It is that time of the year again when we are busy helping our clients to get all the paperwork in order ready to submit their tax returns. Most of our clients, especially those that use our bookkeeping service, generally get their tax return filed early.
This year we have had quite a few changes to tax that have impacted individuals, businesses and landlords. We wanted to summarise a few fundamental changes coming up next year, which are worth noting.
Chancellor Rishi Sunak presented his first Budget on Wednesday 11 March 2020. In his speech, he stated ‘we are at the beginning of a new era in this country. We have the freedom and the resources to decide our own future’.
On 26 March 2020, the government announced that they would be providing financial support for self-employed businesses that have been affected by the Coronavirus outbreak.
As you know, the Self Employment Income Support Scheme was launched in March to help self-employed businesses and freelancers. The scheme was designed to support self-employed businesses during the Coronavirus pandemic, especially those that have not been able to trade during this period.
As you know, lockdown is now easing, and in July some businesses such as retailers, hairdressers and restaurants will be re-opening gradually. If you usually work in an office environment, you may be able to go back to work there if you can do so safely.
At the start of the Coronavirus lockdown, the Government announced that they would offer financial support to self-employed businesses that were adversely affected by the pandemic.
The government has announced that they wanted to offer more support to businesses that may be experiencing problems caused by the COVID19 pandemic. Usually, businesses that submit their annual self-assessment tax return would need to pay any tax due to HMRC by 31 January 2021.
As you know the deadline for filing your self-assessment tax return is due on 31 January 2021. With just a few days to go before the deadline, HMRC has announced that they will waive any late filing penalties if the tax return can be completed and submitted before 28 February 2021.
Chancellor Rishi Sunak presented his second Budget on Wednesday 3 March 2021. In his speech, he stated his Budget ‘meets the moment with a three-part plan to protect the jobs and livelihoods of the British people'.
As we approach the end of the tax year, we thought it would help write an article explaining how dividends are distributed within a Limited company. If you have recently set up a limited company, it will be helpful for you to understand the process thoroughly.
We work with a lot of clients, helping them with their personal taxes. There are many different ways to reduce their tax liabilities if they take full advantage of the various allowances.
If you are now working from home due to the Coronavirus pandemic, you may be eligible for tax relief on some of your additional costs related to homeworking. This tax relief is only for employed people, and you must work full-time or part-time from home due to the pandemic.
If you are self-employed and have accessed the Self-Employment Support Scheme, you should read this article as it gives more information about the fifth grant.
For GP practices and medical consultants, it is very important to know what your tax liability is. Establishing what the correct amount of tax to pay is for your company could make the difference between a practice with successful cash flow and one that fails. By working with a firm like Adcock Accounting, you can help maximise your allowance and claims and therefore reduce your tax liability.
On Wednesday 23 November 2016, Chancellor Philip Hammond presented his first, and last, Autumn Statement along with the Spending Review.
His speech and the supporting documentation set out both tax and economic measures.
Being self-employed means there is a lot to take on and remember. One of many being that your business will have various running costs. Allowable expenses are one to take note of as you can deduct some costs to work out your taxable profit.
There are lots of reasons why you may have to complete a Self Assessment tax return. For example, if you are self-employed, a company director or have high earnings. The HMRC uses Self Assessment as a method of collecting Income Tax.
If you are a dentist it is worth finding out the different business structures that you can practice under. A possible route is moving your dental practice to a limited company, or to incorporate a new practice as a limited company.
For NHS consultants it is important to know what you can claim tax relief on. HMRC states you can only claim on things that are used for work and it is possible to claim tax relief if you have had to use your own money for job-related matters.
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When you first start a business, your focus is usually on attracting customers, generating sales and building a successful company. Few business owners spend much time thinking about how or when they will eventually leave the business.
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