If your company is no longer trading and does not have any other income, you can tell HMRC that it is dormant. This will relieve you of the need to file a company tax return or pay corporation tax. However, while your company still exists, even if it is no longer trading, you will still […]
Tell HMRC That Your Company is Dormant Read More »
All individuals are entitled to an annual exempt amount for capital gains tax purposes. Net gains (chargeable gains less allowable losses) for the tax year are free of capital gain tax to the extent that they are covered by the annual exempt amount. For 2021/22, the annual exempt amount is set at £12,300. Use
Using Your Annual Exempt Amount For 2021/22 Read More »
There is a lot of preparation involved in setting up a business, and costs will be incurred, which may be substantial. Before it is able to start trading, a business may incur expenditure on items such as: acquiring premises; recruiting staff; buying stock; setting up website; IT costs; advertising and marketing; and travel and subsistence.
Tax Relief for Pre-trading Expenses Read More »
A PAYE Settlement Agreement (PSA) enables an employer to meet the tax on certain benefits and expenses on the employee’s behalf. This can be useful to preserve the goodwill nature of a benefit. Not all benefits are suitable for inclusion within a PSA. To qualify a benefit must fall into one of the following categories:
Amend Your PSA For Covid-19 Related Benefits Read More »
The Construction Industry Scheme (CIS) is a scheme whereby contractors of building firms are required to deduct tax at source from payments made to sub-contractors working for them. Some sub-contractors are entitled to be paid without any tax deduction, others at 30% as per HMRC’s instructions but the majority have 20% tax withheld before payment.
CIS Compliance for Property Developers Read More »
Hurry up! Apply for the Bounce Back loan sole trader scheme until it’s too late, as the last date to register for this scheme is 31 March 2021. Bounce Back Loan Scheme (BBLS): This scheme is aimed at uplifting small and medium-size businesses to get prompt cash during the Covid-19 pandemic. Only sole traders and
Apply for Coronavirus Bounce Back Loan Scheme Before it’s too late! Read More »
In July last year, the Government announced a temporary increase in the residential stamp duty land tax (SDLT) threshold to £500,000. The higher threshold applies where completion takes place between 8 July 2020 and 31 March 2021. From 1 April 2021, the threshold will revert to £125,000, with a higher threshold of £300,000 applying to
Deadline to benefit from increased SDLT threshold approaching Read More »
The flat rate VAT scheme is a simplified scheme for small businesses. Under the flat rate scheme, VAT-registered traders pay a fixed percentage of their VAT inclusive turnover to HMRC instead of the difference between the VAT that they charge and the VAT than they incur. The flat rate percentage depends on the business sector
Leaving the Flat Rate VAT Scheme Read More »
Finding the necessary funds for your business can be a challenging task. You can find multiple grants and reliefs offered by the government department, but understanding the steps, stages, and rules is the tricky part. A professional accountant can help you and you can compare accountants in UK through our platform. We will shed some
What Deductibles Can you Claim as an Employee Read More »
Despite getting constant aid from the government, many businesses are still struggling to keep up with profits after the pandemic. Corona business interruption loan scheme and bounce back loan scheme are some of the leading examples of the steps taken by the government to help out big and small-scale businesses. Many businesses may not be
What are Implications of Written Off Loans? Read More »
