VAT – leaving the Flat Rate Scheme

January 17th, 2020

The VAT Flat Rate Scheme (FRS) does simplify the calculation of VAT returns, but there are certain circumstances when you may no longer use the FRS. You will need to leave if your turnover on the anniversary of joining was more than £230,000 including VAT in the last twelve months or if you expect your […]

Budget day 2020

January 14th, 2020

The treasury has announced that the next budget will be presented by the Chancellor, Sajid Javid, on Wednesday 11th March 2020. In recent years, the Budget has been held in the Autumn. The Autumn Budget 2019 was postponed due to the pre-election uncertainties last year. Now that our government has a significant working majority those […]

What now?

January 10th, 2020

Even though many of the uncertainties that have plagued UK politics during 2019 are still to be decided, at least the hiatus in parliament has been resolved; the Conservatives now have a working majority and we can expect action on a number of fronts. Brexit Business readers with any sort of trading platform with the […]

In Business? Add these to your new year resolutions

January 10th, 2020

The end of the calendar year is a popular accounting date for many businesses, but for those of us with a year-end accounting date of 31 March 2020, reviewing your management accounts for the nine months to the end of December 2019 is a must-do. Please use the following notes as a check list when […]

Spousal CGT tax advantages

January 10th, 2020

It is fairly common knowledge that the UK tax system is biased in favour of married couples or those partners who have entered into a formal civil partnership. Note that from 2 December 2019, the Civil Partnership (Opposite Sex Couples) Regulations 2019 came into effect in England and Wales allowing opposite sex couples to enter […]

Keeping business records if self-employed

January 10th, 2020

Now that we are approaching the end of the 2019-20 tax year it’s worth noting that you are required to keep your self-employed business records – that underpin your self-assessment tax return for 2019-20 – for 5 years after the 31 January 2021 submission deadline. This means that you will need to retain your 2019-20 […]

Tax Diary January/February 2020

January 10th, 2020

1 January 2020 – Due date for Corporation Tax due for the year ended 31 March 2019. 19 January 2020 – PAYE and NIC deductions due for month ended 5 January 2020. (If you pay your tax electronically the due date is 22 January 2020) 19 January 2020 – Filing deadline for the CIS300 monthly […]

Minimum wage rates increase from April 2020

January 9th, 2020

Businesses that have a significant number of staff paid at Minimum Wage or National Living Wage rates should take note that from April 2020 the rates are increasing.   In more detail the changes announced 31 December 2019 are: Annual pay rise of up to £930 for a full time worker. National Living Wage (NLW) […]

HMRC reflects on 2019 successes

January 7th, 2020

Not all penalties levied by HMRC are civil, many cases are serious enough to warrant a criminal investigation. The first post in the “money” section of the gov.uk website in 2020 reflects on this. The title of the post is a give-a-way: “Busted! HMRC reveals biggest criminal cases of year 2019” In what could be […]

High Street funding announced

January 2nd, 2020

High Street rejuvenation funding announced The first 101 places to benefit from up to £25 million each from the Future High Streets Fund were announced over summer. In the latest step of the £3.6 billion investment in towns and high streets, 20 pilot areas across England will lead the way in rejuvenating town centres with […]

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