some holiday let owners facing additional costs of up to £1,000 a year. The Department for Housing, Communities and Local Government wants to close what it sees as a loophole in the current business rates
Whether you are setting up a new business, or already have a successful, well-established company, there are many ways that you can save money through tax reliefs and allowances. Certain tax initiatives even allow business owners to save money that can be invested in their company. Enhanced Capital Allowance (ECA) Enhanced Capital Allowance (ECA) schemes
British initial product offerings (IPOs) raised more funding in 2021 than in any other year since 2007, figures have revealed. The research, published by the London Stock Exchange (LSE), suggests that the UK is the number one destination for high-growth companies in Europe. An IPO is when a private company becomes public by selling its
Rising house prices failed to deter first-time buyers in 2021, with numbers up by 35 per cent on the previous year. Part of the reason was a knock-on effect caused by the stamp duty holiday in 2020, which meant more so-called ‘first rung’ homes came on the market as other buyers sought more space during
Cryptocurrencies are proving volatile at the moment with values tanking and then picking up again as the market fluctuates. But with an estimated more than two million currency holders in the UK, many may not be aware of their tax obligations when they sell their assets. HM Revenue & Customs (HMRC) is contacting taxpayers who
Small businesses whose staff were off sick with the coronavirus can now claim Statutory Sick Pay (SSP) refunds, it has been announced. It comes after the Coronavirus Statutory Sick Pay Rebate Scheme claims portal reopened to new applications this month. If you are an employer, here’s a reminder of how the scheme could help you.
Workers can claim up to £2,000 a year towards childcare costs by signing up to the Tax-Free Childcare scheme, it has been reminded. HM Revenue & Customs (HMRC) said thousands of families may be missing out on free cash each month. If you are unfamiliar with the scheme, here’s what you need to know. What
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