Author Archives: taxcompute

Scams

UK government body has issued ten coronavirus related scams that we should be aware of and how to spot them.   So far, since lockdown began, Action Fraud has logged reports from 2,378 victims across the United Kingdom who have lost a total of more than £7,000,000 to scammers. So be careful.   There are a number […]

MAKING TAX DIGITAL – NEXT STEPS

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MAKING TAX DIGITAL – VAT Making Tax Digital (MTD) for VAT was launched in April 2019.   All VAT registered businesses above the VAT threshold (£85,000) are now recording and reporting their VAT affairs digitally to HM Revenue & Customs (HMRC) using approved MTD functional compatible software.  Businesses with more complex VAT affairs have an extension […]

CHANCELLOR EXTENDS FURLOUGH AND LOAN SCHEMES

The furlough scheme has been extended until the end of April 2021 with the government continuing to contribute 80% towards wages – giving businesses and employees across the UK certainty into the New Year, the Chancellor announced on Wednesday. Certainty for millions of jobs and businesses as furlough scheme extended until the end of April […]

LIMITED COMPANY FULLY OUTSOURCED ACCOUNTING PACKAGE

OUR SOLUTIONS LIMIT YOUR ACCOUNTANCY, ADMIN AND BOOKKEEPING TO A BARE MINIMUM. Cloud software has transformed accountancy services.  There is no longer the need for your Accountant’s office to be near your business or home.  If your business is in London take full advantage of lower accountancy fees outside the capital where rents, business rates […]

LIMITED COMPANY ALL-INCLUSIVE ACCOUNTANCY & BOOKKEEPING PACKAGES

Details For businesses that require fully outsourced bookkeeping services.  The price is based on the number of monthly transactions. You will have full access to Xero cloud software and be able to: run your reports at the click of a button, at any time using the App or on your PC.  All of the data […]

Why IR35 reform is bad for business and contractors

As already widely reported the controversial reforms to off-payroll working rules will go ahead in April 2021.   Several MPs including David Davis tabled an amendment to the Finance Bill to delay the bill until April 2023 but the motion was defeated back in July this year.  There have been other calls from other groups for […]

UK Government Tier 2 Support announced

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The UK government announced today 22nd October new measures to support businesses and employees hit by Tier 2 local lockdown restrictions. Chancellor Rishi Sunak on Thursday told parliament that hospitality businesses in Tier 2 areas would be eligible for new grants. The chancellor also announced more generous support for jobs across the UK and doubled […]

Coronavirus Business Interuption Loan Scheme

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The scheme is designed to support UK based small and medium-sized businesses, with a turnover of up to £45 million, with a viable business proposition but are struggling with the challenges of the coronavirus situation. Further information can also be found on the British Business Bank and Bank of England websites. You can currently apply […]

Bounce Back Loans

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Small businesses that are impacted by the pandemic are eligible to apply for a 100% state-backed loan worth up to £50,000.  The scheme helps small and medium-sized businesses to borrow between £2,000 and £50,000.  Was launched because of fears small businesses would not be able to access Coronavirus funding quickly enough.   The amount of loan […]

SELF-EMPLOYMENT INCOME SUPPORT SCHEME GRANTS

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HMRC are inviting self-employed individuals or members of a partnership who have been adversely affected by the pandemic (Coronavirus-19) to claim a second grant HMRC are inviting self-employed individuals or members of a partnership who have been adversely affected by the pandemic (Coronavirus-19) to claim a second grant referred to as the; self-employed income support […]

IR 35 review and how to stay out

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IR35 EMPLOYMENT VERSUS CONTRACTING In this article we will detail some tips on how to stay outside IR35 but it is also worth reviewing the benefits of permanent employment versus contracting. You may read the statement from Contractor websites that “To stay outside IR35 is crucial for the financial health of contractors”.   That statement is […]

Claiming mileage on private and company vehicles

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It is worth a recap on this subject as the rules can be confusing.   Employees and employers alike can get very confused about the rules on what they can claim and what they can’t claim.    So let’s review the rules for claiming mileage allowance on business travel for both privately owned and company owned vehicles.   […]

Buy-to-let Mortgage Interest Tax Relief Changes

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Up until the tax year 2016/2017 Landlords have been able to offset 100% of mortgage interest paid against rental income.   This is being phased out and replaced by a 20% tax credit allowance.   So landlords at the start of the 2020/2021 tax year will no longer qualify for relief on mortgage interest.   Instead they will […]

Self Employed Income Support Scheme

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The scheme announced by the chancellor will provide grants to self-employed individuals or partnerships who are negatively impacted by COVID-19.    The grants are worth 80% of profits but up to a cap of £2,500. To be eligible for the scheme you must meet all the criteria below: You must be self-employed or a member of […]

Covid 19 – Government Support

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VAT Deferral main points HMRC Defers Valued Added Tax (VAT) payments for 3 months. All VAT-registered UK businesses are eligible. The deferral will only apply for the period from 20 March 2020 until 30 June 2020. This will mean the deferral of one quarter’s VAT due on either the 7 April, 7 May or 7 […]

Contractor Tax Changes – Archive 2017

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IR35 and the Public Sector If you are a contractor to the NHS or public sector departments you will most likely be effected by changes to IR35 legislation. The new legislation came into effect in April 2017 and shifted the responsibility for assessing IR35 status to the NHS or other public sectors. What that means […]

Car Leasing or Purchasing – Archive 2018

car

Is it tax efficient to purchase or lease a carthrough the business? This is a complex area and there are several factors to consider. But as a general rule, unless the car has very low CO2 emissions or can be classed as 100% business, it is unlikely that it would be beneficial running the car […]