Changes to VAT for the construction industry – reverse charge

HMRC intended to make some significant changes to how VAT is charged in the construction industry back in 2019, but it was delayed. After several changes of expected start date, 1st March 2021 is now set to be the date these changes are introduced. It is important to review the new requirements before 1st March as […]

Coronavirus – Chancellor’s Winter Plan

Following the Chancellor’s announcements today, here is a summary of the main points of the ‘winter plan’: For employers – Job Support Scheme replaces the Furlough Scheme Starting on 1st November, the job support scheme will run for 6 months. An employee must work for at least 33% of their normal hours and for the […]

Coronavirus – Job Retention Scheme

We now have more details about the Coronavirus job retention scheme announced by the government. This is the scheme that will pay 80% of furloughed workers’ salaries and the details are here:  In summary, if you have any employees on the scheme you can claim a grant from HMRC to cover wages for a furloughed […]

Coronavirus – Help for self employed

The government have announced the help they are providing in the Coronavirus pandemic for the self employed via a new Self Employment Support Scheme. What will I get if I am eligible? A taxable grant 80% of your average profits from your 2016-17, 2017-18 and 2018-19 tax returns up to a maximum of £2,500 per month. […]

Coronavirus – Some ideas

As part of their package of measures to help people during the Coronavirus outbreak, the government have announced a lot of measures such as grants, loans etc but details on how to get them and who qualifies are a bit sketchy at the moment. In the meantime, here are some things you might want to […]

IR35 changes from April 2020

You may have read that the government are changing the rules relating to IR35 with effect from 6th April 2020. So what is IR35 and what are the changes? What is IR35? IR35 or ‘off-payroll working’ is a set of rules introduced by the government in 2000 designed to stop workers claiming to be contractors […]

Should I own my Buy to Let in a Limited Company?

Over recent years, there have been many changes to how Buy to Let Properties are taxed; removal of the Wear and Tear allowance, changes to stamp duty, changes to treatment of how mortgage interest is treated to name a few. In light of these changes, many landlords are considering whether or not they should own […]

Making Tax Digital

As part of the March 2015 budget, HMRC announced plans to replace the Self Assessment Tax return system with digital tax accounts under it’s Making Tax Digital overhaul of the UK tax system. So what does Making Tax Digital mean to you? As it stands, and it may change, there will be a need for […]

Budget 2016 – How will it affect Small Business Owners?

There were lots of measures announced in the Budget 2016 but here are some of the highlights for small business owners: Corporation Tax rate is being cut to 17% by 2020 Entrepreneur’s Relief rules were amended. Full details are here. Stamp Duty for small businesses – The stamp duty system for commercial property is being overhauled […]

Have you missed the tax return deadline?

Have you missed the 31st January Self Assessment filing deadline? If you have missed the deadline of 31st January, HMRC will have already given you a fine of £100, there are further fines imposed if you are 30 days late, 3 months late, 6 months late and 6 months late. In addition to this HMRC […]