Watson Knipe Blog

From 1^st October 2019, all businesses that are VAT-registered and work in the building and construction sector need to be aware of and ready to collect VAT under the new rules.

If you are a contractor or freelancer, then you will know about the IR35 'Off-Payroll' Rules. Some significant changes are coming up in April 2020, so it's essential to keep up to date with these. 

If you complete a self-assessment for your business, you may have to pay your tax in two instalments. You don't need to make this payment if your tax bill is less than £1000 or you have already made 80% of your tax bill in advance.

All businesses need a business plan to help guide them and ensure that they achieve the targets you set for growing their business. This is particularly important when you are starting your business or if you are planning to expand.

If you are a landlord or letting agent, then it’s essential to understand the changes that were introduced by the Tenant Fees Act on 1st June 2019.

If you are starting a new business and you are unsure about the best trading structure, then you should read this blog. It outlines the key benefits for each way of trading.

We work with many employers offering a range of services and advice, including payroll services and information on auto-enrolment. We understand the financial commitments and challenges associated with employing staff, even just taking on one person can make a big difference to your business.

Child benefit is claimed by most families with children under 18 years of age. However, if you or your partner earn more than £50,000 and claim it you may need to pay a tax charge called ‘High Income Child Benefit Charge'.

Many businesses are still trying to understand what Making Tax Digital (MTD) will mean for them. This article explains in more detail the records that you must keep to become compliant with MTD. The main driver for MTD is to reduce mistakes when information is submitted to the HMRC. By using digital means for transmitting data the errors should be reduced significantly.

On 6^th April 2019 the new tax year began, this means that records for the last tax year need to be collated and information prepared so that the 2018/19 tax return can be made, the online filing deadline for this is 31 January 2020.

When you run a small business, you need to understand the different business taxes and how these will impact your business finances. Your accountant should be able to help advise on these, but understanding business taxes better yourself, can help with financial planning throughout the year.

In his speech, the Chancellor provided an update on the economy and responded to the Office for Budget Responsibility forecasts. In addition, he launched consultations on various aspects of the tax system together with updates on earlier consultations.

Good cash flow is essential for businesses to function effectively and helps with growth. We always support our clients to understand the importance of maintaining good cash flow, and we wanted to share some of our top tips in this article.

In the Spring Statement issued in March 2019, there was an update on employment taxes and changes that all employers need to understand. We have written this article for you to help you keep up to date. Click here to download the full summary of the Spring Statement 2019.

Time marches on and the start date of 1 April 2019 for MTD approaches. This update bulletin hopefully will bring you up to date as to the implementation and give some guidance as to the next steps.

As tax specialists, we like to keep our clients and contacts up to date with any ways in which they can make savings on their tax bills. Many people don’t take full advantage of Research and Development (R&D) Tax Relief that is available to them.

If you employ staff, you will know all about auto-enrolment, for businesses that may be thinking of employing staff its essential to understand your obligations.

Many of you will now have submitted your self-assessment tax return and have made your first payment due on 31st January. This is a payment towards the current tax year and half of the previous year’s liability and is called your first payment on account.

As we move closer to the new Government initiative of ‘Making Tax Digital, we felt it was important to explain the benefits of having an accountant.

It's always a good idea to have a business plan.  Often people do this at the start of the financial year, but any planning time you can spare is going to help whatever the time of year.  What constitutes a good business plan and how can your accountant help you?

Self-Assessment tax returns need to be submitted by individuals and businesses. Normally if a person is employed the tax is deducted automatically from wages. For businesses, they need to register with HMRC and then they can file their tax return online.