Running a small business in the UK comes with many responsibilities, including staying on top of your taxes. Effective tax management can significantly impact your bottom line, freeing up resources for growth and development. Here are some top tax-saving strategies for small businesses to help you navigate the complexities of the UK tax system. ...
Improved Processes for Trusts and Estates: What You Need to Know Managing trusts and estates can often feel overwhelming, especially given the intricate legal and tax-related responsibilities. However, recent changes in the UK have streamlined these processes for trusts and estates, bringing much-needed clarity and efficiency for both professionals and individuals. This post explores the...
Reversal of Growth Plan – When Kwasi Kwarteng came before parliament to deliver his maiden fiscal statement, no one could have imagined that within three weeks, the vast bulk of his announcements would be reversed or that his first (mini) budget would be his last. Jeremy Hunt, the new Chancellor, has dropped £32 billion in...
Do you have a self-assessment for your small business that you need to file but don’t know how to do it? Whether your first attempt at a self-assessment tax return or you’ve accomplished it before, you still need to comprehend a few aspects. Whether you are a self-made business owner, freelancer, or have many earning...
What was Brexit? The United Kingdom commenced its departure from the European Union of which it had been a member state since 1973 called Brexit. In a referendum held on 23 June 2016, the UK electorate voted to leave the EU and officially left the EU on 31 January 2020; the remaining of...
The government has published the details of the Finance Bill 2021 on 11 March 2021. The Bill highlights the important law measures(announced in the recent 2021 Budget) set to come into legislation. Chancellor Rishi Sunak announced the following measures in his budget speech: an extension of the stamp duty holiday in England a super-deduction capital...
Chancellor Rishi Sunak confirmed the extension of the stamp duty land tax (SDLT) holiday in Budget 2021. The government will extend the “temporary increase to the SDLT zero-rate band” for residential property in England and Northern Ireland to 30 June 2021. The zero-rate band will be £250,000 from 1 July 2021 until 30 September 2021....
Chancellor Rishi Sunak unveiled the contents of his Budget 2021 in the House of Commons on 3rd March. He announced the UK government’s tax and spending plans for the year ahead. However, the focus on helping business and jobs through the pandemic and supporting the UK’s long-term economic recovery will remain unchanged. Here is a...
HMRC has announced a new online VAT Deferral New Payment Scheme for the businesses that deferred VAT payments last year. Businesses can now pay in smaller monthly instalments. HMRC said that If businesses deferred VAT payments due between 20 March 2020 and 30 June 2020 and still have payments to make, they can: pay the...
The domestic VAT reverse charge for construction services will come into effect on 1 March 2021, according to HMRC. It was initially scheduled to come into effect from 1 October 2019 but was postponed until October 2020. The VAT reverse charge for construction is an extension of the Construction Industry Scheme (CIS).It applies only to...
Copyright by CareAccountancy. All rights reserved.
Copyright by CareAccountancy. All rights reserved.
