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 ...
How Xero Works
Video By Mike Smith Software May 26, 2021
Xero is accounting software to-do your to-do. Running in-the-cloud you get everything you need to run your business. It’s fast, simple, powerful software and ...
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 ...
4th Self Employed Grant
By Mike Smith COVID-19 May 10, 2021
DETAILS OF FOURTH SELF-EMPLOYED INCOME SUPPORT GRANT Like the CJRS scheme for employers the Self-Employed Income Support Scheme (SEISS) has been extended to September ...
New CJRS Furlough
By Mike Smith COVID-19 May 01, 2021
New furlough pay grant The fourth version of the CJRS “furlough” grant scheme starts on 1 May 2021 and will run until 30 September ...
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 ...
Job Retention Scheme Update
By Mike Smith COVID-19 Mar 23, 2021
CHANGES TO THE CORONAVIRUS JOB RETENTION SCHEME FROM JULY 2021 The Coronavirus Job Retention Scheme has been extended until 30 September 2021 and the ...
SEISS Grant Update
By Mike Smith COVID-19 Mar 21, 2021
SELF-EMPLOYMENT INCOME SUPPORT SCHEME FOURTH GRANT (SEISS) In the recent Budget, the chancellor has set out further support for the self-employed. In addition to ...
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 ...
VAT Deferral Payment Scheme
By Mike Smith COVID-19 Feb 27, 2021
HMRC has launched its VAT deferral new payment scheme for businesses who deferred their VAT payments last year due to the coronavirus. The online ...
Expense Claims in Xero
Video By Mike Smith Software Feb 27, 2021
Expense claims can be a headache for both the employee and the accounts team. With Xero you can manage the whole process online. Employees ...
Trading conditions of SEISS
By Mike Smith COVID-19 Feb 08, 2021
How will trading conditions affect eligibility for the Self-Employment Income Support Scheme. HMRC has updated its guidance to define what it means by reduced ...
No late filing penalty
By Mike Smith Individuals Jan 30, 2021
HMRC has announced Self-Assessment taxpayers who cannot file their tax return by the 31 January 2021 deadline will not receive a late filing penalty ...
Manage Bills in Xero
Video By Mike Smith Software Dec 27, 2020
Managing your bills in Xero accounting software helps you stay organised, manage cashflow and pay your suppliers on time. This video tutorial shows you how ...
Xero and Grind
Video By Mike Smith Software Nov 21, 2020
Xero and Grind Coffee. An excellent case study to show how powerful the partnership between small business, cloud software and modern accountants can be.
COVID-19 Support Extended
By Mike Smith COVID-19 Nov 06, 2020
A number of government support schemes designed to support employers, employees and business owners through the coronavirus (Covid-19) pandemic have been extended this week. ...
Bounce Back Loans
By Mike Smith COVID-19 Apr 30, 2020
New fast track government loans are being introduced for micro sized businesses to provide access to underwritten loans of up to 25% of turnover ...
Self Employed Support
By Mike Smith COVID-19 Mar 29, 2020
The new Self-employment Income Support Scheme offers a taxable grant worth 80% of trading profits, up to a maximum of £2,500 per month, for ...
VAT Payment Deferral
By Mike Smith COVID-19 Mar 28, 2020
Summary VAT registered businesses are not required to make VAT payments that are due from 20 March 2020 to 30 June 2020.This relief is ...
Job Retention Scheme
By Mike Smith COVID-19 Mar 25, 2020
As of this morning, 25th March 2020 the government has provided very little more in the way of detailed guidance around the Coronavirus Job Retention ...
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 ...