Your Questions Answered
Covid 19 – Relief for the Self-Employed
Following the recent announcements from the Chancellor, HM Revenue & Customs have issued updated guidance on the support available to the self-employed. If you are self-employed or a partner in a partnership, then you need to check your eligibility by following...
Covid-19 What You Need to Know – Employers & Employees
Covid-19 Job Retention Scheme (Furloughed Employees) HMRC have updated the Job Retention Scheme details and we would like to simplify these rules to help you understand how the Government are going to help you. What you need to know – The Employer You can only use...
Covid-19 & VAT Deferral
On Friday 20th March, the Government announced help for VAT registered businesses. We detail below what that help means. UK based businesses who are VAT registered will now be able to defer their VAT payments that would be due within the period 20th March 2020 to 30th...
Covid-19 – For Self Employed
Last night, 26th March, the Chancellor addressed the remaining issue of helping the self-employed who have been unable to work due to Covid-19 or have lost work due to that virus. We summarise below those businesses that are eligible for this additional relief and how...
Covid-19 Help For Businesses
On Friday, 20th March, the Chancellor announced unprecedented levels of support for the British economy. The measures announced provided much need relief to employers, employees and businesses, we details those below. However, a big omission was the self-employed,...
Business Type: Limited Liability Partnership
Everything that we have said about Partnerships in the preceding post applies equally to Limited Liability Partnerships (LLPs). The LLP came into existence a few years ago following pressure from the legal and accountancy professions. The problem with standard...
Selling your buy to let property?
If you are an investor in residential lettings or had let your previous home and now you want to sell your property, you should consider selling before 5th April 2020. Some of the changes that will happen in the new tax year are: Filing a return within 30 days of sale...
Business Type: Limited Company
Limited companies have been around for several centuries and were typically used to fund new ventures such as overseas colonisation / exploitation. The rules governing companies were fairly loose compared to today's regulations and after several court cases in the...
Business Type: Partnership
Second only to sole traders / proprietors, partnerships have been around for centuries and in 1890, the Government passed the Partnership Act 1890. For our purposes, we need to look at Section 1 which defines a partnership as "the relation which subsists between...
Pension Provision
Providing for your future is important as people live longer and every day we see reduction in services for the aged and Government reducing the value of the State pension. You should consider contributing regularly to a personal pension scheme. If you are a basic...
Business Type: Sole Trader
This is the simplest and easiest form of business to set up. The terms sole trader / sole proprietor are the same and similarly being "self-employed". This business type can be used for any type of trade or vocation (service business). Officially, the only obligations...
End of Year Planning
Create a small checklist of things to consider before the end of your accounting period. The checklist should consider matters that are time relevant to you company accounting date and also applicable to the tax year ending 5th April.Matters Relevant to your Accounts...
Can’t pay your tax?
If you are unable to pay your tax, HM Revenue & Customs have now softened their approach and are more amenable if you are having genuine difficulties. There guidance can be found here:...
Higher Rate Taxpayer?
If you are paying tax at a higher rate, consider making additional pension payments, especially if you have self-employed earnings so that you are getting more money into your pension.
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