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# Moore Financial Management

Accounting and taxation services in Pembrokeshire

## Sitemaps

- [XML Sitemap](https://www.moorefinancialmanagement.wales/sitemap.xml): Contains all public & indexable URLs for this website.

## Posts

- [Insights](https://www.moorefinancialmanagement.wales/latest/) - [blog_posts style="normal" columns="3" columns__md="1" image_height="56.25%"]
- [10 Management Reports Law Firms should review](https://www.moorefinancialmanagement.wales/10-management-reports-law-firms-should-review/) - Discover the 10 management reports law firms should review each month to improve financial visibility and make better business decisions.
- [What Is a Law Firm Executive Dashboard?](https://www.moorefinancialmanagement.wales/what-is-a-law-firm-executive-dashboard/) - Learn how a Law Firm Executive Dashboard gives owners and partners instant financial visibility through key performance indicators and strategic reporting.
- [What Is the Law Firm Multiplier?](https://www.moorefinancialmanagement.wales/what-is-the-law-firm-multiplier/) - Learn what the Law Firm Multiplier is, how it measures fee-earner efficiency and why it is an important KPI for improving profitability.
- [Why Recovery Rates for Law Firms matter](https://www.moorefinancialmanagement.wales/why-recovery-rates-for-law-firms-matter/) - Discover why recovery rates for law firms matter, how they affect profitability and what owners can do when recovery rates fall.
- [How to measure Fee Earner Performance in a Law Firm](https://www.moorefinancialmanagement.wales/how-to-measure-fee-earner-performance-in-a-law-firm/) - Learn how to measure fee earner performance in a law firm using billing, utilisation, recovery rates and profitability measures.
- [Why Monthly Management Accounts for Law Firms matter](https://www.moorefinancialmanagement.wales/why-monthly-management-accounts-for-law-firms-matter/) - Discover why monthly management accounts for law firms help improve profitability, monitor performance and inform better strategic decisions.
- [What should Monthly Management Accounts for law firms include?](https://www.moorefinancialmanagement.wales/what-should-monthly-management-accounts-for-law-firms-include/) - Learn what monthly management accounts for law firms should include and how they help law firm owners monitor performance and make informed decisions.
- [Law Firm Management Accounts](https://www.moorefinancialmanagement.wales/law-firm-management-accounts/) - Discover what law firm management accounts are, why law firms use them and how regular financial insight helps directors make better decisions.
- [Improving Law Firm Profitability](https://www.moorefinancialmanagement.wales/improving-law-firm-profitability/) - It's easy to get caught up in the belief that improving law firm profitability requires bringing in more matters. Often, however, the most immediate gains are..
- [Strategic Financial Management for Law Firms](https://www.moorefinancialmanagement.wales/strategic-financial-management-for-law-firms/) - Why Strategic Financial Management for Law Firms Begins with a Controls Assessment. To scale a modern legal practice, strategic financial management for law...
- [The value of Cashflow Forecasting for Law Firms](https://www.moorefinancialmanagement.wales/the-value-of-cashflow-forecasting-for-law-firms/) - Cashflow forecasting for law firms is vital. It can transform your finances from a source of anxiety into a tool for strategic direction.
- [Improve your law firm cash flow](https://www.moorefinancialmanagement.wales/improve-your-law-firm-cash-flow/) - Are your billings hitting every monthly target, but you are still constantly wondering how to improve your law firm cash flow to comfortably meet payroll?
- [Shifting the Rules for SRA Financial Compliance](https://www.moorefinancialmanagement.wales/shifting-the-rules-for-sra-financial-compliance/) - Yesterday's SRA announcement brings a new £600k turnover rule and mandatory reporting. Learn how to secure your SRA financial compliance.
- [What is law firm lock-up?](https://www.moorefinancialmanagement.wales/what-is-law-firm-lock-up/) - What is Law Firm Lock-Up? The Critical Financial Metric you might be ignoring. As a law firm owner, you likely keep a close eye on your monthly billings, fee...
- [Payrolling for Law Firms](https://www.moorefinancialmanagement.wales/payrolling-for-law-firms/) - Payrolling for Law Firms isn't mandatory until 2027 but we've already helped transition some of our clients across to this new way of reporting Benefits in Kind
- [April 2026 Tax Changes for Law Firms](https://www.moorefinancialmanagement.wales/april-2026-tax-changes-for-law-firms/) - The April 2026 tax changes for law firms will directly how directors extract profit. Rising taxes on dividends and loan accounts mean many...
- [Owner’s Effective Hourly Rate](https://www.moorefinancialmanagement.wales/owners-effective-hourly-rate/) - Are you actually earning what you think you are, or is your Owner’s Effective Hourly Rate telling a different story? For many high-level leaders, there is.....
- [Why am I still paying National Insurance after 35 qualifying years](https://www.moorefinancialmanagement.wales/why-am-i-still-paying-national-insurance-after-35-qualifying-years/) - We’ve all heard it in the office or at the pub: "Why am I still paying National Insurance after 35 qualifying years if I've got my full contributions?"
- [HMRC Online Filing Service Closure](https://www.moorefinancialmanagement.wales/hmrc-online-filing-service-closure/) - The HMRC Online Filing Service Closure marks a major change which presents law firms and professional services business owners with a strategic opportunity
- [Dividend Reporting Changes](https://www.moorefinancialmanagement.wales/dividend-reporting-changes/) - The 2025/26 tax year bring significant dividend reporting changes - particularly for directors and shareholders of owner-managed companies (close companies)
- [ACSP Changes](https://www.moorefinancialmanagement.wales/acsp-changes/) - The ACSP changes mark a big shift in how trust and identity are managed at Companies House. For accounting firms there’s both risk and opportunity to become a..
- [Making Tax digital securely](https://www.moorefinancialmanagement.wales/making-tax-digital-securely/) - Making Tax Digital securely isn’t just about meeting deadlines — it’s about safeguarding the foundation of your business.
- [Windows 10 End of Life](https://www.moorefinancialmanagement.wales/windows-10-end-of-life/) - Find out why Windows 10 End of Life matters, what risks it creates, and how to keep your business safe from cyber threats
- [Tax year overview](https://www.moorefinancialmanagement.wales/tax-year-overview/) - If you’re applying for a mortgage, loan, or other type of finance, as well as your tax return, the lender often asks for a Tax Year Overview (TYO). What is it?
- [SA302 Tax Calculations](https://www.moorefinancialmanagement.wales/sa302-tax-calculations/) - If you’re self-employed and applying for a mortgage or loan, lenders often ask for SA302 tax calculations. But what exactly are they, and how do you get one?
- [Making Tax Digital is coming](https://www.moorefinancialmanagement.wales/making-tax-digital-is-coming/) - Making Tax Digital is coming in April 2026. And it’s the biggest change to Income Tax since HMRC launched Self Assessment more than 30 years ago.
- [2 Corporation tax returns in the first year?](https://www.moorefinancialmanagement.wales/2-corporation-tax-returns-in-the-first-year/) - New company? You may need to file not 1 but 2 corporation tax returns in the first year. Find out why and how to stay compliant with HMRC.
- [First Limited Company Accounts longer than 12 months?](https://www.moorefinancialmanagement.wales/first-limited-company-accounts-longer-than-12-months/) - Setting up a company? Your first Limited Company accounts may cover more than 12 months. Learn why and how it affects your corporation tax and deadlines.
- [Choose the right MTD Accountant](https://www.moorefinancialmanagement.wales/choose-the-right-mtd-accountant/) - With Making Tax Digital for Income Tax coming in April 2026, to choose the right MTD accountant is more important now than ever. Here’s how to find someone who
- [What Counts as Income for Self Assessment](https://www.moorefinancialmanagement.wales/what-counts-as-income-for-self-assessment/) - If you’re unsure what counts as income for Self Assessment, this guide will help you understand what you need to report to HMRC.
- [Self Assessment Expenses](https://www.moorefinancialmanagement.wales/self-assessment-expenses/) - Self Assessment Expenses Explained. If you're unsure what you can and can’t claim on your tax return, this guide to Self Assessment expenses explained will help
- [Self-Employed Making Tax Digital for Income Tax](https://www.moorefinancialmanagement.wales/self-employed-making-tax-digital-for-income-tax/) - Self Employed Making Tax Digital for Income Tax: What it means for you If you earn over £50,000 per year and you're self-employed Making Tax Digital for Income Tax (MTD for ITSA) will affect how you report your income from April 2026. Here’s what you need to know to stay compliant and stress-free. What Is Self
- [MTD for ITSA Key Dates and Deadlines](https://www.moorefinancialmanagement.wales/mtd-for-itsa-key-dates-and-deadlines/) - If you're self-employed or a landlord, Making Tax Digital for Income Tax (MTD for ITSA) will change how and when you report your income. Here’s a simple breakdown of the MTD for ITSA key dates and deadlines so you don’t get caught out. MTD for ITSA Key Dates and Deadlines Current Timeline for MTD for ITSA
- [How MTD Affects Self-Employed Sole Traders](https://www.moorefinancialmanagement.wales/how-mtd-affects-self-employed-sole-traders/) - If you're a sole trader earning over £50,000, you’ll need to follow Making Tax Digital for Income Tax (MTD for ITSA) from April 2026. This post explains how MTD Affects Self-Employed Sole Traders - what’s changing, what you’ll need to do, and how to get ready. How MTD Affects Self-Employed Sole Traders What Is MTD
- [Signing Up for MTD for ITSA](https://www.moorefinancialmanagement.wales/signing-up-for-mtd-for-itsa/) - If you're self-employed or a landlord with income over £50,000, you’ll need to follow Making Tax Digital for Income Tax (MTD for ITSA) from April 2026. Here’s a simple, step-by-step guide to signing up for MTD for ITSA to help you. Signing up for MTD for ITSA Step 1: Check If You're Eligible You can
- [Top 5 Self Assessment Mistakes](https://www.moorefinancialmanagement.wales/top-5-self-assessment-mistakes/) - If you're filing a tax return, avoid these top 5 Self Assessment mistakes to save money and stay compliant. Top 5 Self Assessment Mistakes 1. Missing the Deadline Self Assessment deadlines are: 31 January – for filing online returns and paying any tax owed 31 July – for the second payment on account (if applicable)
- [The Best Software for Making Tax Digital](https://www.moorefinancialmanagement.wales/the-best-software-for-making-tax-digital/) - With MTD deadlines approaching, searches for the best software for Making Tax digital are on the increase. And that makes total sense because, choosing the right software is key to staying compliant and making life easier. Whether you're a sole trader, landlord, or run a small business, here’s a guide to the top options. How
- [Making Tax Digital for Landlords](https://www.moorefinancialmanagement.wales/making-tax-digital-for-landlords/) - Making Tax Digital for Landlords: What you need to do now From April 2026, landlords earning over £50,000 from UK property will need to follow new rules under Making Tax Digital for Income Tax (MTD for ITSA). If you are one, here’s what Making Tax Digital for Landlords means and how to prepare. Making Tax
- [Making Tax Digital for Income Tax](https://www.moorefinancialmanagement.wales/making-tax-digital-for-income-tax/) - Making Tax Digital for Income Tax: What It Means and Who Needs to Comply Making Tax Digital for Income Tax Self Assessment (MTDITSA) is on the horizon. From April 2026, many sole traders and landlords will need to change how they report income to HMRC. This guide breaks it down simply: who it affects, what
- [How much should I pay for a good Accountant?](https://www.moorefinancialmanagement.wales/how-much-should-i-pay-for-a-good-accountant/) - Hiring an accountant can save you time, money, and stress, but lots of you ask ‘How Much Should I Pay for a Good Accountant? The cost of an accountant varies depending on factors such as the complexity of your finances, the level of service you need, and the accountant’s experience. How much should I pay
- [Do I Have to Pay Tax on Selling Personal Items?](https://www.moorefinancialmanagement.wales/do-i-have-to-pay-tax-on-selling-personal-items/) - Many people in the UK sell personal items online or at car boot sales. And some have started asking 'do I have to pay tax on selling personal items?' The answer depends on what you're selling and how often. Do I Have to Pay Tax on Selling Personal Items for Less Than I Paid? If
- [Do you Need to Pay Tax if Someone Transfers Money into your Bank Account?](https://www.moorefinancialmanagement.wales/do-you-need-to-pay-tax-if-someone-transfers-money-into-your-bank-account/) - Receiving money into your bank account can sometimes raise questions about tax obligations. For instance, Do you need to pay tax if someone transfers money into your bank account? The answer depends on where the money comes from and why you are receiving it. Do you need to pay tax if someone transfers money into
- [Why Does Vinted Want your National Insurance Number?](https://www.moorefinancialmanagement.wales/why-does-vinted-want-your-national-insurance-number/) - If you sell on Vinted, you may have been asked to provide certain information. But why does Vinted Want your National Insurance Number, and is it required? Compliance with UK Tax Regulations Online marketplaces like Vinted must comply with UK tax laws, including rules introduced under the EU’s Digital Platforms Directive. This means they must
- [Is hiring an Accountant worth It?](https://www.moorefinancialmanagement.wales/is-hiring-an-accountant-worth-it/) - While hiring an accountant is an added expense, it can save you time and reduce the risk of costly errors or penalties. An accountant can also help identify tax-saving opportunities and ensure compliance with HMRC regulations. But is hiring an Accountant worth it? If you're unsure about Self-Assessment or need expert guidance, consulting an accountant
- [How much do UK Accountants charge for Self-Assessment?](https://www.moorefinancialmanagement.wales/how-much-do-uk-accountants-charge-for-self-assessment/) - Filing a Self-Assessment tax return can be stressful, and many people choose to hire an accountant to ensure accuracy and compliance. But how much do Accountants charge for Self-Assessment in the UK? Fees vary depending on several factors, including the complexity of your tax return and the accountant’s experience. How much do Accountants charge for
- [Spring Statement 2025](https://www.moorefinancialmanagement.wales/spring-statement-2025/) - Spring Statement 2025: Key Takeaways Chancellor Rachel Reeves delivered the Spring Statement 2025 on March the 26th 2025, outlining major fiscal policies aimed at addressing economic challenges. The statement introduced measures impacting welfare, taxation, defence, and infrastructure. Economic Growth and Inflation Outlook in the Spring Statement 2025 The Office for Budget Responsibility (OBR) projects economic
- [How to Prepare for the New Tax Year 2025](https://www.moorefinancialmanagement.wales/how-to-prepare-for-the-new-tax-year-2025/) - To ensure you know how to prepare for the New Tax Year 2025 here are a few things to consider Review Your Financial Situation Now is a great time to look over your finances and see if there are any tax-saving opportunities or adjustments you can make before the new tax year begins. If you’re
- [Micro Company Accounts Thresholds](https://www.moorefinancialmanagement.wales/micro-company-accounts-thresholds/) - The UK government is set to put Micro Company Accounts thresholds up from April 2025, making it easier for small businesses to qualify for simpler accounting and reporting requirements. If you’re running a small business or thinking of setting one up, these changes may have significant implications for how you report your financial affairs. In
- [Do I Have to Pay Taxes if I Sell Clothes Online?](https://www.moorefinancialmanagement.wales/do-i-have-to-pay-taxes-if-i-sell-clothes-online/) - Selling clothes online can be a fun and profitable way to earn extra income, whether you're clearing out your wardrobe, selling handmade items, or running a full-scale business. However, one of the most important questions many online sellers ask is: “Do I have to pay taxes if I sell clothes online?” In the UK, the
- [Do Etsy Inform HMRC?](https://www.moorefinancialmanagement.wales/do-etsy-inform-hmrc/) - As an online seller on platforms like Etsy, it’s important to understand your tax obligations and how HMRC (Her Majesty's Revenue and Customs) views your earnings. One common question many Etsy sellers have is: “Do Etsy inform HMRC?” The answer to this question is not entirely straightforward, but it’s important to know the responsibilities you
- [Do I have to report all income?](https://www.moorefinancialmanagement.wales/do-i-have-to-report-all-income/) - As a taxpayer in the UK, one of the most common questions people have is, “Do I have to report all income?” The short answer is yes – generally, you are required to report all your income to HMRC. However, there are some exceptions and thresholds that might apply, depending on the type of income
- [How much can you sell online before paying tax in the UK?](https://www.moorefinancialmanagement.wales/how-much-can-you-sell-online-before-paying-tax-in-the-uk/) - In recent years, selling goods online has become a popular way to earn extra income. Whether through platforms like eBay, Etsy, or Facebook Marketplace. And, because of this, lots of people now ask “How much can I sell online before paying tax in the UK?” The answer depends on a few factors, including how much
- [Do I need to tell HMRC about my Vinted Income?](https://www.moorefinancialmanagement.wales/do-i-need-to-tell-hmrc-about-my-vinted-income/) - If you’ve been selling clothes or other items on Vinted, you might be wondering, “Do I need to tell HMRC about my Vinted income?” The answer depends on a few factors, including how much you’re earning and whether it’s considered a business activity. In this post, we’ll help you understand your tax obligations when using
- [Do I Need to Report My Online Income?](https://www.moorefinancialmanagement.wales/do-i-need-to-report-my-online-income/) - We've had lots of enquiries recently with people asking us 'Do I need to report my online income?' And we've helped them with that so we thought we'd create this post to help you. In today’s digital age, many people in the UK are earning extra income from online platforms. Whether it’s selling products on
- [How Do I Pay My Self Assessment?](https://www.moorefinancialmanagement.wales/how-do-i-pay-my-self-assessment/) - If you’re self-employed or earn income outside of PAYE, you’ve likely asked: “How do I pay my Self Assessment?” In this guide, we’ll walk you through the process step by step, ensuring you meet HMRC’s deadlines and avoid penalties. How do I pay my Self Assessment? Step 1: Complete Your Tax Return Before making a
- [How to Pay VAT](https://www.moorefinancialmanagement.wales/how-to-pay-vat/) - VAT (or Value Added Tax) is a tax charged on the sale of goods and services in the UK. If your business is VAT-registered, you'll need to understand how to pay VAT and report it to HM Revenue & Customs (HMRC). In this guide, we'll take you through the steps of paying VAT. How to
- [Disposal of Private Residence](https://www.moorefinancialmanagement.wales/disposal-of-private-residence/) - When selling a property that has been your main residence, you may be subject to Capital Gains Tax (CGT) on any profit made from the sale. However, certain exemptions and reliefs are available to reduce or eliminate CGT liability. In this guide, we'll explore the process of the disposal of a private residence in the
- [Minimum Ages Children Can Work](https://www.moorefinancialmanagement.wales/minimum-ages-children-can-work/) - Laws are in place to protect the well-being and education of young people while ensuring they have opportunities to gain valuable work experience. In the UK, strict regulations govern the minimum ages children can work and the types of employment they can undertake. In this guide, we'll explore the key provisions of UK employment laws
- [VAT on Self-Builds](https://www.moorefinancialmanagement.wales/vat-on-self-builds/) - Undertaking a self-build project can be an exciting and rewarding endeavour, but it also comes with various financial considerations. One potential benefit for self-builders in the UK is the possibility of reclaiming VAT on certain building costs. In this guide, we'll explore how to go about reclaiming VAT on self-builds, helping you maximise your financial
- [Running a Payroll](https://www.moorefinancialmanagement.wales/running-a-payroll/) - Running a payroll is a critical aspect of managing your business's workforce effectively. It involves calculating employee wages, deducting taxes, and ensuring compliance with employment laws. In this guide, we'll outline best practices for running a payroll efficiently, helping you streamline your operations and ensure accurate and timely payments to your employees. Running a Payroll:
- [Payrolling](https://www.moorefinancialmanagement.wales/payrolling/) - The government is expanding the current payrolling process for the reporting and payment of Income Tax and Class 1A National Insurance Contributions on benefits in kind. This will mean that payrolling of benefits in kind (BiKs) will be mandated from April 2026. More information is available about the Simplification Update statement on the parliament.uk website. Payrolling the
- [Setting up a Payroll](https://www.moorefinancialmanagement.wales/setting-up-a-payroll/) - Setting up a Payroll Setting up a payroll system is essential for any business with employees. Payroll involves more than just paying employees; it encompasses various tasks, including calculating wages, deducting taxes, and ensuring compliance with employment laws. In this guide, we'll walk you through the process of setting up a payroll, helping you streamline
- [Can I Reclaim VAT?](https://www.moorefinancialmanagement.wales/can-i-reclaim-vat/) - ‘Can I Reclaim VAT?’ is a question we get asked most often when a business owner is considering voluntary VAT registration. VAT is a significant consideration for businesses in the UK, but it's not just about paying it; you may indeed also be able to reclaim VAT on certain purchases. In this guide, we'll explore
- [How to Pay PAYE](https://www.moorefinancialmanagement.wales/how-to-pay-paye/) - Paying your employees accurately and on time is a fundamental aspect of running a business. If you're an employer in the UK, you'll need to understand and manage Pay As You Earn (PAYE) taxes. In this guide, we'll walk you through the process of how to pay PAYE, ensuring compliance with HM Revenue & Customs
- [Allowable Expenses for Partnerships](https://www.moorefinancialmanagement.wales/allowable-expenses-for-partnerships/) - Understanding allowable expenses for partnerships not only ensures compliance with HMRC but can also maximise profits. In this guide, we'll explore the ins and outs of allowable expenses for partnerships in simple terms. Partnerships, as defined by HMRC, are formed when two or more individuals carry on a business together with a view to making
- [How to Pay Your Corporation Tax](https://www.moorefinancialmanagement.wales/how-to-pay-your-corporation-tax/) - Paying Corporation Tax is an essential responsibility for limited companies in the UK. Here's a step-by-step guide to help you understand how to pay your corporation tax. How to Pay Your Corporation Tax Understand Your Tax Liability Before you can pay your Corporation Tax, you need to determine how much you owe. Your tax liability
- [Limited Company Taxes](https://www.moorefinancialmanagement.wales/limited-company-taxes/) - As a Director, understanding Limited Company taxes is pretty important. Getting to grips with your tax obligations is crucial for financial planning and compliance. Limited companies have specific tax requirements that differ from sole traders or partnerships. In this post, we'll look into the key aspects of limited company taxes, helping you navigate this complex
- [Limited Company Accounts](https://www.moorefinancialmanagement.wales/limited-company-accounts/) - Limited company accounts are essential financial documents that provide a snapshot of a company's financial health. These accounts are not just a legal requirement; they also offer valuable insights into the company's performance and stability. Limited Company Accounts Limited companies are legally required to prepare and file annual accounts with Companies House. These accounts include
- [Bookkeeping for a Limited Company](https://www.moorefinancialmanagement.wales/bookkeeping-for-a-limited-company/) - Proper bookkeeping for a limited company is essential for success. As the backbone of financial management, bookkeeping ensures accurate records of your company's transactions. Whether you're just starting out or looking to improve your current system, mastering the basics of bookkeeping is crucial. Bookkeeping for a Limited Company To begin with, it's important to understand
- [How you can pay yourself from your Limited Company](https://www.moorefinancialmanagement.wales/how-you-can-pay-yourself-from-your-limited-company/) - 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
- [Sole Trader or Limited Company](https://www.moorefinancialmanagement.wales/sole-trader-or-limited-company/) - Sole trader or limited company: which is best for you? If you’re a sole trader, you may have heard that you can save tax by running your business through a limited company. This could indeed be the case, but there are many factors you should consider before you decide whether Sole Trader or Limited company is the
- [Advantages of incorporation](https://www.moorefinancialmanagement.wales/advantages-of-incorporation/) - If you’re a sole trader, you may have heard that there are lots of advantages of incorporation such as saving tax. This could be the case, but there is a lot you should consider before you decide whether trading as a Limited company is best for you. Advantages of incorporation Switching from sole trader to
- [Disadvantages of incorporation](https://www.moorefinancialmanagement.wales/disadvantages-of-incorporation/) - If you’re a sole trader, you may have heard that you can save tax by running your business through a limited company. This could indeed be the case, but there are some disadvantages of incorporation. Disadvantages of incorporation Running a limited company means more paperwork Sole traders have to file a personal tax return to HMRC each year. However,
- [Setting up a limited company](https://www.moorefinancialmanagement.wales/setting-up-a-limited-company/) - Setting up a limited company can be a smart move for your business, providing legal protection and tax benefits. Here's an overview of the process involved. Setting up a Limited Company Choose a Company Name Select a name that is unique and not already in use by another registered company. Ensure it complies with legal
- [Choosing a Name for Your Limited Company](https://www.moorefinancialmanagement.wales/choosing-a-name-for-your-limited-company/) - Choosing a name for your limited company is a crucial step in establishing your business identity. Your company name plays a significant role in shaping your brand and how customers perceive you. It's essential to select a name that reflects your company's values, vision, and the products or services you offer. Choosing a Name for
- [Extracting Funds from Your Limited Company](https://www.moorefinancialmanagement.wales/extracting-funds-from-your-limited-company/) - As a director of a limited company, you may wonder how best to access funds for personal use. It's a common query among business owners who want to balance their company's financial health with their personal needs. Fortunately, there are several methods available for extracting funds from your limited company, each with its own implications
- [Taking Dividends from your Limited Company](https://www.moorefinancialmanagement.wales/taking-dividends-from-your-limited-company/) - We often advise clients, like you, on the best ways to manage their finances within a limited company structure. One of the key considerations for you, as business owners, is how to extract profits from your company efficiently. One way to do this is by taking Dividends from your Limited Company Taking Dividends from your
- [Records you need to keep for your Limited Company](https://www.moorefinancialmanagement.wales/records-you-need-to-keep-for-your-limited-company/) - As a Company Director, maintaining proper records is crucial for compliance and financial clarity. Keeping accurate records ensures you meet legal requirements and helps in decision-making. Read on to find out what records you need to keep for your Limited Company Records You Need to Keep for Your Limited Company Financial Records You must keep
- [Are Electric Cars a Company Expense?](https://www.moorefinancialmanagement.wales/are-electric-cars-a-company-expense/) - With the shift towards greener fuels we often get asked ‘Are Electric Cars a Company Expense?’ As a business owner you may be considering transitioning to electric vehicles due to environmental concerns and potential cost savings. However, the tax treatment of electric cars can be complex. Are Electric Cars a Company Expense? Electric cars can
- [Reporting Requirements of a Limited Company](https://www.moorefinancialmanagement.wales/reporting-requirements-of-a-limited-company/) - Understanding the reporting requirements of a limited company is crucial for Directors. Limited companies are required by law to prepare and file various documents with Companies House and HM Revenue & Customs (HMRC). These reporting requirements ensure transparency and compliance with statutory regulations. In this blog post, we’ll explore the key reporting obligations of a
- [National Insurance contributions checker](https://www.moorefinancialmanagement.wales/national-insurance-contributions-checker/) - HMRC have launched an online National Insurance contributions checker tool where you can estimate how the April 2024 NI changes will affect you or your employees. Some employees, by now, will have received a payslip reflecting the main Class 1 National Insurance contributions rate reduction from 6 April 2024 from 10% to 8% and others
- [National Insurance rate changes](https://www.moorefinancialmanagement.wales/national-insurance-rate-changes/) - National Insurance rate changes took effect on the 6th of April 2024. This is how they affect you if you are Self Employed. Self-employed National Insurance rate changes The National Insurance contribution rates for the self-employed across the UK were cut by a further 2 pence at Spring Budget 2024, on top of the 1
- [How Do I Register as an Employer?](https://www.moorefinancialmanagement.wales/how-do-i-register-as-an-employer/) - When, like many of our clients, your business expands you may start thinking about taking on staff. It’s usually at this point we get asked "How do I register as an employer?" Registering as an employer is an important step for any business that plans to hire staff. It not only ensures compliance with HM
- [Do I need to set up an Auto Enrolment Pension Scheme?](https://www.moorefinancialmanagement.wales/do-i-need-to-set-up-an-auto-enrolment-pension-scheme/) - New employers often ask us ‘Do I Need to Set Up an Auto Enrolment Pension Scheme?’ Well, the answer depends. But In this blog post, I'll break down the essentials of Auto Enrolment and help you determine if your business needs to implement it. Auto Enrolment is a government initiative aimed at encouraging more people
- [Partnership Accounts](https://www.moorefinancialmanagement.wales/partnership-accounts/) - Partnership accounts are not a legal requirement but are still crucial for businesses run by more than 1 person. In this post, we'll look at the basics of partnership accounting. Partnership Accounts Essentially, partnership accounts involve recording financial transactions and preparing financial statements for businesses owned by two or more partners. These transactions include: revenue,
- [How Do I Pay Tax in a Partnership?](https://www.moorefinancialmanagement.wales/how-do-i-pay-tax-in-a-partnership/) - One of the most important questions a partner in business asks me is ‘How Do I Pay Tax in a Partnership?’ In this post, we'll look at the basics of paying tax in a partnership and what you need to know to stay compliant with HMRC regulations. How Do I Pay Tax in a Partnership?
- [Furnished Holiday Lets](https://www.moorefinancialmanagement.wales/furnished-holiday-lets/) - Furnished Holiday Lets (FHLs) in the UK have become more and more popular recently. For property owners and investors, understanding the tax situation when it comes to FHLs can lead to tax savings and a more profitable venture. What Are Furnished Holiday Lets? Furnished Holiday Lets, as the name suggests, are residential properties that are
- [Partnership Tax Returns](https://www.moorefinancialmanagement.wales/partnership-tax-returns/) - Running a partnership can be rewarding, offer flexibility and success. However, things can get a bit confusing, especially when it comes to partnership tax returns. The purpose of this blog post is to explain the process involved. What are Partnership Tax Returns? Unlike a limited company or Sole Trader, a partnership doesn't pay tax. Instead,
- [2024 Spring Budget](https://www.moorefinancialmanagement.wales/2024-spring-budget/) - Last week, the Chancellor made his 2024 Spring Budget speech, setting out the government’s plans. These include bringing forward a series of reforms to ensure the tax system is simple, fair and keeps pace with economic developments. Personal Tax in the 2024 Spring Budget Speech National Insurance contributions (NICs) The government has announced a cut
- [What You Need to Report as a Partnership](https://www.moorefinancialmanagement.wales/what-you-need-to-report-as-a-partnership/) - Partnerships offer a flexible and popular business structure, but they come with specific reporting requirements that demand attention. In this guide, we'll break down what you need to report as a partnership, simplifying complex tax jargon into easy-to-understand terms. What You Need to Report as a Partnership Partnership Tax Return The cornerstone of partnership taxation
- [Records you need to keep as a Partnership](https://www.moorefinancialmanagement.wales/records-you-need-to-keep-as-a-partnership/) - As a partnership, it's crucial to keep thorough records of your financial transactions and activities. These records not only help you stay organised but also ensure compliance with tax laws and provide valuable insights into the financial health of your business. In this blog post, we'll discuss the records you need to keep as a
- [How Do I Pay Myself from a Partnership?](https://www.moorefinancialmanagement.wales/how-do-i-pay-myself-from-a-partnership/) - One of the most important questions to ask yourself if you run one is, "How do I pay myself from a Partnership?". In this guide, we'll explain how partners can pay themselves from their partnership, ensuring compliance with HMRC regulations while also maximising their income. Understanding Partnerships Firstly, let's clarify what a partnership is. In
- [How to Register a Partnership for Tax](https://www.moorefinancialmanagement.wales/how-to-register-a-partnership-for-tax/) - Setting up a partnership can be an exciting time. However, it's crucial not to overlook the necessary steps for tax registration. In this guide, we'll explain the process of how to register a partnership for tax in the UK. Firstly, it's important to define what a partnership is for tax purposes. In the UK, a
- [Choosing a Partnership Name](https://www.moorefinancialmanagement.wales/choosing-a-partnership-name/) - When it comes to going into business with someone else, choosing a partnership name is pretty important. It's not just a label; it's the identity that will represent your business to the world. It can also reflect your brand, values, and aspirations. Choosing a Partnership Name First and foremost, it's essential to understand the legalities
- [How to Set Up a Partnership](https://www.moorefinancialmanagement.wales/how-to-set-up-a-partnership/) - When starting a business, choosing the right structure is crucial for its success. One option to consider is a partnership. In this guide, we'll explain the process of how to set up a partnership, outlining the steps involved and key considerations. How to Set Up a Partnership in detail Understanding Partnerships A partnership is a
- [How Do I Submit My VAT Returns?](https://www.moorefinancialmanagement.wales/how-do-i-submit-my-vat-returns/) - After registering for VAT you may well be asking "How do I submit my VAT returns?". Submitting them accurately and on time is crucial to staying compliant with HM Revenue & Customs (HMRC) regulations. In this guide, we'll explain the steps necessary. How do I submit my VAT returns? Firstly, it's essential to understand your
- [How Do I Sign Up to MTD for VAT?](https://www.moorefinancialmanagement.wales/how-do-i-sign-up-to-mtd-for-vat/) - Even if you are able to register for VAT you still may ask ‘how do I sign up to MTD for VAT?’ In this blog post, we'll break down the steps you need to take. Firstly, it's important to understand what MTD for VAT entails. Essentially, it's a government initiative that requires businesses to keep
- [What travel expenses can I claim?](https://www.moorefinancialmanagement.wales/what-travel-expenses-can-i-claim/) - 'What travel expenses can I claim?' is a question we're often asked by clients So we thought we'd write this post to help you understand the answer to that very question. What travel expenses can I claim? Traveling for business or work-related purposes often involves a myriad of expenses, and understanding what you can legitimately
- [Do I Need to Sign Up to Making Tax Digital?](https://www.moorefinancialmanagement.wales/do-i-need-to-sign-up-to-making-tax-digital/) - Because it’s gone a bit quiet now ‘Do I Need to Sign Up to Making Tax Digital?’ isn’t a question I hear anymore. But, with the government's push towards digitalisation of tax processes, MTD is still an important aspect for businesses and individuals alike. In this blog post, I'll break down what MTD is, who
- [Advantages of Voluntary VAT Registration](https://www.moorefinancialmanagement.wales/advantages-of-voluntary-vat-registration/) - If you're a small business owner or a freelancer in the UK, you might have heard about VAT (Value Added Tax) and wondered about registering. Well, wonder no more! We take a look here at the advantages of voluntary VAT registration in plain and simple terms. Firstly, let's quickly recap what VAT is. VAT is
- [How Do I Register for VAT?](https://www.moorefinancialmanagement.wales/how-do-i-register-for-vat/) - Understanding the process of registering for VAT is crucial for businesses operating in the UK. We sometimes get clients ask us ‘How do I register for VAT?’ In this guide, we'll walk you through the steps involved in simple and easy-to-understand terms. How do I register for VAT? Determine if You Need to Register The
- [Disadvantages of Voluntary VAT Registration](https://www.moorefinancialmanagement.wales/disadvantages-of-voluntary-vat-registration/) - As an accountant specialising in taxation, I often get clients who are considering voluntary VAT registration. While VAT registration can offer certain benefits to businesses, it's crucial to weigh the advantages against the potential drawbacks. In this blog post, we'll explore the disadvantages of voluntary VAT registration and why it may not be the right
- [Do I Need to Register for VAT?](https://www.moorefinancialmanagement.wales/do-i-need-to-register-for-vat/) - One of the most common questions I get from small business owners is, "Do I need to register for VAT?" It's a crucial question that can have significant implications for your business's finances and compliance obligations. In this post, we'll guide you through the key factors to consider when determining whether VAT registration is necessary
- [Allowable Expenses for the Self Employed](https://www.moorefinancialmanagement.wales/allowable-expenses-for-the-self-employed/) - Managing your finances effectively is crucial for the success and sustainability of your business. When working for yourself, a key aspect of that is understanding and taking advantage of allowable expenses. In this blog post, we’ll delve into the world of allowable expenses for the self employed, helping you navigate the complexities of the UK
- [Rental Income](https://www.moorefinancialmanagement.wales/rental-income/) - Whether you're a seasoned property investor or a first-time landlord, understanding the tax situation when it comes to your rental property is crucial for optimising your returns. In this guide, we will delve into the key aspects of rental income in the UK and explore strategies to maximise your profitability. Understanding Rental Income Rental income
- [eBay Tax](https://www.moorefinancialmanagement.wales/ebay-tax/) - There’s been a dramatic rise in online searches for eBay tax recently. This is, in part, due to confusion over changes to the platform’s requirement to report to HMRC. It’s been a hot topic in the press so we wanted to try and shed some light on the subject. Although the way eBay, and other
- [Allowable Expenses for Travel Bloggers](https://www.moorefinancialmanagement.wales/allowable-expenses-for-travel-bloggers/) - As a travel blogger, your passion for exploring new destinations and sharing your experiences with the world often takes you to breathtaking places. From savouring the aroma of street food in Bangkok to capturing the sunrise over Santorini's azure waters, your journey is not only one of discovery but also a business endeavour. Just like
- [Vinted Tax](https://www.moorefinancialmanagement.wales/vinted-tax/) - In the ever-evolving landscape of online marketplaces, Vinted has become a staple for UK sellers looking to declutter their closets and find unique fashion gems. However, as the popularity of Vinted grows, so does the need for sellers to understand the income tax implications of their transactions. As a UK accountant, I'm here to shed
- [Airbnb Tax](https://www.moorefinancialmanagement.wales/airbnb-tax/) - The sharing economy has revolutionised the way people travel, with platforms like Airbnb providing unique accommodations and experiences. Airbnb tax has been a hot topic in the press recently and, as a UK host, it's crucial to unravel the tax implications tied to your rental income. In this blog post, we'll look at Airbnb tax
- [Side Hustle Tax](https://www.moorefinancialmanagement.wales/side-hustle-tax/) - With more people using side hustles to boost their income, understanding the tax implications is crucial. This blog post aims to clear up some of the confusion over side hustle tax in the UK. Understanding Side Hustle Tax Taxable Income Side hustle earnings are considered taxable income, and it's essential for you to accurately report
- [Can Christmas Gifts Be Tax Deductible?](https://www.moorefinancialmanagement.wales/can-christmas-gifts-be-tax-deductible/) - It's that time of the year again when the festive spirit is in the air, and you're busy selecting thoughtful gifts for your clients, employees, or business associates. While the act of giving is heart warming, many business owners ask ‘can Christmas gifts be tax deductible?’ After all, who wouldn't appreciate a little extra help
- [Is a Company Christmas Party Tax Deductible?](https://www.moorefinancialmanagement.wales/is-a-company-christmas-party-tax-deductible/) - The holiday season is a time for joy, celebration, and, for many businesses, the annual Christmas party. While planning the perfect soirée for your employees is a wonderful way to spread festive cheer and boost team morale, there's one crucial question that often looms over the party planning process. And that’s "Is a company Christmas
- [Can I Reclaim VAT on Christmas Party Expenses?](https://www.moorefinancialmanagement.wales/can-i-reclaim-vat-on-christmas-party-expenses/) - As the festive season approaches, you may be starting to plan your annual Christmas party. It's a time to celebrate the year's successes, boost team morale, and thank employees for their hard work. But what about the VAT on those yuletide festivities? We’re often asked Can I reclaim VAT on Christmas party expenses? In this
- [Can a sole trader claim Christmas party expenses?](https://www.moorefinancialmanagement.wales/can-a-sole-trader-claim-christmas-party-expenses/) - The festive season is a time to make merry with Christmas celebrations. And, if you're running your own business, you might be wondering can a sole trader claim Christmas party expenses? After all, it's not just about having fun; it can be an excellent way to build and maintain strong relationships with clients and suppliers,
- [How to Report Foreign Income](https://www.moorefinancialmanagement.wales/how-to-report-foreign-income/) - In an increasingly globalised world, it's becoming more common for UK residents to earn income from abroad. Whether it's from investments, rental properties, business ventures, or employment, reporting foreign income correctly on your tax return is crucial to ensure compliance with HM Revenue & Customs (HMRC) regulations. In this guide, we look at how to
- [Foreign Income](https://www.moorefinancialmanagement.wales/foreign-income/) - As a UK resident, understanding your tax obligations is essential. With globalisation and the ease of international transactions, many individuals now have financial ties to foreign countries, whether through investments, employment, or property ownership. This blog post aims to shed light on the topic of foreign income and whether you need to pay tax on
- [HMRC Payments on Account](https://www.moorefinancialmanagement.wales/hmrc-payments-on-account/) - As a self-employed individual, navigating the world of taxes can sometimes feel like a complex puzzle. One important aspect that often raises questions among the self employed is " HMRC Payments on Account." In this blog post, we'll aim to shed some light on this confusing concept and how they affect sole traders in the
- [How Do I Pay My Self Assessment Tax?](https://www.moorefinancialmanagement.wales/how-do-i-pay-my-self-assessment-tax/) - Once we’ve completed the required returns many clients ask me ‘How Do I Pay My Self Assessment Tax?’ Paying your Self Assessment tax might seem like a daunting task, especially if you're new to the process. However, with the right guidance and a clear understanding of the steps involved, it can be a straightforward and
- [How to Prepare for Your Tax Return](https://www.moorefinancialmanagement.wales/how-to-prepare-for-your-tax-return/) - Tax season can be a daunting time for many individuals and businesses. Whether you're a freelancer, a small business owner, or simply a taxpayer with various income sources, preparing for your tax return can be a stressful experience. However, with careful planning and organisation, you can navigate this process with confidence and ensure that you
- [What is Self Assessment?](https://www.moorefinancialmanagement.wales/what-is-self-assessment/) - If you're unfamiliar with the term or process and asking yourself ‘What is Self Assessment?’ fear not! I can help. This guide is a good starting place to understand a bit more about it. Exactly what is Self Assessment? Self Assessment is the method used by Her Majesty's Revenue and Customs (HMRC) to collect income
- [Setting up a Business from Home](https://www.moorefinancialmanagement.wales/setting-up-a-business-from-home/) - The dream of setting up a Business from home has never been more attainable than it is today. The COVID-19 pandemic accelerated the shift towards remote work and entrepreneurship, making it increasingly popular for individuals in the UK to explore the possibilities of setting up a business from home. In this guide, we'll take you
- [What you need to report as a Sole Trader](https://www.moorefinancialmanagement.wales/what-you-need-to-report-as-a-sole-trader/) - Understanding what you need to report as a Sole Trader is crucial to maintaining compliance and ensuring the smooth operation of your business. In this blog post, we'll cover some of the important aspects of reporting as a sole trader, shedding light on what needs to be reported to HM Revenue & Customs (HMRC) and
- [Allowable Expenses for Landlords](https://www.moorefinancialmanagement.wales/allowable-expenses-for-landlords/) - Being a landlord in the UK can be a rewarding venture, providing a steady stream of rental income and potential property appreciation. However, it also comes with its fair share of financial responsibilities. One crucial aspect of managing a rental property is understanding and optimising available allowable expenses for landlords. Understanding Allowable Expenses for landlords
- [Allowable Expenses for Airbnb](https://www.moorefinancialmanagement.wales/allowable-expenses-for-airbnb/) - With the rise of the sharing economy, Airbnb has become a popular platform for both travellers seeking unique accommodations and homeowners looking to earn some extra income. If you're a host in the UK, it's crucial to understand the tax implications and allowable expenses related to your Airbnb venture. By maximising allowable expenses, you can
- [Setting up a Website for Your Business](https://www.moorefinancialmanagement.wales/setting-up-a-website-for-your-business/) - In today's fast-paced and digitally driven world, setting up a website for your business is not just an advantage; it's a necessity for any entrepreneur seeking success. One of the fundamental pillars of this online presence is a well-designed and functional website. Whether you're a small local startup or an established enterprise, creating a website
- [Filing your Self Assessment Tax Return](https://www.moorefinancialmanagement.wales/filing-your-self-assessment-tax-return/) - Filing your Self Assessment tax return is a daunting task for many. But with the right guidance and understanding of the process, you can get through it. This blog post will walk you through the key aspects of filing your Self Assessment tax return, ensuring that you fulfil your obligations while making the most of
- [Bookkeeping](https://www.moorefinancialmanagement.wales/bookkeeping/) - In the world of business, financial clarity is not just a luxury; it's a necessity. Keeping a close eye on your financial transactions, expenses, and revenues is crucial for making informed decisions, planning for the future, and ensuring regulatory compliance. This is where bookkeeping comes into play. As a UK accountant, I understand the significance
- [Allowable Expenses for Influencers](https://www.moorefinancialmanagement.wales/allowable-expenses-for-influencers/) - In recent years, the rise of social media and online platforms has given birth to a new breed of entrepreneurs, such as yourself, known as influencers. Digital savvy individuals have harnessed the power of their online presence to build significant followings, attract brand partnerships, and create unique opportunities for income generation. However, like any business,
- [Benefits of doing your tax return now](https://www.moorefinancialmanagement.wales/benefits-of-doing-your-tax-return-now/) - You don’t have to wait until January to look at your Self Assessment Tax return. In fact, if you leave it till then, I won’t work with you. And there are several reasons why. Here are just some of the benefits of doing your tax return now. Benefits of doing your tax return now Submitting
- [Self Employed Expenses](https://www.moorefinancialmanagement.wales/self-employed-expenses/) - Understanding Self-Employed Expenses As a self-employed individual in the UK, understanding the rules and regulations surrounding expenses is crucial for optimizing your tax position and maximising your profits. HM Revenue & Customs (HMRC) provides clear guidelines on "Expenses if you're self-employed," and being well-informed can make a significant difference in your financial management. When you
- [Do I Need an Accountant?](https://www.moorefinancialmanagement.wales/do-i-need-an-accountant/) - When it comes to managing our finances, whether for personal or business purposes, the question often arises: "Do I need an accountant?" While some individuals and small business owners may be inclined to handle their financial matters independently to save costs, the value of hiring a professional accountant should not be underestimated. In this blog
- [Continuing delays to Making Tax Digital](https://www.moorefinancialmanagement.wales/continuing-delays-to-making-tax-digital/) - The head of HMRC has told MPs that the reason for Continuing delays to Making Tax Digital is that it had underestimated the complexity involved. This has caused eight years of delay and a failed pilot scheme. In a Public Accounts Committee hearing, MPs wanted to know the reasons for the continuing delays to Making
- [Set up as a sole trader](https://www.moorefinancialmanagement.wales/set-up-as-a-sole-trader/) - When starting out, many business owners set up as a sole trader. This means you run your own business as an individual and are self-employed. There’s nothing to stop you changing the business structure in the future but this is one of the easiest and most popular places to start. You can keep all your
- [Self Assessment helplines](https://www.moorefinancialmanagement.wales/self-assessment-helplines/) - It’s been announced, at very short notice, that HMRC is to close Self Assessment helplines from the 12th of June 2023. For 3 months. Yes, really! You did, indeed, read that correctly. They have said that digital assistant and webchat will be available. But between the 12th of June 2023 and the 4th of September
- [Self Assessment threshold change](https://www.moorefinancialmanagement.wales/self-assessment-threshold-change/) - The Government have announced that, from the 2023 to 2024 tax year onwards, there will be a Self Assessment threshold change for those who are taxed through PAYE only. The threshold will change from £100,000 to £150,000. This means that if you currently need to complete a Self Assessment Tax return because you earn over
- [How to keep business Records](https://www.moorefinancialmanagement.wales/how-to-keep-business-records/) - If you're Self Employed you need to keep records of your income and expenses. There are, though, no rules on how to keep business records. So the choice is yours. But they must be accurate, complete and readable. And HMRC can charge a penalty if they're not. So what are the options? How to keep
- [Running a business](https://www.moorefinancialmanagement.wales/running-a-business/) - Running a business is a great thing to do. It can be very rewarding. And not just financially. It can give you a huge sense of achievement and accomplishment. It also means you can: do something that interests you, or that you’re passionate about choose your own hours work around other commitments, such as your
- [Starting a business](https://www.moorefinancialmanagement.wales/starting-a-business/) - Starting a business is a great idea and can be very rewarding. There are millions of us in the UK who have done just that! And there are lots of reasons why you should too! Some of the benefits include Working at something you really want to Setting your own hours Having increased flexibility/a better
- [Choosing a Business Structure](https://www.moorefinancialmanagement.wales/choosing-a-business-structure/) - So, you’ve decided to start a business, but you don’t know anything about choosing a Business Structure. Or what one is. Or which one to choose. Well, ultimately, it’s your choice and you should choose the structure that’s right for you. To help, I’ve listed below the main types of business structure and a brief
- [Choosing a Business name](https://www.moorefinancialmanagement.wales/choosing-a-business-name/) - Choosing a business name is one of the first and most important things you’ll need to do when starting your business as a Sole Trader. You want it to be unique and memorable but also to convey what your business is all about. There are different rules for naming a Partnership or Limited Company but
- [Business Records](https://www.moorefinancialmanagement.wales/business-records/) - If you're Self Employed you need to keep business records of your income and expenses. This is to enable you to produce a set of Accounts and/or prepare your Self Assessment tax return. This applies if you’re self-employed as a: sole trader, or partner in a business partnership You’ll also need to keep records of
- [How to register for Self Assessment](https://www.moorefinancialmanagement.wales/how-to-register-for-self-assessment/) - Not just for the Self Employed, there are a number of reasons why you may need to complete and submit a tax return. Check our post on Who must submit a tax return to see who does. If you do need to, here’s how to register for Self Assessment tax. How to Register for Self
- [Working for yourself](https://www.moorefinancialmanagement.wales/working-for-yourself/) - Working for yourself is a great idea and can be very rewarding. There are over 4 million of us in the UK doing just that! And there are lots of reasons why you should too! Some of the benefits include: Working at something you really want to Setting your own hours Having increased flexibility/a better
- [How to get ready for the end of the tax year](https://www.moorefinancialmanagement.wales/how-to-get-ready-for-the-end-of-the-tax-year/) - We’re at that time of year again. Some people dread it but there are things that can be done now to ensure the entire process goes much more smoothly. So if you’re wondering how to get ready for the end of the Tax Year get ahead now with these tips Payroll Software If you’re an
- [Student and Postgraduate loans](https://www.moorefinancialmanagement.wales/student-and-postgraduate-loans/) - The Student and Postgraduate loans thresholds and rates from April 2023 will be as follows: plan 1: £22,015 plan 2: £27,295 plan 4: £27,660 postgraduate loan: £21,000 Deductions for: plans 1, 2 and 4 remain at 9% for any earnings above the respective thresholds postgraduate loans remain at 6% for any earnings above the respective
- [2023 Spring Budget](https://www.moorefinancialmanagement.wales/2023-spring-budget/) - The Chancellor presented his 2023 Spring Budget on Wednesday the 15th of March. Key measures the Chancellor announced include, but are not limited to: Corporation Tax Corporation tax rises to between 19 and 25% dependent on profits. The highest rate of 25% is reserved for businesses generating more than £250,000. For those with profits under
- [PAYE payments](https://www.moorefinancialmanagement.wales/paye-payments/) - Are you making PAYE payments to HMRC? If so, make sure you check your PAYE payment reference numbers are correct. Payments may not be recognised if they are not. This can lead to HMRC issuing penalties and charges even if you have paid on time, which you’ll need to call them about to correct. A
- [National Living Wage increase](https://www.moorefinancialmanagement.wales/national-living-wage-increase/) - The Government have announced that there will be a National Living Wage increase in the new tax year. From the 1st of April 2023 the rate for workers aged 23 years and over will go up by 9.7% to £10.42. This 92p increase is the largest ever cash increase to the National Living Wage. Changes
- [P9 Notice of Coding](https://www.moorefinancialmanagement.wales/p9-notice-of-coding/) - P9 Notice of Coding email notifications will be sent to employers from the week commencing the 6th of February 2023 until the 5th of March 2023. The P9 Notice of Coding advises that your employees’ coding for the tax year starting 6 April 2023 can be viewed within your PAYE Online Account. To get these
- [Success](https://www.moorefinancialmanagement.wales/success/) - An overnight success is 10 years in the making Or so the saying goes The harsh reality is that success does take time. But that’s not the only thing required. So what does it take? First an idea. Better still - A dream. Coupled with a burning desire to turn it into reality Foundations need
- [Another Delay to MTD for ITSA](https://www.moorefinancialmanagement.wales/another-delay-to-mtd-for-itsa/) - With everything else going on at the moment you’d be forgiven for not knowing that there’s been another delay to MTD for ITSA - Making Tax Digital for Income Tax Self Assessment. The UK Government announced that it will now start from April 2026, rather than from April 2024. The reason for another delay to
- [Supporting Small Business at Christmas](https://www.moorefinancialmanagement.wales/supporting-small-business-at-christmas/) - It feels good at any time of the year but there's something special about supporting small business at Christmas Behind all small businesses are real actual people And knowing you're putting smiles on their faces always results in a warm fuzzy feeling It's important too Why is Supporting Small Business at Christmas important? They employ
- [Getting your Tax return done](https://www.moorefinancialmanagement.wales/getting-your-tax-return-done/) - Getting your tax return done doesn't need to be painful. Here are my four favourite tax return tips which can make it easier for you. 1. Get it done now! Getting it done now is my first top tax tip! There are 3 main reasons for this: Firstly, you know where you are in terms
- [2022 Autumn Statement](https://www.moorefinancialmanagement.wales/2022-autumn-statement/) - Today (17th November 2022) the Chancellor delivered his 2022 Autumn Statement. In it, he announced significant changes to taxes and allowances. Let’s take a look at some of the main points. 2022 Autumn Statement for Individuals The chancellor announced a range of tax threshold freezes, including for income tax and inheritance tax for a further
- [HMRC interest rates](https://www.moorefinancialmanagement.wales/hmrc-interest-rates/) - HMRC interest rates on late payment of tax will rise from the 22nd of November 2022. This follows the 0.75% increase in the Bank of England base rate. The current late payment of tax and repayment interest rates charged by HMRC on the main taxes and duties will be: late payment interest rate — 5.5%
- [Who must submit a tax return](https://www.moorefinancialmanagement.wales/who-must-submit-a-tax-return/) - Self Assessment is a system HMRC uses to collect Income Tax but It’s not just self-employed people and partnerships who must submit a tax return. For those that are employed, tax (and National Insurance) is usually deducted automatically from wages through pay as you earn (PAYE). And by financial institutions when it comes to pensions
- [Simplified expenses](https://www.moorefinancialmanagement.wales/simplified-expenses/) - Simplified expenses are an easier way of calculating some of your business spending using standard rates instead of working out the actual costs. You don’t have to use them. It’s your choice and you should choose whichever is better for you. Not just financially but also in terms of the time and administrative burden each
- [Motor vehicle expenses](https://www.moorefinancialmanagement.wales/motor-vehicle-expenses/) - If you use a motor vehicle in the course of running your business, you are entitled to claim motor vehicle expenses against any profits you make. Doing this will reduce your profits and therefore the amount of tax you'll need to pay. The vehicle must be owned by the entity that's claiming the motor vehicle
- [Tax reliefs on electric cars](https://www.moorefinancialmanagement.wales/tax-reliefs-on-electric-cars/) - First year tax reliefs on electric cars currently provide an incentive for businesses to replace existing vehicles with electric versions. For around the past 20 years, first year allowances have been available for low emission cars purchased for business use. The current rules enable tax relief to be claimed for 100% of the vehicle’s
- [Government U-turn](https://www.moorefinancialmanagement.wales/government-u-turn/) - In a Government U-turn, The Chancellor of the exchequer has scrapped most of the measures set out in the mini-Budget, including the planned cut to income tax. In this morning’s emergency statement, he said: “We will reverse almost all the tax measures announced in the growth plan three weeks ago that have not started parliamentary
- [Changes to the tax year basis](https://www.moorefinancialmanagement.wales/changes-to-the-tax-year-basis/) - HMRC is reminding sole traders and partnerships of changes to the tax year basis for Self Assessment returns from the tax year 2023 to 2024 onwards This will affect returns that must be submitted by the 31st of January 2025. Only taxpayers with an accounting date other than the 31st of March or 5th of
- [UK Mini-Budget 2022](https://www.moorefinancialmanagement.wales/uk-mini-budget-2022/) - The Chancellor announced significant changes to tax rates in his ‘UK mini-budget 2022’. Let’s take a look at some of the main points. UK Mini-Budget 2022 for Employees and the Self Employed For employees and the self-employed, last year’s increase in national insurance contribution rates was reversed and there are cuts to income tax rates
- [Employer PAYE new recurring Direct Debit functionality](https://www.moorefinancialmanagement.wales/employer-paye-new-recurring-direct-debit-functionality/) - HMRC will shortly introduce an Employer PAYE new recurring Direct Debit functionality in line with its Payments Strategy. This ensures that a consistent set of payment options are available to all customers. Currently employers can set up a Direct Debit to collect a single payment, but not a recurring Direct Debit. There have been some
- [Reductions to National Insurance rates](https://www.moorefinancialmanagement.wales/reductions-to-national-insurance-rates/) - Last week, the government announced in-year reductions to National Insurance rates and the cancellation of the Health and Social Care Levy as a separate tax. The key changes are: Reductions to National Insurance rates National Insurance contribution (NIC) rates will be cut by 1.25 percentage points for: employees, employers, and; the self-employed This effectively reverses
- [Making Tax Digital for VAT reminder](https://www.moorefinancialmanagement.wales/making-tax-digital-for-vat-reminder/) - Just a Making Tax Digital for VAT reminder that from Tuesday the 1st of November 2022, you will no longer be able to use your existing VAT online account to file your quarterly or monthly VAT returns, if you currently do so. Businesses that file annual VAT returns will still be able to use their
- [Energy Price Cap](https://www.moorefinancialmanagement.wales/energy-price-cap/) - You may already be aware that the UK Government will freeze the energy price cap for domestic consumers. But there has also been the promise of similar support for businesses & charities as well as the public sector. Further detail is set to be made public as it becomes available as yet. New Prime Minister
- [Taking time off](https://www.moorefinancialmanagement.wales/taking-time-off/) - 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
- [National Insurance changes](https://www.moorefinancialmanagement.wales/national-insurance-changes/) - 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-
- [Making Tax Digital for VAT is mandatory](https://www.moorefinancialmanagement.wales/making-tax-digital-for-vat-is-mandatory/) - 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.
- [Getting your tax return done early](https://www.moorefinancialmanagement.wales/getting-your-tax-return-done-early/) - 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
- [Costs](https://www.moorefinancialmanagement.wales/costs/) - 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
- [New 64-8 form](https://www.moorefinancialmanagement.wales/new-64-8-form/) - 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
- [Authorisation to discuss SEISS](https://www.moorefinancialmanagement.wales/authorisation-to-discuss-seiss/) - 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,
- [Spring Statement](https://www.moorefinancialmanagement.wales/spring-statement/) - 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
- [New P87 form](https://www.moorefinancialmanagement.wales/new-p87-form/) - 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
- [Allowable expenses for Sole Traders](https://www.moorefinancialmanagement.wales/allowable-expenses-for-sole-traders/) - If you’re self-employed, your business will have running costs. You can deduct some of these costs from your income to work out your taxable profit provided they are allowable expenses. If you're working for yourself below is an example of the types of allowable expenses for Sole Traders you can claim. They will reduce the
- [Self Assessment Tax Returns 2020-21](https://www.moorefinancialmanagement.wales/self-assessment-tax-returns-2020-21/) - Self Assessment Tax Returns 2020-21 Have you already submitted your Self Assessment Tax Returns 2020-21 returns and paid any tax due? If you have, read no further. You can sit back and relax without the worries of doing the tax returns for another year. If you haven't submitted your self assessment tax returns 2020-21, you
- [Can I run more than one business under one Limited Company](https://www.moorefinancialmanagement.wales/can-i-run-more-than-one-business-under-one-limited-company/) - Can I run more than one business under one Limited Company Can I run more than one business under one Limited Company? is a question I often get asked. My answer? Yes, it is possible to run two or more separate businesses under a single limited company. This involves using trading names to split the
- [Running more than one business under one Limited Company](https://www.moorefinancialmanagement.wales/running-more-than-one-business-under-one-limited-company/) - What are the advantages of running more than one business under one limited company? If a company decides to significantly diversify, it will often make more sense to trade the diversified business under a different name. Running more than one business under one limited company instead of incorporating new companies will have the benefit of
- [Allowable expenses](https://www.moorefinancialmanagement.wales/allowable-expenses/) - If you’re self-employed, your business will have running costs. You can deduct some of these costs from your income to work out your taxable profit provided they are allowable expenses. This will reduce the amount of tax you need to pay on the profits of your business. Which expenses are allowable expenses? Here are some
- [Budget Payment Plan for Self Assessment](https://www.moorefinancialmanagement.wales/budget-payment-plan-for-self-assessment/) - HMRC have announced that anyone who is registered for Self Assessment Tax and whose payments and returns are up to date have the option to start a Budget Payment Plan for Self Assessment. You can set up and manage your Budget Payment Plan using your HMRC online account and make regular advance payments by Direct
- [Increased National Insurance contribution](https://www.moorefinancialmanagement.wales/increased-national-insurance-contribution/) - HMRC are asking employers to help employees understand that the increased National Insurance contribution of 1.25 percentage points from 6 April 2022 is helping fund the NHS, health and social care. They are requesting that employers include a message for affected employees on all payslips between 6 April 2022 and 5 April 2023, explaining the
- [Coronavirus grants on Company Tax Returns ](https://www.moorefinancialmanagement.wales/coronavirus-grants-on-company-tax-returns/) - To ensure you have the latest information to complete your Company Tax Return (CT600) accurately please read the following information on how to include Coronavirus grants on company tax returns and in accounts. Coronavirus grants and payments issued by HMRC to support businesses and self-employed individuals during the pandemic are taxable. If you need to
- [Spread some Christmas cheer](https://www.moorefinancialmanagement.wales/spread-some-christmas-cheer/) - Why not spread some Christmas cheer this year? I think we could all do with some right now. And maybe some more than others. As if we haven’t all had enough of Covid already, here comes another variant with all the accompanying doom and gloom stories in the media. I’m trying to ignore as much
- [Christmas Families Free Mail service](https://www.moorefinancialmanagement.wales/christmas-families-free-mail-service/) - Did you know that you can send mail to serving armed forces personnel and their families through the Christmas Families Free Mail service? For free! That’s right. Free! I didn’t until recently but this year we’re taking full advantage of the brilliant Christmas Families Free Mail service. We think the lead up to Christmas is
- [Reporting Covid Support grants on your tax return](https://www.moorefinancialmanagement.wales/reporting-covid-support-grants-on-your-tax-return/) - Do you know what the requirements are in terms of reporting Covid support grants on your tax return? If not, this very brief summary of the latest information will hopefully help. As Covid support grants are taxable, if you claimed them they need to be declared on your company tax return (CT600). If you need
- [Reporting SEISS grants on your tax return](https://www.moorefinancialmanagement.wales/reporting-seiss-grants-on-your-tax-return/) - Do you know what the requirements are in terms of reporting SEISS grants on your tax return? If not, this very brief summary of the latest information will hopefully help. As Self-Employment Income Support Scheme (SEISS) grants are taxable, if you claimed them they need to be declared on your tax return. Advice for partnerships
- [Very brief Budget Summary](https://www.moorefinancialmanagement.wales/very-brief-budget-summary/) - Yesterday, Chancellor Rishi Sunak delivered the Autumn 2021 Budget. And, as usual there was and is quite a lot of detail in it. But for now here’s a very brief Budget Summary of some of the main points: Annual investment allowance extended The Chancellor confirmed measures to support business investment with changes to allowances and
- [Reporting coronavirus grants on your tax return](https://www.moorefinancialmanagement.wales/reporting-coronavirus-grants-on-your-tax-return/) - Do you know what the requirements are in terms of reporting coronavirus grants on your tax return? If not, this very brief summary of the latest information will hopefully help Grants to support businesses and self-employed people during the pandemic are taxable. So, If you have claimed Coronavirus Job Retention grants, or other COVID grants,
- [Final claims for CJRS](https://www.moorefinancialmanagement.wales/final-claims-for-cjrs/) - September saw the end of the Coronavirus Job Retention Scheme (CJRS) and the final claims for CJRS need to be submitted by the end of today (14th October 2021) Submit final claims for CJRS The CJRS closed on the 30th of September 2021. If you haven’t submitted your final furlough claim for September yet, you
- [SEISS latest updates](https://www.moorefinancialmanagement.wales/seiss-latest-updates/) - Here are the SEISS latest updates ahead of the 30‌‌th of ‌September deadline to claim the fifth and final Self-Employment Income Support Scheme (SEISS) grant. Preparing turnover figures for the fifth SEISS grant The majority of people applying for the fifth SEISS grant need to tell HMRC their turnover for the: 'reference period' (this needs
- [Delay to MTD for Income Tax](https://www.moorefinancialmanagement.wales/delay-to-mtd-for-income-tax/) - The Government has announced a delay to MTD for Income Tax Self Assessment (ITSA). And with everything that's going on here in the UK at the moment, I'm sure there won't be too many people annoyed about that. Bringing Self Assessment into the Making Tax Digital programme remains firmly on the agenda for The Government
- [CJRS Closing](https://www.moorefinancialmanagement.wales/cjrs-closing/) - The end of this month see CJRS closing and final claims for September must be made by Thursday ‌14‌‌th of October. Employers can claim 60% of furloughed employees' usual wages for the hours not worked, up to a cap of £1,875 per month per employee. Yuo’ll need to contribute 20% from your own funds so
- [Tax changes for Health and Social Care](https://www.moorefinancialmanagement.wales/tax-changes-for-health-and-social-care/) - Last week the government announced tax changes for Health and Social care to fund the £12 billion a year to be spent on the NHS and social care across the UK. These are the changes that are being made to personal income tax and National Insurance contributions for employees and employers. Changes from April 2022
- [August update on CJRS claims](https://www.moorefinancialmanagement.wales/august-update-on-cjrs-claims/) - Here’s an August update on CJRS claims Submit CJRS claims for July Coronavirus Job Retention Scheme claims for July must be made by Monday‌‌ the ‌16‌‌th of August. Employers can claim 70% of furloughed employees' usual wages for the hours not worked, up to a cap of £2,187.50 per month. They’ll need to pay the
- [Fifth SEISS grant webinars](https://www.moorefinancialmanagement.wales/fifth-seiss-grant-webinars/) - Webinars for the fifth Self-Employment Income Support Scheme (SEISS) grant are now available from HMRC. Claiming the the fifth SEISS grant will be possible when the online claims service opens in late J‌ul‌y. From mid-J‌ul‌y, HMRC will be contacting people who may be eligible to let them know their personal claim date You can claim
- [Claiming the fifth SEISS grant](https://www.moorefinancialmanagement.wales/claiming-the-fifth-seiss-grant/) - Claiming the the fifth SEISS grant will be possible when the online claims service opens in late J‌ul‌y. From mid-J‌ul‌y, HMRC will be contacting people who may be eligible to let them know their personal claim date. This will be the earliest date they can make their claim. Eligibility for claiming the fifth SEISS grant
- [Reporting SEISS grants on Self Assessment tax returns](https://www.moorefinancialmanagement.wales/reporting-seiss-grants-on-self-assessment-tax-returns/) - Reporting SEISS grants on Self Assessment tax returns is required as they are taxable and subject to self-employed National Insurance contributions. From the 19‌‌th of ‌June, HMRC will be automatically correcting returns and issuing a notice to tell you that they have done this. However, incorrect returns received before that date will need to be
- [SEISS Pre-Claim checks](https://www.moorefinancialmanagement.wales/seiss-pre-claim-checks/) - HMRC will be carrying out SEISS pre-claim checks by contacting up to 27,000 potentially eligible customers to undertake a pre-claim check before the fifth SEISS grant opens. They will write to affected customers to let them know that they’ll phone them on the number they provided in their 2019-20 Self Assessment tax return to check
- [Fifth SEISS Grant](https://www.moorefinancialmanagement.wales/fifth-seiss-grant/) - Detailed guidance about the fifth SEISS grant will be published ahead of the scheme opening. In the meantime, here are the latest SEISS updates. Calculating the fifth SEISS grant The amount of the fifth grant will be determined by a turnover test, which details how much your turnover has reduced in the 2020-21 tax year
- [VAT deferral](https://www.moorefinancialmanagement.wales/vat-deferral/) - The new VAT deferral payment scheme is open for all businesses who deferred paying VAT due between the 20‌‌‌th of ‌March and 30‌‌‌‌th of June 2020, and were unable to pay in full by the 31‌‌‌st of ‌March‌‌ ‌2021. Deadline The last day businesses can join the scheme is the 21‌‌st of June 2021. If
- [Trading with the EU?](https://www.moorefinancialmanagement.wales/trading-with-the-eu/) - Are you trading with the EU? If your business moves goods between the UK and countries in the EU, you’ll need to follow new customs and tax rules. Your business will be affected by the new rules if you: buy goods from an EU seller and bring them into the UK send goods they’ve sold
- [You may be able to claim tax relief](https://www.moorefinancialmanagement.wales/you-may-be-able-to-claim-tax-relief/) - You may be able to claim tax relief for additional household costs if you have to work at home on a regular basis as an employee. This applies to either all or just part of the week. Additional costs include heating, metered water bills or business calls that have been incurred wholly, exclusively and necessarily
- [Changes to the CJRS from July](https://www.moorefinancialmanagement.wales/changes-to-the-cjrs-from-july/) - Here’s the latest information about changes to the CJRS from July. Changes to the CJRS from July The UK Government will continue to pay 80% of furloughed employees' usual wages for the hours not worked, up to a cap of £2,500 per month, to the end of June. In July, CJRS grants will cover 70%
- [What COVID 19 support is available](https://www.moorefinancialmanagement.wales/what-covid-19-support-is-available/) - Here’s the latest information about what COVID 19 support is available to help you financially. This includes: a reminder of the 14‌‌‌ ‌June deadline for submitting May Coronavirus Job Retention Scheme (CJRS) claims details of changes to the CJRS from July and the 21‌‌‌ ‌June deadline for joining the online VAT deferral new payment scheme.
- [Corporate Interest Restriction](https://www.moorefinancialmanagement.wales/corporate-interest-restriction/) - Corporate Interest Restriction (CIR) legislation became effective from the 1st of A‌pr‌il 2017. It applies to corporate entities. It’s aim is to restrict a group’s deductions for interest expense and other financing costs for Corporation Tax purposes to an amount that is commensurate with taxed UK activities. It takes into account how much the group
- [Available COVID19 support](https://www.moorefinancialmanagement.wales/available-covid19-support/) - Here is some of the latest information about available COVID19 support. This includes the latest on the Self-Employment Income Support Scheme (SEISS), the Coronavirus Job Retention Scheme (CJRS) and the VAT deferral new payment scheme. SEISS The online claims service for the fourth grant of the Self-Employment Income Support Scheme (SEISS) is now open to
- [VAT deferral payment scheme](https://www.moorefinancialmanagement.wales/vat-deferral-payment-scheme/) - The VAT deferral payment scheme is now open. It applies to all businesses that deferred paying VAT due between the 20th of March and 30‌‌th of June‌‌ 2020 and have been unable to pay in full by the 31st of March‌‌ ‌2021. You can apply now to spread these payments over a number of months.
- [New Tax year](https://www.moorefinancialmanagement.wales/new-tax-year/) - The New Tax year started on the 6th of April and with it came plenty of changes to the rates and thresholds of Tax. You can find all the changes at Gov.uk but I thought I’d summarise some of the main ones here. Personal Tax The Standard Personal Allowance increases to £12,570 for the 2021/22 tax year
- [New National Minimum Wage Rates](https://www.moorefinancialmanagement.wales/new-national-minimum-wage-rates/) - The New National Minimum Wage rates came into effect on the 1st of April 2021 but with everything that’s going on at the moment it was easy to miss this. So that you’re up to speed I thought I’d post a brief summary of the changes and how they might affect you. The hourly rates
- [Get your business ready for the end of the Financial Year](https://www.moorefinancialmanagement.wales/how-to-get-your-business-ready-for-the-end-of-the-financial-year/) - We’re at that time of year again. Some people dread it but there are things that can be done now to ensure the entire process goes much more smoothly. So if you're looking to get your business ready for the end of the Financial Year get ahead now with these tips Payroll Software If you’re
- [Fourth SEISS grant](https://www.moorefinancialmanagement.wales/fourth-seiss-grant/) - HMRC will soon be contacting people about the Fourth SEISS grant. The Self-Employment Income Support Scheme (SEISS) will continue until September with a fourth and fifth grant. Here’s a bit of information on what to expect. Fourth SEISS grant – Eligibility and calculation Much of the eligibility criteria remains unchanged from the third grant, with
- [Moving goods between the UK and the EU](https://www.moorefinancialmanagement.wales/moving-goods-between-the-uk-and-the-eu/) - If your business is moving goods between the UK and the EU, you’ll need to follow new customs and tax rules. Your business will be affected by the new rules if it: buys goods from an EU seller and brings them into the UK sends goods to a buyer in an EU country haven’t exchanged
- [Budget for 2021](https://www.moorefinancialmanagement.wales/budget-for-2021/) - Last week, the Chancellor of the Exchequer, delivered the government’s Budget for 2021. In his speech, the Chancellor announced extensions to a number of current COVID-19 schemes. This was alongside additional support for individuals and businesses. Below is a summary of some of the measures announced for employers, including details about tax rate changes. Information about
- [Latest COVID-19 support information](https://www.moorefinancialmanagement.wales/latest-covid-19-support-information/) - Here is the latest COVID-19 support information for employers on the financial support schemes available. It includes updates on deferring VAT and claiming for furloughed staff through the Coronavirus Job Retention Scheme (CJRS). VAT deferral new payment scheme – join from 23‌‌‌‌ February If businesses deferred paying VAT due in the period from 20‌‌‌‌ ‌March to
- [Self Assessment Late Payment Penalties](https://www.moorefinancialmanagement.wales/self-assessment-late-payment-penalties/) - HMRC recently announced that customers will not be charged the initial 5% Self Assessment late payment penalties if they pay their tax or make a Time to Pay arrangement by the 1st of‌‌ April 2021. As always, the payment deadline for Self Assessment was the 31st of January and interest will be charged from the 1st
- [Submit January (CJRS) claims](https://www.moorefinancialmanagement.wales/submit-january-cjrs-claims/) - This is a reminder to Submit January (CJRS) claims now before the upcoming deadline for Coronavirus Job Retention Scheme claims Submit January (CJRS) claims now If you haven’t submitted your claims for January, you must do so by the deadline of Monday‌‌ ‌15 February. As a reminder, the UK Government will pay 80% of employees’
- [Self Assessment 2021 update](https://www.moorefinancialmanagement.wales/self-assessment-2021-update/) - On the 25th of January 2021 HMRC announced in a Self Assessment 2021 update customers will not receive a late filing penalty for their late tax return if they file online by the 28th of‌‌ ‌February 2021. This easement is for late filing penalties only. It does not affect any other tax obligations. A Self
- [Submit Coronavirus SEISS claims](https://www.moorefinancialmanagement.wales/submit-coronavirus-seiss-claims/) - This is a reminder to submit Coronavirus SEISS claims. Third SEISS grant deadline The third grant of the Self-Employment Income Support Scheme (SEISS) closes for claims on Friday‌‌ ‌29‌‌ ‌January. Eligible customers must claim on or before this date. SEISS You can find everything you need to know about the third SEISS grant on GOV‌‌‌.UK
- [Ending of the Brexit transition period](https://www.moorefinancialmanagement.wales/ending-of-the-brexit-transition-period/) - The 31st of December 2020 marked the ending of the Brexit transition period and, as a result, there are some actions you need to take now Changes have now come into effect for businesses that trade goods with Europe or represent businesses who do. There are a number of HMRC webinars available to help you
- [Submit Coronavirus JRS claims](https://www.moorefinancialmanagement.wales/submit-coronavirus-jrs-claims/) - This is a reminder to submit Coronavirus JRS claims. Deadline to submit Coronavirus JRS claims for December You must submit any December claims no later than‌‌ ‌Thursday‌‌ ‌14‌‌ ‌January. You can claim before, during or after processing payroll. If you can, it’s best to make a claim once you’re sure of the exact number of
- [UK-EU Social security coordination](https://www.moorefinancialmanagement.wales/uk-eu-social-security-coordination/) - The UK has reached an agreement with the EU on its future relationship. The UK-EU social security coordination provisions in this agreement ensure workers who move between the UK and the EU only have to pay into one country’s social security scheme at a time. Going to work temporarily in the EU under the detached
- [Brexit transition period ends](https://www.moorefinancialmanagement.wales/brexit-transition-period-ends/) - The Brexit transition period ends in 2 ‌days time. If your business trades goods with Europe you’ll need to be prepared for changes from 1 ‌January 2021. Talks are ongoing about future trading arrangements with Europe. Trading rules will not change or go away, and the steps that you need to take to prepare, are
- [CJRS has been extended](https://www.moorefinancialmanagement.wales/cjrs-has-been-extended/) - The UK Government has announced that the Coronavirus Job Retention Scheme (CJRS) will remain at the current level of 80% of usual wages for the hours not worked, and CJRS has been extended until end of April‌‌ 2021. What you need to do now that CJRS has been extended If you haven’t submitted your claim
- [Deadline for CJRS November claims](https://www.moorefinancialmanagement.wales/deadline-for-cjrs-november-claims/) - Today is the deadline for CJRS November claims. CJRS (Coronavirus Job Retention Scheme): what you can claim and when The UK Government will pay 80% of employees’ usual wages for the hours not worked, up to a cap of £2,500 per month. The terms of the scheme will be reviewed in January. There are now
- [Coronavirus Job Retention Scheme deadlines](https://www.moorefinancialmanagement.wales/coronavirus-job-retention-scheme-deadlines/) - If you are submitting claims or taking advantage of payment deferral there are some Coronavirus Job Retention Scheme deadlines you need to be aware of. Coronavirus Job Retention Scheme (CJRS) The CJRS has been extended to 31‌‌‌ ‌‌March 2021 for all parts of the UK. From 1‌‌‌ ‌November, the UK Government will pay 80% of
- [How to claim under the extension of CJRS](https://www.moorefinancialmanagement.wales/how-to-claim-under-the-extension-of-cjrs/) - New guidance on how to claim under the extension of CJRS (Coronavirus Job Retention Scheme) is now available on GOV‌‌.UK. To check if you are eligible and to get ready to claim, go to GOV‌‌.UK and search 'Coronavirus Job Retention Scheme'. You are now able to apply for CJRS online for periods from the 1st
- [Third SEISS Grant](https://www.moorefinancialmanagement.wales/third-seiss-grant/) - Applications are now open for the third SEISS grant for self-employed people affected by coronavirus (COVID-19). The rules on who is eligible to claim are different to those for the previous SEISS grants. However, a Self Assessment tax return for the tax year 2018 to 2019 showing self-employment income will still need to have been
- [More information on the extension of CJRS and SEIS](https://www.moorefinancialmanagement.wales/more-information-on-the-extension-of-cjrs-and-seis/) - The UK government has recently made available more information on the extension of CJRS and SEIS Schemes. This is a summary. Extension of CJRS (the Coronavirus Job Retention Scheme) The Chancellor has announced that CJRS will be extended until the end of March‌‌‌ 2021 for all parts of the UK. For claim periods running to
- [Extension of CJRS and SEIS Schemes](https://www.moorefinancialmanagement.wales/extension-of-cjrs-and-seis-schemes/) - The UK government has recently announced the extension of CJRS and SEIS Schemes. Here's a bit more information on how it will work. Coronavirus Job Retention Scheme The Coronavirus Job Retention Scheme (CJRS), which was due to end on the 31st of October, will now be extended, with the UK government paying: 80% of wages
- [Time to Pay arrangements](https://www.moorefinancialmanagement.wales/time-to-pay-arrangements/) - The Government recently announced Time to Pay arrangements in respect of deferred VAT payments and Self Assessment. Here’s a bit more detail. VAT Deferral New Payment Scheme If you deferred VAT payments that were due between the 20th of March and the 30th of June 2020, then these payments need to be made to HMRC
- [More information on the Job Support Scheme](https://www.moorefinancialmanagement.wales/more-information-on-the-job-support-scheme/) - HMRC have published more information on the Job Support Scheme – including how you can check if you are eligible and when you can make your first claim. Job Support Scheme The Job Support Scheme (JSS) will: open on the 1‌st of‌‌ ‌November 2020, and; run for six months, until the 30th of‌‌‌ ‌April 2021.
- [New Job Retention Bonus guidance](https://www.moorefinancialmanagement.wales/new-job-retention-bonus-guidance/) - New Job Retention Bonus guidance is now available. It includes information about how you can check if your employees are eligible and when you can claim the bonus. What and for who will I be able to claim? You will be able to claim: a one-off payment of £1,000 for every eligible employee you furloughed
- [Expansion of the Job Support Scheme](https://www.moorefinancialmanagement.wales/expansion-of-the-job-support-scheme/) - The government recently announced an expansion of the Job Support Scheme, to provide temporary support to businesses whose premises have been legally required to close as a direct result of coronavirus restrictions. Under this expansion, affected businesses will receive grants towards the wages of employees who have been instructed to and cease work. This will
- [Important updates to Coronavirus Job Retention Scheme](https://www.moorefinancialmanagement.wales/important-updates-to-coronavirus-job-retention-scheme/) - There are some Important updates to Coronavirus Job Retention Scheme from the end of this month. From the 1st of‌‌ October 2020: HMRC will pay 60% of the usual wages per month, for the hours furloughed employees do not work, up to a cap of £1,875 per What employers need to do from the 1st of‌‌ October Continue to pay
- [New COVID-19 support schemes announced](https://www.moorefinancialmanagement.wales/new-covid-19-support-schemes-announced/) - The government have announced new COVID-19 support schemes for businesses and employees impacted by coronavirus (COVID-19) across the UK. This includes: a new Job Support Scheme extending the Self-Employment Income Support Scheme extending the VAT cut (from 20% to 5%) for the hospitality and tourism sectors, and help for businesses in repaying government-backed loans. I’ll
- [New Job Support Scheme](https://www.moorefinancialmanagement.wales/new-job-support-scheme/) - A new Job Support Scheme will be introduced by the government from the 1st of‌‌ November aimed at protecting jobs within businesses which face lower demand over the winter months due to coronavirus (COVID-19). How the new Job Support Scheme will work Under the scheme, which will run for six months, the government will contribute towards
- [Extension of Making Tax Digital for VAT](https://www.moorefinancialmanagement.wales/extension-of-making-tax-digital-for-vat/) - The UK Government have recently set out their 10-year plan to modernise tax and the extension of Making Tax Digital is a fundamental part of it. The 10-year strategy is part of the government’s ambition to make progress and lay foundations for further reforms between now and 2030. They believe that now is the right
- [Making Tax Digital extension](https://www.moorefinancialmanagement.wales/making-tax-digital-extension/) - On the 21st of July the Government published the first draft of the 10-year plan to modernise the tax administration system in the UK and the Making Tax Digital extension is a huge part of it. Yes, Making Tax digital is firmly back on the agenda. Not that it really ever really went away. It’s
- [Changes to the Coronavirus Job Retention Scheme from 1st of September](https://www.moorefinancialmanagement.wales/changes-to-the-coronavirus-job-retention-scheme-from-1st-of-september/) - There are some changes to the Coronavirus Job Retention Scheme from the 1st of‌‌‌ ‌September 2020 and this is what it means for you. What you need to do from 1‌‌‌ ‌September From 1‌‌‌ ‌September the CJRS will pay 70% of usual wages up to a cap of £2,187.50 per month for the hours furloughed employees
- [Second Self Employment Income Support Scheme](https://www.moorefinancialmanagement.wales/second-self-employment-income-support-scheme/) - Second Self Employment Income Support Scheme (SEISS) The second Self Employment Income Support Scheme (SEISS) opens for applications today and those eligible will receive a government grant worth up to £6,570 This week HMRC are writing to self-employed people who may be eligible for the grant. Those eligible will be given a date to make
- [The Job Retention Bonus](https://www.moorefinancialmanagement.wales/the-job-retention-bonus/) - HMRC have published additional information on the Job Retention Bonus, including details on how to check if you are eligible and what you need to do now to get ready to claim. You can find this by going to GOV‌.UK and searching ‘Job Retention Bonus – Policy Statement’. Job Retention Bonus Employers will be able
- [How changes to the Coronavirus Job Retention Scheme impact you](https://www.moorefinancialmanagement.wales/how-changes-to-the-coronavirus-job-retention-scheme-impact-you/) - The Coronavirus Job Retention Scheme (CJRS) changed from the 31st of J‌ul‌y. This is how the changes to the Coronavirus Job Retention Scheme impact you. What you need to do from 1 August From the 1st of Au‌gu‌st 2020 the scheme will no longer fund employers’ National Insurance (NI) and pensions contributions. Employers will have
- [Important information on the Coronavirus Job Retention Scheme](https://www.moorefinancialmanagement.wales/important-information-on-the-coronavirus-job-retention-scheme/) - HMRC are writing to employers and agents to inform them of Important information on the Coronavirus Job Retention Scheme. This information includes key dates. Here’s a summary: Key dates You should submit CJRS claims for periods ending on or before the 30‌th of‌‌ ‌June 2020 by the 31st of‌‌‌ ‌July 2020. This is the last
- [The Eat Out to Help Out scheme](https://www.moorefinancialmanagement.wales/the-eat-out-to-help-out-scheme/) - The Eat Out to Help Out scheme The government recently announced the Eat Out Help Out scheme to encourage people to support the hospitality industry. Here's a summary of the scheme. When does the scheme start? The Eat Out to Help Out Scheme opens on 3 August 2020. How long will the scheme last? The
- [The Chancellor's Summer Statement](https://www.moorefinancialmanagement.wales/the-chancellors-summer-statement/) - Rishi Sunak has delivered the Chancellor's Summer Statement. This is a summary of the main points. Job Retention Bonus This is a one-off payment of £1,000 to employers that have used the Coronavirus Job Retention Scheme (CJRS) for each furloughed employee who remains continuously employed until 31‌‌‌ ‌January 2021. To be eligible, employees will need
- [What to do if you have overclaimed from the CJRS](https://www.moorefinancialmanagement.wales/what-to-do-if-you-have-overclaimed-from-the-cjrs/) - HMRC have issued new guidance in respect of the Coronavirus Job Retention Scheme (CJRS). You can find this by searching for 'Coronavirus Job Retention Scheme guidance' on GOV‌‌.UK. It includes guidance on what to do if you have overclaimed from the CJRS. Here's a summary: What to do if you have overclaimed from the CJRS
- [Flexible furlough for eligible employees](https://www.moorefinancialmanagement.wales/flexible-furlough-for-eligible-employees/) - Flexible furlough for eligible employees The Government recently announced changes to the Coronavirus Job Retention Scheme. One of these changes was the introduction of flexible furlough for eligible employees from the 1st of‌‌ ‌July onwards. From the 1st of‌‌‌ ‌July, as an employer, you can claim a more flexible grant for any employee you have
- [Deferral of VAT payments](https://www.moorefinancialmanagement.wales/deferral-of-vat-payments/) - As part of the Government’s support for businesses during COVID-19, HMRC introduced Deferral of VAT payments as an option for businesses if they were unable to pay on time, without incurring late payment interest or penalties. Payment of VAT falling due between 20‌‌ March and 30‌‌ June 2020 can be deferred until 31‌‌ March 2021.
- [Coronavirus Job Retention Scheme guidance](https://www.moorefinancialmanagement.wales/coronavirus-job-retention-scheme-guidance/) - New Coronavirus Job Retention Scheme guidance HMRC have issued new Coronavirus Job Retention Scheme guidance. You can find this by searching for 'Coronavirus Job Retention Scheme guidance' on GOV‌‌.UK. What the new online guidance covers The guidance includes how: the scheme changes and key dates that you need to be aware of to claim, and
- [Extension of the Self-Employment Income Support Scheme](https://www.moorefinancialmanagement.wales/extension-of-the-self-employment-income-support-scheme/) - Extension of the Self-Employment Income Support Scheme The Chancellor has announced plans in relation to the extension of the Self-Employment Income Support Scheme (SEISS) for those people whose trade continues to be, or is newly, adversely affected by COVID-19 (coronavirus). Eligible self-employed people will be able to claim a second and final SEISS grant in
- [Extension of the Coronavirus Job Retention Scheme](https://www.moorefinancialmanagement.wales/extension-of-the-coronavirus-job-retention-scheme/) - Extension of the Coronavirus Job Retention Scheme (CJRS) On Friday Chancellor, Rishi Sunak, announced more details about the extension of the Coronavirus Job Retention Scheme (CJRS) and I’ve outlined these below for you. Coronavirus Job Retention Scheme The Chancellor has announced three changes to the job retention scheme: From 1‌‌ July 2020, the scheme will
- [Update on the Coronavirus Job Retention Scheme](https://www.moorefinancialmanagement.wales/update-on-the-coronavirus-job-retention-scheme/) - Update on the Coronavirus Job Retention Scheme (CJRS) It’s nearly a month since the Coronavirus Job Retention Scheme (CJRS) opened and many businesses will be preparing to make another claim in order to receive money by the end of May. To ensure you receive a payment by the end of May, you need to apply
- [What we already know about the 2020 Budget](https://www.moorefinancialmanagement.wales/what-we-already-know-about-the-2020-budget/) - New Chancellor Rishi Sunak will deliver his first budget on Wednesday 11th March but there are some things that we know will happen even before he does. Tax Rates The Government have already promised there will be no rise in the rates of Income Tax, VAT or National Insurance before 2025 meaning rates will stay
- [COVID-19 Deferral of VAT payments](https://www.moorefinancialmanagement.wales/covid-19-deferral-of-vat-payments/) - As a result of COVID-19, deferral of VAT payments is now an option after The Chancellor of the Exchequer announced temporary changes to VAT payments due between 20 March 2020 and 30 June 2020. It is hoped that this will help businesses manage their cash flow. What this means in practice is that all UK
- [COVID-19 Support for the Self-employed](https://www.moorefinancialmanagement.wales/covid-19-support-for-the-self-employed/) - Covid-19 Support for the Self-employed The Chancellor of the Exchequer has announced temporary and targeted measures to support people and businesses through the period of disruption caused by COVID-19. This includes a package of support for those who are self employed including a Self-employment Income Support Scheme and through deferring Self-Assessment payments on account Deferring
- [COVID-19 Support for Employers](https://www.moorefinancialmanagement.wales/covid-19-support-for-employers/) - Covid-19 Support for employers The Chancellor of the Exchequer has announced temporary and targeted measures to support people and businesses through the period of disruption caused by COVID-19. This includes a package of Covid-19 support for employers including the Coronavirus Job Retention Scheme (CJRS). This allows employers to claim 80% of the wages of their
- [Coronavirus Job Retention Scheme](https://www.moorefinancialmanagement.wales/coronavirus-job-retention-scheme/) - Coronavirus Job Retention Scheme The online service to claim is now live The Chancellor of the Exchequer recently announced Covid-19 support for employers including the Coronavirus Job Retention Scheme (CJRS). This allows employers to claim 80% of the wages of their staff up to a maximum of £2,500 per employee if they can’t maintain their
- [Self-Employment Income Support Scheme (SEISS)](https://www.moorefinancialmanagement.wales/self-employment-income-support-scheme-seiss/) - The Chancellor of the Exchequer recently announced Covid-19 support for the self-employed in the form of the Self-Employment Income Support Scheme (SEISS). HMRC have now started contacting self-employed customers who they think could be eligible for the Scheme. This is based on the information provided in 2018 to 2019 tax returns. You can use this
- [The National Minimum Wage](https://www.moorefinancialmanagement.wales/the-national-minimum-wage/) - The National Minimum Wage rates increased on the 1st of April 2020 but with everything that’s going on at the moment it was easy to miss this. So that you’re up to speed I thought I’d post a brief summary of the changes and how they might affect you. The hourly rates depend on the
- [Making Tax Digital for Income Tax](https://www.moorefinancialmanagement.wales/find-out-about-making-tax-digital-income-tax/) - The Making Tax Digital for Income Tax pilot is now available on a voluntary basis. Businesses can sign up if they are a sole trader with income from one business and/or are landlords (except those with furnished holiday lettings). If a business that signs up to the pilot has no other income to provide to
- [Find out more about Making Tax Digital](https://www.moorefinancialmanagement.wales/making-tax-digital-find-out-more/) - As of the 1st of April 2019 VAT-registered businesses with a taxable turnover above the VAT registration threshold (£85,000) need to keep digital VAT records and submit their VAT return to HMRC using Making Tax Digital-compatible software. This was made mandatory for VAT return periods starting on or after 1 April 2019. Taxable turnover includes
- [Storm Ciara](https://www.moorefinancialmanagement.wales/storm-ciara/) - With horizontal hail and gale force winds Storm Ciara has provided me with a timely reminder of why I decided to build a gym. I could probably soldier on in the shed but it’s pretty rubbish on days like today. Not only does it rain and snow inside but simply getting to it results in
- [Self Assessment Deadline](https://www.moorefinancialmanagement.wales/self-assessment-deadline/) - Self Assessment Deadline The Self Assessment deadline is the 31st of January 2020 for the tax year 2018/19. Many people find completing their self assessment tax return daunting and time consuming. Some 700,000 failed to submit it to HMRC by the on-line Self Assessment deadline (31st January) in 2019. Make Sure you are not
- [I decided to build a Gym](https://www.moorefinancialmanagement.wales/build-a-gym/) - So I decided to build a gym. For around 5 years I’ve trained in a shed I built around 10 years ago. And it’s been ok and to be fair I’ve made pretty good progress. [ux_slider] [ux_image id="1065"] [ux_image id="1066"] [/ux_slider] But it leaks. So it gets wet. And cold. And sometimes it snows. Inside.
- [New Year](https://www.moorefinancialmanagement.wales/new-year/) - Happy new Year It’s a new year. And I, for one, am really looking forward to it. Last year was a really busy one. Like, crazy busy. Aside from my day job as an Accountant there was lots of work to do. Part of that was my own fault. Apart from all the home maintenance
- [Making Tax Digital - Key messages for businesses and landlords](https://www.moorefinancialmanagement.wales/making-tax-digital-businesses-landlords/) - When it comes to Making Tax Digital there are some key messages for businesses, other VAT-registered entities and landlords. From 1 April 2019, VAT-registered businesses, with a taxable turnover above the VAT threshold (currently £85,000), are required to keep digital records for VAT and send HMRC returns using MTD-compatible software. You can find out more
- [Changes to the Making Tax Digital VAT GOV.UK pages](https://www.moorefinancialmanagement.wales/changes-to-the-making-tax-digital-vat-gov-uk-pages/) - HMRC have made some changes to the Making Tax Digital VAT GOV.UK pages. They have been reviewing the MTD for VAT pages – withdrawing some content and adding some new stuff. The major change is that they have split out the agent and business MTD sign up pages. To view the Changes to the Making
- [Important facts about Making Tax Digital](https://www.moorefinancialmanagement.wales/making-tax-digital-timetable-important-facts/) - This post contains some important facts about Making Tax Digital. Businesses and landlords who join Making Tax Digital must keep their business records digitally. They must also send tax information to HMRC directly from those records. VAT Firstly, from 1 April 2019, all VAT-registered businesses with a taxable turnover above the VAT threshold are required
- [The Making Tax Digital Timetable](https://www.moorefinancialmanagement.wales/making-tax-digital-timetable/) - Making Tax Digital for VAT is open now and businesses are being mandated to use the service this year. Income Tax is also available now on a voluntary basis for the smallest businesses and landlords. See below for the Making Tax Digital Timetable The Making Tax Digital Timetable Date Note April 2019 Firstly, from 1
- [The Background to Making Tax Digital](https://www.moorefinancialmanagement.wales/background-making-tax-digital/) - Increasingly, businesses and agents see the benefits of digitisation. Consequently, millions are already banking, paying bills and interacting with customers or suppliers online. Also, many are already using accounting software. The background to Making Tax Digital HMRC’s ambition is to become one of the most digitally advanced tax administrations in the world. Making Tax Digital

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