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How much interest do HMRC charge?
HMRC expect everything you owe them to be paid on time and in full – but you already know that! Less well known though is they’re willing to help both personal and corporate tax payers if they’re unable to meet their obligations by the date due but, and this is important, you first must apply…
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How to work out VAT
One subject us tax accountants get asked the most is Value Added Tax (‘VAT’). What in theory should be quite a simple tax is actually really hard for many business owners to administer in practice. In this article, we’ll cover everything from how to work out VAT to when you need to add VAT to…
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How to close a limited company
Around 10% of businesses close each year for a variety of different reasons. It could be that the owners want to retire, a company is bought out and merged into another, or a business runs into financial difficulty and it can’t meet its creditors’ bills. Unfortunately for directors and shareholders, closing a limited company is…
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What is HMRC Time to Pay (TTP)?
In the ten years and more since the financial crisis of 2008-2009, HM Revenue & Customs (HMRC) have agreed many more late payment plans to help out individuals and companies who temporarily do not have the money needed to settle their forthcoming tax bills in full. Self-employed individuals and directors can spread the cost of…
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Cash versus accrual accounting
Cash vs accrual accounting – which should you choose for your business? Before you can answer that properly, you’ll need to know exactly what the accrual accounting method and the cash method of accounting are and what the advantages and disadvantages are of the two different approaches to financial recordkeeping.
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How to register as a Sole Trader
Welcome to the next stage of your career – welcome to the world of the self-employed. One of the first things anyone becoming self-employed on their own has to do is to tell HM Revenue and Customs and, in this article, we’ll tell you everything you need to know about how to register as a…
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Budget 2021 – Quick Summary
With the economy shrinking by 10% in 2020 with it forecast to rebound in 2021 by 4% and 7% in 2022. 700,000 people have lost their jobs during the pandemic, despite all the Coronavirus Support Schemes and unemployment is expected to hit 7.3% next year, although this is significantly less than the previous 11.9% predicted.…
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Coronavirus VAT Deferral Scheme
If you deferred the VAT due on your business between 20 March 2020 and 30 June 2020, you can join the new VAT deferral payment scheme from today until 21 June 2021. As part of the Coronavirus support schemes businesses were given the opportunity to defer payment until 31 March 2021 to give them breathing…