The Treasury is keen for all small businesses to file quarterly tax returns by 2024 Millions of self-employed and small businesses face having to pay income and corporate tax bills much earlier, as the Treasury seeks to fill its £31bn tax gap. The £31bn is the money HMRC should be collecting but falls through the…
As we head towards a new tax year, it always surprises me how many tax myths small business owners believe, when knowing the truth could actually put more money in your pocket. Did you know for example that (depending on your circumstances) you could potentially extract over £25,000 tax free from your company (in fact…
Flying high: the super-deduction tax break will only last for two years until March 31 2023 What is the super-deduction tax? The super-deduction £25bn tax break, announced in last Wednesday’s Budget, is intended to spur investment by providing 25p off company tax bills for every pound of qualifying spending on plant and machinery. How the…
Chancellor Rishi Sunak faces pushback from Conservative and Labour MPs over tax increases Rishi Sunak is eyeing increasing corporation tax from 19% to 25% in the Budget next Wednesday, March 3. Previously, it was thought the Chancellor was only considering going as high as 24 per cent. The chancellor needs to raise money to help…
With payroll year-end fast approaching, your business must find clarity in chaos in order to meet its reporting obligations. Here are the details you need. Despite everything, HMRC deadlines are the same as always and organisations are expected to record P11Ds, note benefits and expenses, observe the timing of your final payroll run and, of…
With payroll year-end fast approaching, your business must find clarity in chaos in order to meet its reporting obligations. Here are the details you need. Despite everything, HMRC deadlines are the same as always and organisations are expected to record P11Ds, note benefits and expenses, observe the timing of your final payroll run and, of…
SME borrowing problems lie ahead as HMRC is now a preferential creditor who will be paid ahead of floating charge or unsecured creditors in the event of a company insolvency. What does this mean for businesses trying to raise working capital finance? Previously, under the Enterprise Act 2002, creditors of an insolvent business were paid…
Value added: it costs anything between £3,000 and £5,000 to register for VAT in each EU member state Businesses selling goods into Europe face having to pay for VAT registration in all 26 EU countries, costing up to £130,000. Britain left the EU on January 1 and small businesses now have to register for VAT…
Taxing times: experts have pushed back at the call for self-employed to pay more tax post-pandemic The self-employed and small business owners should pay as much tax as the employed, influential think-tank the Institute for Fiscal Studies argues. The current tax system does not really work for anybody, says the IFS in its report published…
Most Uber drivers do not charge VAT because they fall under the £85,000 income threshold Self-employed Uber drivers, those who make a living renting out rooms on Airbnb, and other gig economy workers could find themselves having to pay VAT. The Treasury is eyeing slapping VAT on self-employed gig workers and others in the sharing…
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