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The Accountants for Growth

Maximizing Savings: How Listed Places of Worship Can Recover VAT on Repairs

Maximizing Savings: How Listed Places of Worship Can Recover VAT on Repairs
When it comes to preserving the beauty and historical significance of our cherished places of worship, costs can often spiral out of control. Whether it's restoring centuries-old stained glass windows or repairing the venerable stonework, the financial burden can be substantial. However, there's a valuable resource that many places of worship might not be aware of—the Listed Places of Worship Grants Scheme—which offers an avenue for recovering VAT (Value Added Tax) on repair and alteration costs to listed church buildings. In this blog post, we'll explore how this scheme can potentially save listed places of worship a significant sum of money.
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Prepare for the change in basis periods for the self employed and partnerships

Prepare for the change in basis periods for the self employed and partnerships
In this blog you will learn about the forthcoming changes in the basis periods for the self employed and partnership and how that could give you a tax headache.

The basis period is changing so that from April 2024, unincorporated business will be taxed on a tax year basis instead of an accounting year basis. This means that sole traders and partnerships will need to report on profits generated in the tax year (6 April to following 5 April) instead of their accounting period.
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Late Submission Penalty

Late Submission Penalty
When will the Late Submission Penalty (LSP) regime start?
·       From 1st January 2023 for VAT.
·       From 6th April 2026 for those self-employed and property landlords who will be caught by Making Tax Digital for Income Tax Self-Assessment (MTD ITSA).
·       From 6th April 2025 for those taxpayers caught up within the SA Return system.
 
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Understanding the Benefits of the VAT Flat Rate Scheme for Mobile Caterers

Understanding the Benefits of the VAT Flat Rate Scheme for Mobile Caterers
Introduction 
If you're a mobile caterer in the UK, you may be wondering if the VAT Flat Rate Scheme (FRS) can benefit your business. In this blog post, we'll explore the advantages of the FRS for mobile caterers, helping you understand if it's the right option for you.
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Grant Funding: West Midlands Grant Programme

Grant Funding: West Midlands Grant Programme
We would like to share with you the following funding that is currently available.

BUSINESS DEVELOPMENT GRANT – up to 50% funding


This grant is aimed at SMEs paying rates to Birmingham City Council and covers: -

  • Relocation, expansion and growth of existing business.
  • Develop new markets.
  • Promotional activities
  • Innovation
  • Improving systems and processes
  • Plant & equipment purchases
  • Refurbishment of existing premises to improve capacity.
  • Must create jobs as a result of the grant.
  • 50% Match funding

If you are interested in looking into this funding, please call us on 0121 706 8585.
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Complexities of overdrawn director’s loan accounts

Complexities of overdrawn director’s loan accounts
In this blog you will learn about the tax implications of having an overdrawn directors’ loan account.

What is an overdrawn director’s loan account?
An overdrawn director’s loan account is simply money that a director or a participator in a close company has taken from the company which has not been taxed under PAYE or extracted by means of a dividend which has not been repaid. In essence, the director owes money to his/her company in the form of a loan.
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Help your team in these difficult times by giving them trivial benefits

Help your team in these difficult times by giving them trivial benefits
Learn in this article how to provide your team with some festive cheer and financial reward throughout the year in a tax efficient way.

Trivial benefits are a way in which you can reward members of your team without incurring any tax liabilities for the employee.
 
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Autumn Statement 2022

Autumn Statement 2022
Energy Price Guarantee and Cost of Living Payments
 
  • This particular Scheme will apply to England, Scotland and Wales.
  • A parallel scheme, based on the same criteria and offering comparable support, but recognising the different market fundamentals, will be established in Northern Ireland.
  • From 1 April 2023 until 31 March 2024 the typical household will pay the equivalent of £3,000 per year. The present guarantee is capped at £2,500, up to 31st March 2023, as regards a typical household.
  • A one-off payment of £900 will be paid to households on means-tested benefits (income-based Jobseeker’s Allowance; income-related Employment and Support Allowance; Income Support; Pension Credit; Universal Credit; Child Tax Credit; Working Tax Credit) across the UK in 2023-24.
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The Energy Bill Relief Scheme

The Energy Bill Relief Scheme
This particular Scheme will apply to England, Scotland and Wales.
A parallel scheme, based on the same criteria and offering comparable support, but recognising the different market fundamentals, will be established in Northern Ireland.
The Scheme will see wholesale energy prices for all businesses capped for six months from 1 October.
Hospitals, schools and other settings such as community halls and churches will also receive the support.
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Make sure that your business plans to succeed

Make sure that your business plans to succeed
In this blog you will learn how successful business plan to ensure success and the steps that every business owner needs to take to give them the best chance of success.
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Cash in a company can causes tax problems - surely not!

Cash in a company can causes tax problems - surely not!
Learn about the tax problems of holding too much cash in your company. Successful companies can accumulate significant cash balances if profits are left in the business and not paid out as salaries or dividends. That you may think is a risk-free strategy from a tax perspective and there is nothing wrong by holding cash which has been earned from profits in your company until you approach retirement.

I have seen several clients over the years leave accumulated cash in their company with the intention of taking a large pay out when the company is wound up or sold on their retirement. They are looking to take advantage of Business Asset Disposal Relief where they will pay 10% capital gains tax on the first £1m and 20% on any excess.
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Working From Home - The new Tax Rules

Working From Home - The new Tax Rules

Learn how the working from home easement is coming to an end. If you are an employer whose team work from home or an employee benefiting from working from home arrangements, you need to take account of the new rules taking effect from 5 April 2022.

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Spring Statement 2022


Fuel Duty cut
• Cutting fuel duty on petrol and diesel by 5p per litre for 12 months.
• The cut takes effect from 6pm on 23rd March 2022.
 
Employment Allowance increase
• The Employment Allowance is a relief which allows eligible businesses to reduce their employer National Insurance contributions (NICs) bills each year.
• From April 2022 the Employment Allowance will increase from £4,000 to £5,000.
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Do not let the taxman catch you out when you trade in cryptocurrencies

Learn about the taxation implications of trading in cryptocurrencies We have seen a steady increase over the last few years of clients trading in cryptocurrencies and many have put their head in the sand when it comes to declaring these activities to H.M. Revenue & Customs. This is a dangerous game to play, so this blog will explain your responsibilities in terms of declaring your cryptocurrency transactions and how H.M Revenue & Customs are likely to treat your trading from a taxation point of view.
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Increased disclosures for small companies’ accounts filed at Companies House

Learn about likely changes to the information included in small company accounts which are filed at Companies House Learn how the Government is planning to ramp up the information that has to be included in a small company's accounts filed on public record
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The New HMRC Late Payment Penalty (LPP) Regime

What is the aim?

  • To bring the LPP regime in line for both VAT and income tax.
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Plan your dividend strategy from your company to minimise your tax liabilities.

Learn about the changes in taxation that will impact on your dividend income. With tax hikes around the corner, learn how to plan your dividend strategy in order to maximise the income in your pocket.

The rules for taxation on dividends currently are as follows: -

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H.M. Revenue & Customs on the attack to recover SEISS grants

H.M. Revenue & Customs on the attack to recover SEISS grants
H.M. Revenue & Customs are looking to clawback some self employed grants advanced to taxpayers who have not filed their 2019-20 self-assessment return on time. If you still have not filed your 2019-20 tax return then we suggest that you get this done immediately or you are likely to lose your Self Employed Income Support Scheme (SEISS) grant.
 
HMRC are also sending out letters to taxpayers who have claimed the first, second and/or third Self Employment Income Support Scheme grants but have not yet filed their 2019/20 SA Return.
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Rises in CT rates

Rises in CT rates
Start Planning now to avoid the hike in Corporation Tax

Learn about the increases in Corporation tax that all businesses are facing over the coming years The Government have recently announced that Corporation tax rates will rise as they look to recover money spent in giving business and individual support during the pandemic. In this blog, we will explain how the rises will impact on businesses and share a few thoughts about how to plan to minimise the rate rise impact.
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Making Tax Digital (MTD) For Property Landlords (PL)

Making Tax Digital (MTD) For Property Landlords (PL)

When does MTD come in for PLs?
The earliest date would be 6th April 2023.

When would a PL have to register for MTD?
The earlier of:

The tax year following that in which your gross rental turnover figure exceeds £10,000 or more.
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