HMRC has published the latest advisory fuel rates (AFR) for company car users, effective from1st June 2021, increasing mileage rates by 1p for all petrol vehicles
If you’re newly self-employed then you may not know that you can deduct some expenses costs to work out your taxable profit, as long as they’re allowable expenses.
The end of the financial year can be stressful for small business owners, but our year-end accounting checklist will help you transition smoothly into the 2021/2022 tax year.
Smaller businesses can apply for grants of up to £2,000 to help them adapt to new customs and tax rules when trading with the EU. The SME Brexit Support Fund could give you up to £2,000 to help with training or professional advice, if your business has up to 500 employees and no more than £100 million annual turnover.
In his recent Budget, the Chancellor announced that self-employed people who had submitted their 2019/20 tax return midnight on 2nd March could apply for the fourth and fifth grants. So far, so good: but what he didn’t mention were the stringent, new SEISS pre-verification checks he has put in place.
Earlier this week, Chancellor Rishi Sunak announced a broad range of measures to support businesses and households including details of how the ongoing support will be financed.
March and April represent the most common financial year ends, which means that many people will soon be reaching the end of their accounting and tax year.
The Domestic Reverse Charge was due to be introduced in October 2019 but was twice delayed due to Brexit and Coronavirus but will now come in from 1st March.
Despite recessions, high unemployment levels, and business failures, you may be surprised to know that a crisis can also create entrepreneurial opportunities.
Most taxpayers do not have to fill in a tax return. If HMRC thinks you are paying the right amount of tax through the Pay As You Earn (PAYE) system on your wages or salary, or on an occupational pension, they will not send you a tax return but we always advise checking to make sure, otherwise you could face a £100 penalty.