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  • I’ve accessed some of the government support schemes, do I need to keep any records?
    I’ve accessed some of the government support schemes, do I need to keep any records?

    As we approach the winding down of the government support, and with the final tranche of the Self Employed Support Scheme grant scheduled to be delivered in August, the attention of HMRC will no doubt turn to checking that people who have received the support are properly entitled to it. The first cases are already bring brought for "Furlough Fraud".

    One of the conditions where self employed people could be caught out is the requirement of intending to continue to trade in 2020-21 so could be an issue if someone claims the grant and then ceases their business later on (which is entirely to be expected, given the current extreme uncertainties)

    Remember that the claim to the second self employed grant is available to those affected adversely on or after 14th July 2020. Just because you claimed the first one doesn't mean you automatically get this one.

    It may not be until much later that any enquiries are made so, if you have claimed grants, furlough, or bounceback loans, I’d certainly recommend keeping a written "journal" now of your current circumstances, how your business has been affected, and any financial info around loss of trade, contracts etc. in order to substantiate a claim to support if questions are asked further down the line.

    Written on Thursday, 13 August 2020 11:38 in Latest News Be the first to comment! Read 1045 times
  • Making Tax Digital – What’s happening next?
    Making Tax Digital – What’s happening next?

    Making Tax Digital, it’s gone quiet but not gone away. As you may recall, VAT registered businesses with a turnover of £85,000 were required to file their VAT Returns using digitally enabled software from 1st April 2019. The original plan was to start the next phase of the rollout from April 2020, then various events (Brexit, to start with) intervened.

    The next steps have now been confirmed.

    April 2022 - All VAT registered businesses (even those with a turnover below the mandatory £85,000 threshold – mainly those registered voluntarily, for various reasons) will now be required to file using digital software.

    April 2023 – Self employed businesses (the remainder that are not VAT registered) and landlords turning over more than £10,000 per annum

    Interestingly, no mention for non vat registered companies and llps at this stage.

    As with many things though, this could change depending on circumstances and events, but this is the current thinking.

    Written on Thursday, 13 August 2020 11:37 in Latest News Be the first to comment! Read 847 times
  • The end of VAT deferment – Don’t get caught out!

    Quick reminder to clear up any confusion. The deferral of the VAT payments "between 20th March and 30th June 2020" relates to the dates that the payment is due, not the quarter end of the VAT Return to which it relates. This scheme isn't being extended beyond the end of this month as far as is known at the moment and future VAT payments will have to be made in full, on time.

    This relates to payments up to quarter ended 30th April, although your quarter end may be 31st May, you may understandably think that it can be deferred (being between the dates above) however your payment is due by 7th July, which is after the scheme ends.

    You'll therefore need to reinstate any cancelled direct debits to HMRC at least three days before to ensure that this can be done and avoid any potential interest and penalties.

    If you’re struggling, you always have the option of arranging something like time to pay with HMRC, but it needs to be done directly with them, and is no longer automatic.

    Written on Wednesday, 05 August 2020 14:32 in Latest News Be the first to comment! Read 845 times
  • Top Tip for the newly self employed
    Top Tip for the newly self employed

    It's great to hear of quite a few people reviewing their options at the moment, and who are venturing into the world of self employment, I thought a some tips from my "Kick Start Your Business" presentation might help, especially if you've had a job and all your taxes have been dealt with.

    Firstly, budget for your taxes. It’s not like being employed, you get paid into your bank, taxes all dealt with and paid, you spend it and then a month later, you get more money into your bank to spend.

    Remember, as a business owner, you get paid to do some work, you will probably have to spend money to enable you to do that work, and then at a later date, possibly even nearly two years after you’ve been paid, you’ll need to pay income or corporation tax on that money to HMRC. If you’re VAT registered and charge VAT, don’t spend that either, that money is not actually yours either.

    Written on Saturday, 01 August 2020 10:30 in Latest News Be the first to comment! Read 873 times
  • Making Tax Digital
    Making Tax Digital

    Don’t forget that even though the second phase of Making Tax Digital has been delayed, moving your accounting to cloud accounting software such as Xero or QuickBooks can also move your business forward in terms of tax & business planning, and knowing exactly how you stand. It will help your accountant and financial advisor with your pre year end planning too and could lead to more tax saving opportunities!

    Written on Wednesday, 24 April 2019 15:03 in Latest News Be the first to comment! Read 2119 times
  • Company Tax - Budget 2018 Highlights

    The autumn Budget produced a mixed outcome for limited companies. The good news is that Corporation Tax remains at 19%, and the plan to reduce it to 17% by April 2020 appears to still be on track. Predictions that the VAT limit could be dramatically cut also proved unfounded, in the short term at least, with the threshold remaining at £85,000.

    Written on Friday, 16 November 2018 12:41 in Latest News Be the first to comment! Read 1915 times Read more...