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2303, 2021

The 2020-21 PAYE tax year is coming to an end: are you prepared?

March 23rd, 2021|Tags: , , , , , , , |0 Comments

The PAYE tax year is coming to an end: are you prepared? Making sure you stick to PAYE tax procedures is incredibly important if you own a business. This means staying up to date with any changes in the system. PAYE tax can already be a stress point without you having to worry about missing new rules and finding yourself with hefty fines.   What are the deadlines? You will need to [...]

1703, 2021

VAT Reverse Charge

March 17th, 2021|Tags: , , , , , |0 Comments

VAT Reverse Charge On the 1st of March 2021, the VAT reverse charge was introduced. Does it affect you? What is it? The VAT reverse charge means you will charge yourself VAT and then claim it back as input tax, which is subject to the normal rules. So, in theory, you are acting as both the supplier and customer. Who does it effect? The charge is to be applied to: [...]

903, 2021

Should you be on PAYE as a business owner?

March 9th, 2021|Tags: , , , , , |0 Comments

Should you be on PAYE as a business owner? Often, we set up a business hoping it will be successful enough to pay us back for all our hard work financially. This can’t come fast enough, but when it does, do you know the best way to pay yourself? Well, you don’t have to pay yourself anything at all if you don’t want to. This is sometimes an option if [...]

403, 2021

Budget March 2021

March 4th, 2021|Tags: , , , , , , |0 Comments

Budget 3rd March 2021 The Chancellors Budget announcement yesterday has confirmed that some of the current COVID-19 business help schemes will be extended. It also announced new schemes and restart grants that will help to kickstart the economy as we take the long road out of lockdown. Furlough Firstly, the Budget announced that the furlough scheme is being extended until the end of September 2021. The Eligibility will not change. [...]

202, 2021

Top and bottom lines explained in plain English

February 2nd, 2021|Tags: , , , , , |0 Comments

Top and bottom lines explained in plain English In the world of business, it feels like there are hundreds of terms and phrases that we should be familiar with. For new business owners, it can be overwhelming, especially when it comes to financial terms.  For example, “top line” and “bottom line”: what do they mean? Both are really important, but it isn’t guaranteed you’ll learn about them. Let’s make sure [...]

2001, 2021

New year, old me? Filing your tax return

January 20th, 2021|Tags: , , , |0 Comments

New year, old me? Filing your tax return We are already near the end of the first month of 2021, so we are far enough along to know whether we are sticking to our new year’s resolutions, you'd be forgiven for not sticking to the diet or Dry January (thanks COVID). But, if yours was to meet last year’s tax return deadline, you are running out of time. It’s a [...]

1101, 2021

Your self-assessment tax return – early to start, early to finish

January 11th, 2021|Tags: , |0 Comments

Your self-assessment tax return - early to start, early to finish It’s always best to file your tax return well before the deadline. That way, if you are due to make any substantial payments, you have time to prepare, without damaging your cash flow. You won’t have to endure the crippling deadline panic. While this year, a record high number of 10.7 million people submitted their tax returns on time, [...]

2212, 2020

Three things to consider before selling your business

December 22nd, 2020|Tags: , , , , |0 Comments

Three things to consider before selling your business So you’re thinking of selling your business. You poured your heart and soul into it, but now you’re ready to part ways. Before you take the giant leap that is selling your business, there are some important things you should consider.  From simply asking yourself if you’re ready to sell to ensuring it is safe to sell, here are three things you [...]

1512, 2020

Myth busting: Do high-income earners pay more or less tax?

December 15th, 2020|Tags: , , , |0 Comments

Myth busting: Do high-income earners pay more or less tax? It’s a question that has split people’s opinion: do the highest earners pay enough in tax? Some argue that their extra contributions could fund greater changes in our communities, while others believe they shouldn’t be taxed more simply because they earn more. And some would even rather use their money to invest in communities themselves, removing the government as the [...]

812, 2020

Start your own business right now with these top resources

December 8th, 2020|Tags: , , , , |0 Comments

Start your own business right now with these top resources When you start your own business, it can be daunting. There are so many small details you never used to think about that are now in your control. Taxes. Insurance. Hiring talent. Even choosing which bank to open a business account with. One day you might be able to look at the success you’ve built, but now’s the time to [...]

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