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The Accountants for Growth
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.
· 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.
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.
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.
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.
Trivial benefits are a way in which you can reward members of your team without incurring any tax liabilities for the employee.
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.
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.
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.
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.
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.
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
What is the aim?
- To bring the LPP regime in line for both VAT and income tax.
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: -
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.
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.
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.
Registered to carry on audit work in the UK by the Institute of Chartered Accountants in England & Wales.
The information contained in this site is of a general nature and is not a substitute for professional advice. You are recommended to obtain specific professional advice before taking
any action.