We regularly write articles to keep you up to date with changes that affect your growing business.
Unlike other benefits, tax credits usually have to be renewed each year by 31 July to continue receiving payments from HM Revenue & Customs (HMRC). If you are claiming tax credits, it is really important to look carefully at the information you receive. Even if you have stopped getting tax credits, you still need to
The Future Fund: Breakthrough scheme will help innovative technology companies grow and bring new products to market in the wake of the coronavirus pandemic, the Government has suggested. The report comes after the initiative opened to new applications last week. If your business is seeking investment, here’s what you need to know. What is the
The next big step in the Government’s Making Tax Digital (MTD) initiative is rapidly approaching. From 6 April 2023, MTD is expanding to include businesses and landlords with a combined total gross income over £10,000 per annum, from the following sources: self-employment partnerships UK property overseas property. The changes mean affected taxpayers will have to keep
Penalties for late submission and late tax payments will be determined by a new points system to make them fairer and more consistent, HM Revenue & Customs (HMRC) has announced. Under the new system, penalties will be points-based rather than automatic. This means that those who consistently miss deadlines will accrue more points – and
Payments on account are advance payments towards your tax liability for the year, if you complete a UK Self-Assessment tax return and is a way of settling tax owed. The two deadlines for the self-employed to pay their tax bills are 31 January and 31 July of each year. These two payments are made during
From April 2023, the Corporation Tax rate will rise for companies with profits of more than £50,000, following the Chancellor’s announcement at his Spring 2021 Budget. However, the new higher rate of Corporation Tax will not be the same for all companies and will instead be tied to their profits. Companies generating profits of £250,000
Cloud accounting has revolutionised the lives of hundreds of thousands of business owners. Today it is reported that more than 50 per cent of small to medium-sized businesses are using the likes of Xero to keep their accounts in order. For small businesses from hairdressers to garage owners and coffee shops, this can be a
HM Revenue and Customs (HMRC) reported that 150,000 UK businesses have not yet made arrangements to pay back deferred VAT payments, and therefore owe the department £2.7 billion. As of 30 June 2021, nine per cent of the total VAT deferred by businesses during the covid-19 pandemic were unaccounted for, reveals information released by HMRC
Export sales to EU customers have fallen by “record” levels in the wake of the coronavirus pandemic, a major study has revealed. But the report, published by the British Chambers of Commerce (BCC), suggest that export sales as a whole are rising as the nation edges towards recovery. The figures – based on the responses
New guidance will help homeowners understand the implications of capital gains tax (CGT) when selling UK residential property, it has been revealed. HM Revenue & Customs (HMRC) said the new helpsheet – which can be downloaded here - will support taxpayers in complying with new reporting obligations. The guidance comes after major changes to the
It is a point that can be easy to lose sight of, but managing information effectively is fundamental to the success of any business. At the most basic level, this could mean ensuring that your costs do not exceed your income. At a more complex level, it could mean ensuring that orders trigger the provision
As the old saying goes, in this world, nothing is certain except death and taxes. So, it was inevitable that HM Revenue & Customs (HMRC) would turn its attention to cryptocurrencies. This is an area of which we hear plenty about, but few know much about, except they are a digital currency with no bank
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