HMRC has announced the next round of its regular Talking Points webinars which provide ongoing information, guidance and tips to help individuals and small businesses to understand tax issues. These are: Basis Periods – looking at commencement years, changes to accounting date and overlapping periods The webinar will focus on basis periods, a subject that’s
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Tag Archive for Accounts & tax
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Small businesses see accountants as vital to their business
by Stephanie Spicer • • 0 Comments
The accepted definition of ‘accountant’ fails to do justice to the job accountants do or the status they hold with small business owner clients, according to an accounting software provider which is lobbying for the definition to change. Xero is urging The Oxford English Dictionary to change its ‘archaic’ definition of the word ‘accountant’ and
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Making a tax return ahead of the end January deadline
by Stephanie Spicer • • 0 Comments
If you are self-employed or in a business partnership and haven’t done a tax return yet, it is best not to dwell on why at this point. But it will mean you don’t know what tax you owe for the year 2017/18 -which you have to pay by 31 January, ie by the end of
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Small businesses embrace simplified tax registration service
by Stephanie Spicer • • 0 Comments
Over 200,000 small businesses have taken advantage of being able to register their status as limited companies and for tax with a new service, introduced only last year. The Streamlined Company Registration Service, was set up in a collaboration between HMRC and Companies House, is designed to ease the administrative burdens on new businesses and
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Businesses should start engaging with HMRC digitally for VAT
by Stephanie Spicer • • 0 Comments
HMRC has extended its Making Tax Digital for VAT (MTD-VAT) pilot, meaning that all customers mandated to use the MTD service from April are now able to access the pilot. All Value Added Tax (VAT) registered entities with an annual VAT-able turnover of £85,000 or more will now therefore have the chance to test their
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Tax relief and fintech could help self-employed to save more into pension
by Michael Somerville • • 0 Comments
The Government will look to nudge self-employed workers to save towards a pension with the help of tech but tax reliefs may provide more effective in the long-run. The amount of self-employed workers who save towards their pension has more than halved in ten years, from 30 per cent in 2006/07 to 14 per cent
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How to manage your accounts as a small business
by John Hoskin • • 0 Comments
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Here’s seven tips for getting paid promptly as a small business owner
by Ivo Weevers • • 0 Comments
For all the freedom that being a business owner brings, being paid late is one of the most disempowering and dispiriting things about self employment. SMEs in the UK are paid on average 21 days late, which has an affect on cashflow, financial freedom, and in some cases even mental health. According to recent research
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Christmas entertaining could leave employers with a tax bill
by Stephanie Spicer • • 0 Comments
Employers planning a staff Christmas party risk tax demands because of increasing entertaining during the rest of the year, warns accountancy firm BKL. The official annual limit for staff entertaining, set by HMRC, is £150 for each employee. The key points for an employer to consider before they dig into their pockets are: The “per
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How to give workers a tax free gift in four simple steps
by Partner Content • • 0 Comments
Better still, it’s so simple, it doesn’t involve paying National Insurance or reporting into HM Revenue and Customs (HMRC), so it won’t give you or your accountant a headache at the end of the financial year. Last year, HMRC declared businesses wouldn’t have to pay tax on benefits for employees worth £50 or less –
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