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Stay informed with the latest updates

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.

Bookkeeping for new businesses

When setting up a business it is important to make sure that your bookkeeping system is suitable for your type of business – and also for your skills.  It should enable you to extract useful information (e.g. how much money have I got in the bank; who owes me money?)...

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Do I need to pay tax on rental income?

If you have net rental income on which you'll have tax to pay, (rent minus expenses) then you must register for a Self- Assessment tax return and keep a record of your rental income and ‘allowable’ expenses (you can find out what they are here...

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How to complete a VAT return

If you are on the standard or cash accounting scheme this is how you should complete your VAT return. The only difference being that with standard scheme you will include all transactions as at their invoice date,...

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VAT rates in the construction industry (0%, 5%, 20%)

There are occasions when plumbers – and, indeed, anyone in construction can charge VAT at 5%.  But what are the rules? Standard rate of VAT – 20% Generally, plumbers charge VAT at 20% on: Most domestic repair and maintenance work Work to newly-built structures that...

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Setting up a PAYE scheme in a limited company

The vast majority of businesses, once they reach a certain size, operate as a limited company and at some point usually consider whether to set up a company payroll (by registering with HMRC for a PAYE scheme). There are two reasons why a company would set up a...

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How to delay being VAT registered

VAT registration and small businesses VAT registration is a problem for small businesses who sell to the general public. When your annual turnover exceeds £85,000, you must register for VAT and pay 1/6th of your gross sales to HMRC. However, there are some ways that...

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VAT reverse charge for building and construction services

On 1st March 2021, the VAT reverse charge for building and construction services came into effect for VAT registered businesses in the Construction Industry Scheme. In a nutshell, from 1st March 2021, the reverse charge means that a subcontractor in the CIS scheme...

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What are Payments on account?

If you have recently started trading as a self-employed person, your first income tax bill will be due in the January following your first trading year, and for many it comes as a bit of a shock. This is because your first tax bill, due in the January, will commonly...

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What is Salary Sacrifice and why do people do it?

‘Salary Sacrifice’ is a mechanism where a formal agreement is made jointly by an employer and employee, to reduce an employee’s salary in return for some other benefit.  The point of this arrangement is generally to save National Insurance – and this saving can then...

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We are very happy to meet you to discuss your business or even your idea for a business. We will advise you on the most tax efficient structure if you are setting up and we can review your business if you are already trading.

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