The question we always get asked is “should I buy this rental property in my name or a limited company?”. The answer is no longer straight forward and will depend on your individual circumstances and it is not just about the tax. People started buying residential investment properties in limited companies to avoid having the […]
Universal Credit claimants to keep more wages Many employed and self-employed people claim Universal Credit as they have low or unpredictable levels of income. It provides a much needed top-up to their earnings but the benefit is reduced as the worker earns more due to the Universal Credit taper rate. Currently the taper rate is […]
HMRC have announced they will delay the introduction of MTD for sole traders and landlords until the 6th April 2024. This is good news as MTD for Income Tax Self Assessment (MTD ITSA) will cause additional time and costs to be able to file quarterly reports to HMRC. However, do not confuse this with the […]
From 6th April 2023 the self-employed, and certain landlords, will need to start reporting their income to HMRC on a quarterly basis. The Office for tax simplification is also looking to have all partnerships and sole traders change their accounting date to 31st March or 5th April if their current accounting date is different to […]
If you are thinking about retiring in the near future and you have a good management structure that already runs the business for you, or can be trained to do so, then you could consider having the employees buy the company from you via an ‘Employee Benefit Trust (EBT)’. There are tax breaks both for […]
HMRC has published a policy paper covering the fifth SEISS grant; more detailed guidance will soon be available but the amount ( to cover the period May 2021 to September 2021) will be determined by how much turnover has been reduced in the 2020/21 year: Turnover Reduction Rate Applicable Maximum Grant 30% or more reduction […]
This year we have seen an increase in business people contacting us regarding obtaining a mortgage. So far so good, however the problem is that they have been using an unqualified accountant. This has only been discovered when the mortgage company rejected their accounts on the basis they had not been prepared by an accountant […]
Following the recent budget, it appeared that owners of furnished holiday lets (FHL) would be able to use the new extended loss carry back provisions. This would have allowed losses to be carried back three years during a specific time period. Unfortunately, the Finance Bill 2021 has been tweaked and does not allow FHL businesses […]
Measures to mitigate the impact of Coronavirus Extension of the Coronavirus Job Support Scheme (‘furlough payments’) to September 2021 across the UK, with employer contributions to salary from July Fourth Self Employment Income Support Scheme grant covering February to April 2021 to claim from late April, similar to first three grants – and newly self-employed […]
At the moment a small company has nine months to file its accounts with Companies House. A small company can also file less information at Companies House such as removing the profit and loss account. There is a consultation in progress to change the way small companies file information and this process which closed on […]