Time is like money: you need to know how to invest it in maximising your returns. Building a business requires you to put many hours in undoubtedly, but the real key is to work smarter, not longer. By carefully managing your time, you can ensure that you achieve your goals…
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Changed business conditions in light of the Coronavirus pandemic have caused many companies to review their dividend policies not least because the company’s financial position may have deteriorated significantly from that shown in its last annual accounts. The Companies Act 2006 requires that a dividend be paid only if there…
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Lockdown restrictions have forced many businesses to close temporarily. Selling goods or clothes on sites such as eBay and Depop offers the opportunity to raise some much-needed cash in these difficult times. But what are the associated tax implications and do you need to tell HMRC about it? Badges of…
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New VAT rules are due to come into effect this March which will impact on accounting for VAT for transactions in the construction sector. The new rules are called “the domestic reverse charge for supplies of building and construction services”. The new “reverse charge” system of VAT accounting will affect…
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As part of the Chancellor’s Coronavirus support package taxpayers were permitted to defer payment of the July 2020 income tax Payment on Account instalment until 31 January 2021. However, three lockdowns later and HMRC have become increasingly aware that a large number of taxpayers are still needing to delay not…
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The government is currently undertaking a fundamental review of the current business rates system, including ideas for possible change and a number of alternative taxes. Conclusions and any changes are likely to be forthcoming in Spring 2021. Many businesses feel that the current system for calculating business rates is antiquated…
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This year has been difficult for many and landlords may not have been able to secure the full market rent for a property. Landlords may have reduced the rent charged to long-standing tenants struggling as a result of the pandemic. Alternatively, they may have allowed family or friends to occupy…
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The self-assessment tax return for 2019/20 must be filed by midnight on 31 January 2021. If you miss this deadline, you will automatically receive a late filing penalty of £100, regardless of whether you owe any tax, unless you are able to convince HMRC that you have a reasonable excuse…
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A landlord running an incorporated business is likely to need to use their own car for the purposes of the business. Where this is the case, what can they claim by way of expenses? Two options Costs incurred wholly and exclusively for business purposes can be deducted when working out…
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Under the cash basis, small businesses are taxed on the basis of the cash that passes through their books, rather than being asked to spend their time doing calculations designed for big businesses. For 2019/20 onwards the annual turnover limit below which a business can use the cash basis is…
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