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Our News page is updated daily and the news feed is supplied by Sift media who are well respected writers in the industry. If you are interested in new laws, guidance and reports on anything that is happening in Government that could affect your business, these posts -will be useful. You can also sign up to receive them in your inbox.
Reasons to delay registering with HMRC for VAT
VAT advice for small businesses – when your turnover reaches £85,000 in any rolling 12 month period, you must register for VAT. Unfortunately, this means that one sixth, or about £14,000 of your turnover...
Warning! Umbrella companies – loan charge from HMRC
The story of a client who was contacted by HMRC The concept of an HMRC loan charge from payments from an Umbrella Company is likely something you haven't encountered before, or maybe you just have and you need some advice. I have a client who came to us for help in...
Does the 24 month rule affect IR35?
Contractors, working through their own Limited Companies sometimes think that the 24 Month Rule and IR35 are connected but they are not. You are caught by IR35 if you work more like an employee than a...
Should you run a second business through your existing Limited Company?
The answer is yes - if: Customers are similar It’s simply an experiment There are no VAT implications; Admin & time is minimal (bookkeeping, insurance etc.) There are no unfair outcomes for shareholders. The answer could be no if: Your current Company is VAT...
Can I claim Statutory Maternity Pay if I’m a director?
You probably can. In order to qualify for Statutory Maternity Pay you must have been continuously employed by the same employer (in this case your Company) in the 26 weeks going into the qualifying week of your maternity, (around 15 weeks before the due date). You...
Directors Loan Accounts – what happens when you borrow money from your Company Account.
Many director/shareholders borrow money from their Companies but, as long as they pay it back within 9 months of the following accounting year end date, there are no great tax implications. If it is not paid back by that deadline, a law called s.455, says the Company...
Making Tax Digital for VAT registered businesses.
Making Tax Digital is a new rule coming in two stages. This Q&A session covers stage one which is for VAT and came into effect in April 2019. When does MTD start? Stage one affects VAT registered businesses with turnovers above £85k with effect from their first...
Will I pay tax on foreign earnings?
If you are Not UK resident for tax purposes, then you don’t need to pay UK income tax on your overseas earnings. But the rules for deciding whether or not you are UK resident are rather complicated: You must consider, in order: also see HMRC Guidance notes The 183...
Changing from a sole trader to a Limited Company
Transferring from a sole-trader or partnership, to a Limited Company is sometimes recommended by accountants for tax planning reasons or to benefit from Limited Liability and they will consider the following issues. When: Work out which side of a tax year end to...
Zero Rated VAT items
Zero-rated VAT is applied to things like food, children’s clothes, and books etc. Also if selling abroad, say to the US, your goods will be Zero-rated. If you are VAT registered, you can reclaim the VAT on your overheads and...
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