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The Accountants for Growth
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Tax Treatment of Honorarium Payments

Tax Treatment of Honorarium Payments
Honoraria are one-off payments of an unexpected amount made to volunteers who perfrom a role or service.

Janet & Barry currently receive an untaxed amount of £50.00 per month between them, which is paind into a joint bank account. This amount does not include miscellaneous expenses or statutory disocesan fees, all of which are also paid into the same account.
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New capital gains rules for residential properties

New capital gains rules for residential properties
Whilst COVID-19 is still at the forefront of everybody's minds at present, it is important to note that some recent tax changes have still taken effect from the 2020/21 tax year.

With that said, one of the most important changes to be aware of is in respect to disposals of UK residential property on or after 6 April 2020 by UK-resident taxpayers, specifically that these transactions must be reported to HMRC within 30 days of completion if they generate a tax liability.

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The Business Growth Academy - Learn how to make your business more profitable and enjoyable to run

The Business Growth Academy - Learn how to make your business more profitable and enjoyable to run
Details of the launch of the Business Growth Academy on Tuesday 19th May at 4.00pm we are launching our first Business Growth Academy online meeting. We are getting together a group of like minded business owners who are looking to make their businesses more profitable and enjoyable to run. I will be teaching ideas and strategies over the coming weeks that will help entrepreneurs achieve those objectives.
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Bounce Back Loans - possibly a saviour for micro business

Bounce Back Loans - possibly a saviour for micro business
Details of the Government's new loan scheme designed the help micro businesses suffering from the Coronavirus lockdown The Government have just annonced a new loan scheme aimed at supporting the small business sector. The main details of the loan scheme are as follows: -
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Coronavirus Business Interruption Loan Scheme (CBILS)

Coronavirus Business Interruption Loan Scheme (CBILS)
What is it?

Financial measure announced by the governemnt to support small and medium sized businesses by providing access to a source of alternative finance if you are impacted by the coronavirus outbreak.
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Access the Furlough Scheme in order to save your business and the jobs of your team

Access the Furlough Scheme in order to save your business and the jobs of your team
Information on how the Government's Job Retention Scheme is likely to work.
The objective of my blog is to help explain how the Furlough Scheme is likely to work so that you can see how it will benefit your business. I must say that this articles is based on my understanding of the Sheme, based on the information released so far and should not be relied on for advice at this stage
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Develop a financial plan to cope with impact of Coronavirus

Develop a financial plan to cope with impact of Coronavirus

Being prepared for and forewarned of the potential financial impact of the Coronavirus is essential for the survival of your business. This blog explains steps you can take to minimise your financial risk.

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National Minimum Wage 2020

National Minimum Wage 2020
The treasury has announced that from 01 April 2020, the National Living Wage will increase by 6.2%. In real terms, this means that any employee over 25 years of age must now be paid at least £8.72 per hour.For those of you who are or employ workers aged under 25, there are also increases to the other minimum wage bands between 4.6% and 6.5%.
 
National Minimum and Living Wage rates are reviewed annually and changes are usually effective from April each year. The current and historic minimum wage bands can be checked at any time at https://www.gov.uk/national-minimum-wage-rates
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Changes to Employment Allowance

Changes to Employment Allowance
Are you an employer? Do you pay Employer National Insurance contributions for your staff? Employer NI contributions are a cost to the business and are currently* calculated at a rate of 13.8% on any wages over £166 per week per employee aged over 21 years.

Did you know that you could get up to £3,000 a year off your National Insurance bill if you’re an employer? This is the benefit of Employment Allowance.
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The Critical Numbers Every Business Owner Should Know

The Critical Numbers Every Business Owner Should Know
How the measurement of your business' key numbers will drive your profits. This blog will explain how by understanding and measuring your key numbers, you will be able to drive your business forward.

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Become an entrepreneur not a technician

Become an entrepreneur not a technician

How start up businesses can avoid failure in the early years.

The Small Business Association claim that 50% of small businesses are likely to fail in the first two years after start up. Why? Because they are technicians and not true entrepreneurs who work on their business as opposed to working in it.

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Complexities of main residence v second home for higher rate stamp duty

Complexities of main residence v second home for higher rate stamp duty
Imagine a married couple own a house in Birmingham and one in Llandudno. They have nominated the Llandudno property as their principal private residence. They both spend three or four nights in Birmingham during the week as it is close to their respective work.

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Cycle to work scheme

Cycle to work scheme
How can you improve your fitness, help the environment and get a tax break all in one go? By signing up to the Cycle to work scheme which was introduced in 1999.
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Accountants for Growth - How we deliver that promise

Accountants for Growth - How we deliver that promise
One of the main drivers of the team at James,Stanley & Co is to help our clients grow their businesses. The question you may ask is ’How do you deliver on that promise?’
 
Cloud accounting and supporting apps have allowed us to deliver our growth services; they provide us with real time financial information about your business which in turn allows us the compare results against the growth forecasts which we have prepared and to challenge business owners to get to the next level.

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Latest tactics used by HMRC to seek out tax avoidance

Latest tactics used by HMRC to seek out tax avoidance
H.M. Revenue & Customers are increasingly sending out offices into the field to conduct undercover tests on taxpayers who they suspect are not declaring all on their income. They are targeting this approach particularly at cash traders such as public houses, restaurants, street food businesses, hairdressers and market stalls.
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HMRC target tax evasion in the catering sector

HMRC target tax evasion in the catering sector
We have it on good authority that HMRC is focusing a campaign on restaurants, takeaways and street food businesses with a number of taskforces concentrating on this sector. HMRC have successfully used taskforces in the past to collect tax from the building sector and public houses.
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Up & Coming Grant Funding

Up & Coming Grant Funding
From April 2019 Grant Programmes will be released for certain job creating projects for SME's with less than 250 employees.
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Advantages and Disadvantages of Incorporation

Advantages and Disadvantages of Incorporation
An in-depth analysis
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Tax on Tips

Tax on Tips
The catering sector can sometimes benefit from tips received from customers and unfortunately there are some tricky tax rules which must be applied to any tips or gratuities received.
 
Tax is payable on income from employment and unfortunately HMRC consider tips to be income from employment.

Tags:
Tax
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VAT and the flat rate scheme

VAT and the flat rate scheme
Dan Fox and Andrew James ran a session on tax mitigation and business growth strategies at the inaugural NCASS Congress.

We touched on a number of ideas during the session which we are going to expand on in the coming weeks as they will be relevant to many caterers. One question that a delegate asked was: -

Tags:
VAT
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