A short YouTube video from the ICPA giving details of how the self employed can check and claim their self employed support grant As you’ll see from this video, the self employed must make their own claims via their own…
Wellwood Hoyle Associates Limited
Philip C Hoyle FCCA Chartered Certified Accountant, Bolton Le Sands, Carnforth, Lancashire. Tel 01524 824240
Author: Philip
Covid 19 – Bounce Back Loan Scheme Announced
Small businesses will benefit from a new fast-track finance scheme providing loans with a 100% government-backed guarantee for lenders, the Chancellor announced today (Monday 27 April). Rishi Sunak said the new Bounce Back Loans scheme, which will provide loans of…
Covid 19 – Self Employment Income Support Scheme
Use this scheme if you’re self-employed or a member of a partnership in the UK and have lost income due to coronavirus (COVID-19). This scheme DOES NOT apply to those trading via a limited company. This scheme will allow you…
COVID-19 LATEST NEWS
We will continue to support our clients by email and online systems, but for the foreseeable future, our office is closed and we are working from home. Please allow a little extra time for us to respond to your queries…
IR35 – Private Sector Reform Delayed by 1 Year
It has been announced that due to the Coronavirus, the proposed private sector reforms to IR35 will be delayed by 1 year. Instead of coming into force on 6 April 2020, it will now be deferred until 6 April 2021.…
Tagged with: IR35
Trade Slowing Down & VAT
If your business is not making sales but you are still incurring costs, HMRC may refuse to repay the input VAT on purchases and ask you to cancel your VAT registration voluntarily as there are no business activities. This is…
Where Entreprenneurs Relief Falls Short
When you sell your business, you can expect to pay capital gains tax (CGT) on any gains your make. Currently CGT is payable at 10% (if within your basic rate band for income tax) or 20% on such gains. But…
Trading & Miscellaneous Income
Most businesses start small with a few occasional sales. Only once the trader is convinced that they can deliver the product or service effectively do they launch their business properly. The issue is deciding when trading officially began for tax…
Tagged with: Trading Allowance
Winding up the company
Closing your business will normally involve winding-up your company and taking out any residual value as a capital payment subject to capital gains tax (CGT) at 10% or 20%. HMRC will accept this as long as you are not involved…
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