With the effects of the coronavirus pandemic leaving many people short on funding, some have turned to side businesses to provide them with extra funds to make up for their financial losses.
What is RTI for Payroll?
Whether you employ one worker or one thousand, Real Time Information (RTI) for payroll helps businesses stay on top of compliance and ensures employees pay the correct amount of tax. But despite launching in 2013, some businesses still do not fully understand how to use the RTI system – potentially resulting in fines and penalties. […]
Beware of the HMRC scammers, but ignoring calls can be costly
There are many problems associated with the pandemic, apart from the obvious one of the illness caused by the virus itself. Conmen and scammers have taken advantage of the situation, bombarding people and businesses with bogus claims about tax owed in the hope that just a few respond. For businesses, the accountant is the first […]
Carry back scheme brings welcome relief for business
For many businesses, the pandemic has turned the world on its head, with many who might have expected to be profitable experiencing a loss. Sometimes losses happen simply because the business is very new, or because costs have unexpectedly risen. However, COVID-19 has thrown another dimension into the mix, seeing thousands of companies fail to […]
New recommendations in sweeping CGT review
The second part of a sweeping review of Capital Gains Tax (CGT) has been published with 14 key recommendations. In July 2020, the Chancellor asked the Office of Tax Simplification (OTS) to carry out a review, to “identify opportunities relating to administrative and technical issues as well as areas where the present rules can distort […]
Tax saving strategies for landlords
Putting together an efficient tax strategy should be a no-brainer for buy-to-let landlords seeking to maximise their income. It may not be quite as glamorous as hunting down the perfect property, but when it comes to saving cash, it can make a huge difference to your bottom line. There are several ways you can reduce […]
Bank of England and CBI expect the biggest rise in economy for decades
Both the Bank of England and the UK’s leading business members’ organisation believe the economy is set to take off after the vaccine bump. GDP (Gross Domestic Product) is expected to rise sharply in the second quarter as lockdown eases. Bank economists say this is a result of the vaccine rollout and the fastest predicted […]
OTS to consider “benefits and implications” of moving tax year end date
The Office for Tax Simplification (OTS) will explore whether there is a case for moving the UK’s tax year end date. Announcing the review, the office, which provides independent advice to HM Revenue & Customs (HMRC), suggests that aligning the tax year end with the financial year end could reduce financial and administrative burdens for […]
Less than one month left to apply to SME Brexit Support Fund, businesses reminded
There is less than one month remaining to claim grant funding through the SME Brexit Support Fund, businesses have been reminded. The initiative – which helps new and established businesses adapt to post-Brexit importing and exporting processes – will close to new applications on 30 June 2021. If you need help trading overseas, here’s what […]