What does today mean for small businesses, some of the highlights: National insurance threshold increased to £9,516 Corporation tax stays at 19% Increase in the recently introduced Structural Buildings allowance to 3% per year Increase in the employer’s national insurance allowance from £3k to £4k per year (although the criteria to claim this, changes from…
Confused by the new CIS reverse charge VAT rules that come into effect from 1 October 2019, then HMRC have issued further guidance at https://www.gov.uk/guidance/vat-domestic-reverse-charge-for-building-and-construction-services#overview. The basics are as from 1 October 2019 if you are a VAT registered subcontractor working for a contractor you will no longer be paid for the VAT element…
Ely Office start up seminar is being held on 20th November https://www.whitingsllp.co.uk/booking-now-open-for-start-up-seminars/. A chance to gain free advice on the complexities of starting in business from Whiting and Partners and Guest Speakers from local solicitors Fraser Dawbarns talking about partnership and shareholder agreements, leases on new premises and employment law for taking on new staff.…
As we head towards the end of summer and we start to prepare the children to go back to school, life starts to get back to normal. If you run your own business you may want to use this time to start planning ahead for the changes in the way you file your paperwork with…
It is the time of year when contractors are being issued with their CITB Levy forms, with a completion deadline of 30 June 2018. For those starting in the construction industry the registration process is easily not realised. For the purpose of the construction industry an employer includes those with subcontractors, and therefore the annual…
HMRC have recently issued further information regarding MTD , stating prioritising EU exit work is delaying plans to introduce further digital services for individuals. This however ONLY affects simple assessment and real time tax code changes, HMRC are still striving to encourage further uptake of personal tax accounts. Simple assessment was intended to take two…
Monday evening saw the third of our MTD seminars, held at our Ely office. Having sold out very quickly, we had a full turnout. We explained to clients what MTD was and how the changes would directly affect them, as well as talking through the benefits of changing to digital accounting records. Following the presentation…
For some clients making tax digital is now start to loom with them needing to commence quarterly returns in less than twelve months. With this in mind, they may be looking to set up new software programmes in preparation. But where do you start with the headings to use in your accounts? HMRC have stated…
Is your turnover more than £85k and you are a sole trader, partnership or landlord? If so you will need to comply with making tax digital from April 2018. Now is the time to start using software to ensure you are used to a new programme ahead of filing live returns to HMRC. Our Ely…