The date is fast approaching on 6 April 2020 amid #COVID19. changes are still going ahead. Many companies, contractors, freelancers and business owners are asking “what do I need to do about IR35”, and “What is off-payroll working?”. This article explores IR35 and why you may, or may not, need to … [Read more...]
Save yourself £100 fine
Time is running out for your online Tax return. Each year thousands miss the deadline, which means you will have to pay a late filing fee, which is an automatic £100 fine. To stop this happening every year here are five tips to help you prepare and to complete your Self-assessment Tax … [Read more...]
Give tax free money to your staff
Let’s get in to the Christmas spirit by thinking about gifts for staff, (but also the tax status of them) Christmas gifts be tax free if structured correctly. Ever since April 2016 employers are allowed to provide their directors and employees with certain “trivial” benefits in kind tax … [Read more...]
Why book-keeping is important in your business
A lot of small businesses find book-keeping a very tedious and mundane exercise. However, book-keeping is one of the most important elements in any business. Without accurate book-keeping you won’t know how much profit you really made, may forget to claim for some expenses (ending up out of pocket … [Read more...]
IHT relief for businesses and farms
There is currently a, very generous, 100% relief from inheritance tax for passing on businesses and farmland during lifetime and on death. The rationale for Business Property Relief (BPR) and Agricultural Property Relief (APR) is to enable businesses to be passed on without the need to sell off … [Read more...]
What to do when a key team member leaves
When a team member leaves it can be very frustrating, disrupt the business and even affect your long-term plans. However, people move jobs more frequently these days. Here’s 5 tips on what to do when a key team member decides to move on. As talented employees grow and develop in their careers, … [Read more...]
New VAT rules for the construction sector.
If you work in the construction industry there VAT change you need to know, which is due to take effect from October 2019. HM Revenue and Customs has introduced the Domestic Reverse Charge (DRC) as part of new anti-fraud rules to combat VAT fraud in construction sector labour supply chains. … [Read more...]
