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Small Business
Spring Statement 2022 – The lowdown
By Mike Smith Small Business Mar 28, 2022
The Chancellor unveiled a fresh batch of tax changes and updates in the Spring Statement. Here are the key takeaways for small businesses. ...
Raising money through the EIS scheme
By Mike Smith Small Business Sep 22, 2021
How the scheme works EIS is designed so that your company can raise money to help grow your business. It does this by offering tax ...
The seed EIS scheme
By Mike Smith Small Business Aug 20, 2021
How the scheme works SEIS is designed to help your company raise money when it’s starting to trade. It does this by offering tax reliefs to ...
P11D – Not All Benefits Count
By Mike Smith Small Business Jun 12, 2021
Despite the coronavirus lockdowns HMRC still expect P11d forms reporting expenses and benefits to be submitted by the normal 6 July deadline. Remember that ...
Beware The Mini Umbrella Fraud
By Mike Smith Small Business Jun 06, 2021
HMRC are urging businesses to look out for the use of mini-umbrella companies (MUCs) to pay contractors supplying their labour via agencies and other ...
Associated Companies – New Tax Rates
By Mike Smith Small Business May 17, 2021
ASSOCIATED COMPANIES COUNT FOR NEW CORPORATION TAX RATES A 25% rate of corporation tax will apply to all of a company’s profits if they ...
The New Super Deduction
By Mike Smith Small Business Apr 01, 2021
In the Budget on 3rd March the Chancellor announced a new 130% tax relief for expenditure on new plant and machinery incurred between 1 ...
Tax Rates on Dividends 2021/22
Image By Mike Smith Small Business Mar 30, 2021
If the company has sufficient profits it can pay a dividend to its shareholders. Although dividends are NOT subject to NI, they are subject ...
Off Payroll Rules – Get Ready
By Mike Smith Small Business Mar 29, 2021
The “off-payroll” working rules that apply to certain workers supplying their services to clients via their own personal service companies start from 6 April ...
Off-Payroll Rules & IR35
By Mike Smith Small Business Mar 11, 2021
GET READY FOR THE “OFF-PAYROLL” WORKING RULES Where large or medium-sized organisations are paying workers via personal service companies (PSC) or agencies they will ...
2021 Budget
By Mike Smith Small Business Mar 07, 2021
CHANCELLOR “LEVELS UP” WITH US ON TAX In the Chancellor’s second real Budget on 3 March 2021 he announced that he had to level ...
Buy New Equipment Now
By Mike Smith Small Business Mar 01, 2021
BUY NEW EQUIPMENT BEFORE 6 APRIL? Your business year end, not 5 April, is relevant for capital allowances purposes. If however you are running ...
New VAT Rules for Construction
By Mike Smith Small Business Feb 28, 2021
VAT RULES FOR CONSTRUCTION SECTOR STARTED The new “reverse charge” system of VAT accounting affects sub- contractors supplying their services to main contractors in ...
The Budget 2020
By Mike Smith Small Business Mar 18, 2020
Newly appointed Chancellor of the Exchequer Rishi Sunak has just delivered his first ever budget to the House of Commons. Chief Accountant at FreeAgent, ...
What is Seed EIS?
By Mike Smith Small Business Nov 18, 2019
SEIS is designed to help your company raise money when it’s starting to trade. It does this by offering tax reliefs to individual investors who buy new ...
Sole Trader – Cash Basis
By Mike Smith Small Business Oct 28, 2019
‘Cash basis’ is a way to work out your income and expenses for your Self Assessment tax return, if you’re a sole trader or partner. ...
What is Making Tax Digital?
By Mike Smith Small Business Sep 12, 2019
Making Tax Digital (MTD) is changing the way UK businesses, accountants and bookkeepers do their taxes. Find out what this means for you and ...