Now that Boris Johnson has become Prime Minister, with his Special Adviser Dominic Cummings, who ran Vote Leave, ordering civil servants to prepare for an October 31st exit from the European Union, business is starting to understand that a “no-deal” Brexit could happen. This will have a massive implication for business. However, we don’t know how microbusinesses will fare in a no-deal situation? The Government...
Are you considering setting up a Limited company? Are you freelance and self-employed and think you’d prefer to trade through a Limited Liability Company? Well, HMRC has created a useful tool to help individuals better understand the processes that one needs to go through when setting up a limited company. The resource, available here, goes through step-by-step the entire business registration process. However, we decided...
HM Revenue & Custom have quietly slipped out new guidance shortly before the next major deadline in the timeline in the Making Tax Digital (MTD) rollout. For the uninitiated, MTD is a UK Government scheme that has a “vision” in which the tax administration system for UK taxpayers and businesses alike is more efficient and even simpler for taxpayers to navigate. The new guidance surrounds...
All businesses need capital to expand and as such finding funding can be difficult for SMEs. Some expand by bootstrapping – the notion that you funnel profits into growth. Some expand by lending – borrowing now to grow tomorrow. This article will highlight the obvious and the not so obvious ways in which you could grow your business when traditional means aren’t always available. Small...
Twenty percent of microbusinesses founded by Britain’s ever-growing army of self-employed entrepreneurs close down within the first twelve months. These findings, from the Institute of Fiscal Studies, highlight the precarious state of self-employment in modern Britain. The Big Picture – Explained The IFS report noted that just under 50% of businesses set up by individual entrepreneurs have a long-term future. However, more than 60% of...
A new study, commissioned by Accountancy Age, entitled, A Tax Professionals Survey 2019: Attitudes and Approaches To Making Tax Digital, argues that greater support is needed for businesses in order to get more businesses MTD ready before the Government’s MTD deadline hits. The irony is that MTD’s growing awareness hasn’t resonated with business owners to get their own MTD affairs in order! With nearly 50%...
Over the past three months, HMRC has hit the headlines as they have aggressively stepped-up their continuing efforts to reclaim unpaid tax through specific schemes they now define as tax evasion/avoidance under law. The new 2019 Loan Charge changes adopted by HMRC go back to the Finance Act 2017 which empowered the Treasury to go after tax avoidance with fervour. However, the Loan Charge will...
The Pay-As-You-Earn system (PAYE) which employers manage in order to make sure that most employees do not have to undertake the arduous task of completing an income tax form creates a “significant” burden on SME’s according to a Government watchdog. Tax Simplification – The Background The Office of Tax Simplification believes the workhorse of the economy – SME’s have disproportionate unfairness levied upon them. Small...
As the Tory Leadership race continues. The main candidates, from Michael Gove to Jeremy Hunt, have all announced that if they get the keys for Number 10, they will undertake a range of tax cuts to help boost the economy. As Mrs. May handed in her resignation letter for the leadership of the Conservative Party, a full-on spectacle for who will replace her has kicked...
Payroll is an important process within any business organisation. It is by default the responsible for the prompt payment of all employee’ salary compensations within a defined calendar period. It also helps to protect the company’s reputation by following strict HMRC regulations by remaining compliant but also by making sure it deals with employee queries fast – helping to build not only an external brand...
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