Congratulations! You’re now the Director of your very own company. This is a very exciting time for you with lots going on. And because of that it’s easy to forget some of the fundamentals. Including how you can pay yourself from your Limited Company. And it’s not as straightforward as you may think. Being the […]
11
Jul
Jul
Are you Self Employed? If so, do you find it difficult taking time off? Personally, I do. And it’s been made much harder over the last few years. Covid put pay to any possibility of going abroad for a long time. Or anywhere in fact. And, by the look at those airport queues in the […]
01
Jul
Jul
The income threshold at which people have to start paying National Insurance changes on the 6th of July 2022. It’s one of the biggest National Insurance changes for years and increases the point at which you start paying it by £3,002 to £12,570 What exactly are the National Insurance changes? For the tax year 2021- […]
27
Jun
Jun
Making Tax Digital for VAT is mandatory for ALL VAT-registered businesses and has been since the 1st of April 2022. Even those under the VAT threshold (currently £85,000) must now comply. This means that all VAT-registered businesses are now required to: keep digital VAT records, and; send VAT returns using MTD-compatible software. Regardless of turnover. […]
12
May
May
There are reasons why getting your tax return done early makes good sense. Firstly, you know where you are in terms of how much you owe. Secondly, you have more time over which to spread the costs of your tax bill. And, thirdly, you know it’s done and dusted and don’t have to be worrying […]
25
Apr
Apr
It’s a tough time for small businesses as operating costs increase sharply. After a difficult couple of years, it’s once again a case of survival for many business owners. So what can you do to lessen the pain of rising costs? Here are a few things that may help: Make sure you have a firm […]
22
Apr
Apr
From the 31st of March 2022, new clients now need to use a new 64-8 form to give their accountant or tax adviser authority to deal directly with HMRC on their behalf. Existing clients do not need to re-authorise their current relationship. How to access the new 64-8 form You can download the new form […]
11
Apr
Apr
HMRC will need additional authorisation to discuss SEISS (the Self Employed Income Support Scheme) grants with your accountant if you wish them to do so. They say this is because the existing process – the 64-8 agent authorisation – was not designed to cover the support provided in response to coronavirus, such as SEISS grants, […]
04
Apr
Apr
The Chancellor recently made his annual Spring Statement speech where he set out the Government’s tax plan to support the UK economy, businesses and families in both the short and the medium term. It was delivered at a time of unprecedented cost of living rises and war in Ukraine. It also comes off the back […]
28
Mar
Mar
In order to claim tax relief for your employment expenses you need to complete the new P87 form which is now live on GOV.UK. You can find it by searching ‘New P87 form’ online. The form does not become mandatory until the 7th of May 2022 but you can access it and use it before […]
