Entries by catfi5h

30 days to pay capital gains tax

Since April 2020, all UK residential properties disposed of by UK resident taxpayers – that create a taxable gain for Capital Gains Tax (CGT) purposes – will have to be reported to HMRC within 30-days of the disposal. Any CGT payable will have to be paid over to HMRC in the same 30-day window. Generally, […]

Customer Spotlight: Spartan IT Systems

This month, we’re excited to shine a spotlight on: James Spencer, Owner of Spartan IT Systems Tell us a little about Spartan and what they do? Spartan IT Systems was started at the very beginning of the pandemic. What began as a need to keep myself working while businesses were no longer hiring IT contractors […]

Filing deadlines and tax saving tips for 2020-21

Benefits and the tax consequences At the end of each tax year, you will usually need to submit a P11D form to the tax office for each employee you have provided with expenses or benefits, for example, a company car. The total taxable benefits you provide to all employees will also create a Class 1A […]

What are the new National Minimum Wage rates?

The Government has approved the Low Pay Commission’s recommendations for the new National Minimum Wage to be increased 2.2% from £8.72 to £8.91. The new wage rates take effect on the 1st April 2021 and if you’re aged 23 years and over, you will soon be entitled to the National Living Wage of £8.91 per […]

Will HMRC contact me about SEISS payments?

If you commenced self-employment after 5th April 2019 If you started your self-employment after 5th April 2019, you were initially denied support under the Self-Employed Income Support Scheme (SEISS) and the first three quarterly payouts to 31st January 2021.  Thanks to a change in the recent Budget, you may be eligible – for the first […]

Can I claim the fourth and fifth SEISS payouts during 2021?

If you commenced self-employment after 5th April 2019 If you started your self-employment after 5th April 2019, you were denied support under this scheme from the first three quarterly payouts to 31st January 2021. The good news is that due to lobbying by tax professionals and self-employed support groups, the SEISS is being opened to […]

How do I move my business forward after lockdown?

From June 21st, 2021, the government has now declared its intention to have all UK businesses back up and running and free of lockdown restrictions.  As with all of these announcements, it’s worth noting this date depends on the continuation of the reduction in COVID-19 infection rates. If the measures put in place and the […]

How will budget changes affect me?

The Chancellor, Rishi Sunak, presented his 2021 Budget on 3rd March 2021. The extent to which the measures will affect you will depend on your personal circumstances. We’ve divided this report for your convenience into a total of three sections: Impact on individuals Impact on the self-employed Impact on small company owners Impact on individuals […]

Will the CIS Reverse Charge affect me?

A reminder that from 1st March 2021, the long-awaited VAT changes for CIS registered contractors, who register for VAT, will apply. What will happen on 1st March 2021? At the moment, when you receive an invoice from a subcontractor for construction services and the subcontractor is registered for VAT, you will pay the VAT inclusive […]