Author: Philip

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.

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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

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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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Construction Industry VAT Reverse Charge Delayed

Most VAT registered builders who are also registered for the construction industry scheme (CIS) will be aware that a fundamental change in the way they calculated and administered VAT was planned from 1 October 2019 under the new reverse charge

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Avoid VAT Registration

As a small business selling to individual consumers you will be acutely aware of the VATregistration threshold which has been frozen at £85,000 until at least 31 March 2022. But what happens if you temporarily exceed that threshold? If you

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Off Payroll Working (IR35)

HMRC refer to the IR35 rules as ‘off-payroll working’ to imply that every freelance worker should be paid through the payroll, which is certainly not the case. For public sector contracts it is the engager who decides whether the IR35

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