The Construction Industry Scheme (CIS) VAT reverse charge- From 1 March 2021, are you ready? The new reverse charge will apply to supplies of construction work from 1 March 2021 but only to supplies made business to business. What is it? The reverse charge will apply when all the following are met: The supply for […]
Making Tax Digital (MTD) is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs. They have now confirmed that all self-employed businesses and landlords who have an annual business or property income above £10,000 will need to […]
Businesses with a turnover of over £85,000 have already joined the scheme for VAT but now VAT-registered businesses with a taxable turnover below that limit will be required to follow Making Tax Digital rules for their first VAT return starting on or after April 2022. This means having digital records to comply. Our recommendation to […]
Are you a sole trader, micro business or limited company based in Devon or Somerset? You may be eligible for the Growth Support Programme through which you and your business can receive up to 3 or 12 hours of free business advice, support and training. Register now to access the fully-funded support on offer at Growth […]
There are two broad types of pension schemes from which an individual may eventually be in receipt of a pension:
• Workplace pension schemes
• Personal Pension schemes.
Over the coming years, the government will phase in its landmark Making Tax Digital (MTD) initiative, which will see taxpayers move to a fully digital tax system.
This factsheet outlines some of the key issues for businesses.
When starting a new business, you will no doubt recognise the need for insurance. It can provide compensation and peace of mind should things go wrong but can also represent a significant cost.
By law, VAT records have to be kept for six years unless HM Revenue & Customs (HMRC) allows a shorter period. Any request you make to keep records for a shorter period must be accompanied by a full explanation of why it is considered impractical to keep the records.
When considering the overall tax position of your family, it is worth considering employing your spouse in your business.
This is a means of transferring income from you to your spouse. It is likely to show a tax saving if your spouse has unused personal allowances or pays tax at a lower rate than you do.
A capital gain arises when certain capital (or ‘chargeable’) assets are sold at a profit. The gain is the sale proceeds (net of selling costs) less the purchase price (including acquisition costs).