For many years, the standard advice from accountants has been for Directors to pay themselves a salary and for shareholders to take dividends. Often in small companies, the Directors and Shareholders are the same people. This approach minimises the tax liability because dividends are taxed, or have been in the past, [...]
HMRC furlough mistake adds to employers’ burden With only ten days left before the deadline for submitting CJRS claims, HMRC has announced they have uncovered a mistake in their calculations “that could mean claims have been over or understated.” As a result of this, employers are being urged to recalculate their [...]
Information has been published by HMRC concerning the process for repaying VAT deferred by businesses during the first lockdown. To defer your payments, you will have to opt into the VAT Payment Deferral Scheme when it opens on 23rd February. We, as your agent, cannot opt into the scheme for you. [...]
Overcoming the 12 Barriers to Growth Every business owner who wants to grow their business will suffer growing pains; things that make growing difficult to achieve and prevent you from reaching your vision for the business. We call these the ‘Barriers to Growth’. The first step to overcoming these Barriers to [...]
VAT, or Value Added Tax, is known as a sales tax because it’s added to the sales your business makes. Most businesses can reclaim the VAT they suffer, so VAT is a tax on the consumer or the end user of a product or service. As a business who makes taxable [...]
COVID-19: Self-assessment taxpayers given extra month to file returns Breaking news! HMRC have extended the self-assessment deadline for tax payments until 28th February. This comes as "the government recognised the immense pressure caused by the pandemic.” HMRC are still urging people to pay on the 31st January if they can, stating [...]
If you are CIS registered and VAT registered, then from the 1st of March 2021 there will be changes to the way you account for VAT. This blog investigates these changes and what they mean for your business. The changes mean a VAT-registered business, which supplies certain construction services to another [...]
Key dates We have put together all this year’s key accounting and tax dates in one place, so you do not have to searching! Stay organised and view our 2021 Key dates page today! Click here. Covid-19: Vaccination rollout begins for over-70s in England Reports confirm that vaccinations for people over [...]
HMRC collected £1.4 billion in fines and penalties in the year to 31st March 2020. These are entirely avoidable penalties for late tax returns, unpaid tax etc. Companies House also collected millions in late filing penalties. To be forewarned is forearmed, so it is good to know the range and scope [...]
Key dates We have put together all this year’s key accounting and tax dates in one place, so you do not have to searching! Stay organised and view our 2021 Key dates page today! Click here. Factsheets Check out our latest factsheets to help your business today! Click here. Past Covid-19 [...]
