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 […]
Blog, Uncategorized
Are you considering a mortgage and are self-employed or an owner/director of your own company?
22
Jun
Jun
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 […]
31
May
May
Beware of mini umbrella companies Umbrella companies employ temporary workers such as contractors on behalf of employment agencies or very large companies. The umbrella company will operate the payroll and makes money by taking a cut of the fees earned by the individual. An umbrella company should provide each worker with an employment contract and […]
27
Apr
Apr
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 […]
30
Mar
Mar
IDEAL SALARY FOR 2021-22 As the owner and director of your own company you decide how much salary to take each year. We can help confirm what the optimal salary is for you in 2021-22. Paying yourself a small salary can be a good way to maintain your national insurance record to build up state […]
11
Mar
Mar
Corporation tax complexity The Chancellor announced that taxes would have to rise, but not quite yet, as all tax rates except for VAT are frozen for 2021-22. Large companies will then see their corporation tax rate rise from 19% to 25% from 1 April 2023. Companies making no more than £50,000 per year in profits […]
04
Mar
Mar
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 […]
25
Feb
Feb
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 […]
12
Feb
Feb
This will affect contractors and subcontractors in the construction industry and will apply from the 1st March 2021. It will apply if the subcontractor and contractor are VAT registered but will NOT apply if the work you do is zero rated. Subcontractors You will need to contact the contractor and find out if they […]
Blog, Uncategorized
Thinking of giving money or an asset away to a loved one before you die? Consider doing it now
29
Jan
Jan
There has been much speculation on what the Chancellor may or may not do in this March 2021 budget. Most of the suggestions consider the necessity to clear the huge debt this country is now burdened with due to the pandemic. Some tax planning may be too late now such as selling a second property […]