One of the most time-consuming admin tasks associated with the running a small business can be dealing with the payroll.
Generally speaking, you can:
Run your own in-house payroll, or
Hire your accountant to do the work for you.
If you operate
The pre-owned assets (POA) income tax charge was introduced in the Finance Act 2004 and the first year in which a POA charge could arise was back in 2005-6. The POA charge is effectively a tax on individuals who have given certain types of assets
The transfer of a business as a going concern (TOGC) rules concern the possible VAT liability resulting from the sale of a business. Normally the sale of the assets of a VAT registered or VAT registerable business will be subject to VAT at the
The cash basis scheme helps sole traders and other unincorporated businesses benefit from a simpler way of managing their financial affairs. The scheme was extended to landlords from April this year with many expected to benefit from the savings in
Companies often have to contend with having two different company accounting periods. This is because there are different rules for Companies House filings and submissions to HMRC, for Corporation Tax purposes.
The accounting periods can be the
There are three main VAT schemes available to small businesses:
The flat rate scheme
The annual accounting scheme
The cash accounting scheme
The Flat Rate Scheme
The purpose of this VAT scheme is to simplify the way a business accounts for VAT
In a boost for the Midlands economy, Coventry has been named UK City of Culture 2021. The announcement was made by the Minister for Arts, Heritage and Tourism, John Glen after Coventry beat four other cities that were in the running.
The title of
The employment allowance of £3,000 per year is available to most businesses and charities and can be used to be offset against their employers Class 1 NIC bill. The allowance can be claimed as part of the normal payroll process.
An employer can
If you have been in the same job for two years or more and are made redundant you will usually be entitled to a redundancy payment. The legal minimum that you are entitled to receive is known as ‘statutory redundancy pay’. There are exceptions where
The bank deposit guarantee limit is the amount of money that is guaranteed for savers in UK banks and building societies should the institution become insolvent. The Financial Services Compensation Scheme (FSCS) guarantee amount is currently £85,000
Any business that has been adversely affected by the new ‘limited cost trader’ test that was introduced on 1 April 2017, should consider whether it will be more beneficial to leave the VAT Flat Rate Scheme (FRS) and revert to using traditional VAT
A recent First-Tier Tribunal case examined whether amounts credited to a director’s loan account were subject to PAYE and NIC deductions. The appellant company, buys and sells boats. One of the directors, who is also the chairman of the company, had
There are special rules concerning the payment of Capital Gains Tax (CGT) on the sale of personal possessions also known as ‘chattels’. Personal possessions are generally defined as possessions with a predictable useful life of 50 years or less and
‘PLANNING TO WIN’
Burton Sweet and Meridian Financial Services invite you to join them on Thursday 23rd November in Frome for a post-Budget briefing for small and growing businesses and their owners.
Drinks and light refreshments will be available
Businesses can claim a 100% first-year allowance (FYA) on the purchase of certain qualifying Plant and Machinery (P&M). In certain circumstances they can also claim FYA’s on the purchase of low CO2 and electric vehicles. The generous Annual
The Communities Secretary Sajid Javid has announced plans to make the process for buying a home ‘cheaper, faster and less stressful’. This includes looking at new measures to tackle gazumping where a seller accepts a higher offer from a new buyer
There are different categories of property rental business such as UK property businesses, overseas property businesses, UK furnished holiday businesses and EEA furnished holiday lettings businesses.
As a general rule, landlords renting out more
The term capital allowances is used to describe the allowances available to businesses to secure tax relief for certain capital expenditure. The rules that govern the purchase of capital equipment such as computer equipment, vehicles and machinery by
The Communities Secretary Sajid Javid has announced plans to make the process for buying a home ‘cheaper, faster and less stressful’. This includes looking at new measures to tackle gazumping where a seller accepts a higher offer from a new buyer
A recent investigation by the Insolvency Service has seen two directors of a company selling fine wines disqualified for a total of 20 years. Crimson Fine Wines Limited cold-called customers and offered them the opportunity to take part in fine wine
Businesses can claim a 100% first-year allowance (FYA) on the purchase of certain qualifying Plant and Machinery (P&M). In certain circumstances they can also claim FYA’s on the purchase of low CO2 and electric vehicles. The generous Annual
The term capital allowances is used to describe the allowances available to businesses to secure tax relief for certain capital expenditure. The rules that govern the purchase of capital equipment such as computer equipment, vehicles and machinery by
The marriage allowance (MA) allows couples, where one partner does not fully utilise their personal tax allowance, to share a limited amount of the unutilised portion with their spouse. The MA is only available to married couples and those in a civil
There are different categories of property rental business such as UK property businesses, overseas property businesses, UK furnished holiday businesses and EEA furnished holiday lettings businesses.
As a general rule, landlords renting out more
