Monthly Archives: March 2021

Originally written by Timothy Adler on Small Business
Millions of self-employed and small businesses face having to pay income and corporate tax bills much earlier, as the Treasury seeks to fill its £31bn tax gap.
The £31bn is the money HMRC should be collecting but falls through the gaps in the current tax system.
And small businesses, including freelancers, are the worst miscreants for this, accounting for £13.4bn of this tax gap.
>See also: 1m self-employed face having to pay tax bill larger than what they earnt
As part of a raft of 30 consultations and updates, the Treasury has proposed bringing forward the payment of income tax self-assessment and corporation tax for small companies. The Treasury suggested accelerating all tax payments after 2024 to fulfil its “vision [for] a tax system that works closer to real time”.
The consultation suggested using the rollout of the requirements on digital filing of tax returns under Making Tax Digital over the next two years to use up-to-date data to “bring the calculation and payment of tax closer to the point where the income or profit arises”.
Jesse Norman, financial secretary to the Treasury, said the government recognised the plan would be a significant change and, as a result, “has

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Government mulls extending 2% online sales tax to all small businesses

by Anna Jordan • March 24, 2021 • 0 Comments

Originally written by Anna Jordan on Small Business
The Government may extend its proposed 2 per cent online sales tax to all small business – both online and bricks and mortar.
It’s been urged to extend online sales to high street sales that have been made online, such as travel, accommodation and software.
Around £100bn a year is spent with retailers, and the value of all online sales excluding financial services is £700bn, the Treasury said.
This proposal emerged in the interim report on the Business Rates Review, to which the Chancellor is due to respond at the autumn Budget. The report – a summary of business responses – was published on ‘Tax Day’, a new arrangement at which consultations and reviews are released after the Budget.
The Treasury is under more immediate pressure to cut business rates, which raise £30bn a year but have been blamed for harming the high street by penalising physical retailers.
HM Treasury has published a host of consultations and plans to make tax work in the modern day, while trying to recover £31bn every year which is lost to flaws in the current tax system.
>See also: Kevin Hollinrake calls for abolition of business rates
“Respondents stressed that uniform business rates reductions

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How to Collect on a Judgment

by Successful IBO • March 24, 2021 • 0 Comments

When suing a debtor, having a judgment in your favor is only part of the battle. There are several steps you may have to take to recoup what you are owed.

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Chelsea FC opens applications for free ad space to small London businesses

by Anna Jordan • March 24, 2021 • 0 Comments

Originally written by Anna Jordan on Small Business
Small businesses in London can apply for free social media advertising space on match days, courtesy of Chelsea Football Club.
Featuring inventory that’s only available to major partners, successful applicants will get a digital campaign headlined by a branded story on Instagram, published to 25.5m followers. In addition, chosen businesses will feature in half-time and full-time posts on match days.
>See also: 4 steps to help your small business grow on Instagram
The campaign wants to give local businesses access to Chelsea Football Club’s vast global digital community, giving them exposure on a massive scale.

How do I apply for the advertising space?
Applications are welcome from businesses with London postcodes which have fewer than 50 employees and a website. Successful applicants will be chosen by Chelsea FC on their efforts to launch, grow or sustain through the pandemic. The closing date is March 26.
You can register at Chelsea FC’s website.
This initiative is part of Chelsea Football Club’s ‘Proud of London’ campaign. The campaign was launched on March 16 to mark the club’s 116 years. The campaign was started by former Blues midfielder and life-long supporter Joe Cole. He narrated and starred in a short film (check