My Latest Blogs
12th September 2022
Property renovations: Potential VAT trap
VAT can be something of a minefield when it comes to construction, with the VAT rate depending on the specific circumstances. The applicable rate of VAT will vary depending on the project undertaken and should be considered from the outset to avoid potentially costly errors. The first sale of a newly built residential property will…
6th May 2020
Local Business Grants Scheme additional funds announced
On Saturday, the Government announced a top up to the local business grants scheme fund. While details are currently scarce, the scheme is aimed to help businesses that did not qualify for a grant under existing grant schemes. The fund can be distributed at the discretion of local authorities, but will be aimed at…
20th November 2019
Postponement of planned Corporation Tax reduction
Boris Johnson has announced plans to postpone the cut in Corporation Tax to 17% (down from 19%) that was due to take effect from 1st April 2020 in order to save £6bn, stating that the money would be better spent on other ‘national priorities’, including the NHS. It is not clear when, or indeed…
29th October 2018
Start Up Seminar – Wisbech – Further details
We are looking forward to hosting our FREE Start Up Seminar in Wisbech from 6pm to 8pm on Tuesday November 6th 2018 which is being held at the Boathouse. There are many questions that you may have when starting up in business, such as: Should the business be structured as a Sole trader or Limited…
1st October 2018
Companies House excuses!
Companies House has just published a list of amusing excuses as to why company accounts weren’t filed on time. The excuses included ‘Pirates stole my accounts’ and ‘Goats ate my accounts’! See the full list below for other amusing reasons. Whilst these excuses are amusing, unsurprisingly, none of the appellants were successful in having their…
23rd May 2018
Trading allowance – income tax simplification?
On 6th April 2017 the Government introduced the trading allowance. The aim of this new allowance is to simplify income tax obligations for minor amounts of trading and miscellaneous income. In essence, if trading and miscellaneous income is less than £1,000 in a tax year:- The income is exempt from income tax There is no…
17th November 2017
VAT registration threshold reduction ahead?
Last week the Office for Tax Simplification delivered a report on VAT to the government, which among other things, covered the potential impact of reducing the VAT registration threshold. The report recommended that the Chancellor should “examine the current approach to the level and design of the VAT registration threshold, with a view to setting…
14th November 2017
New to business? Beware of payments on account!
When setting up in business you will be fully aware that you will have tax to pay on your profits, and you will ideally be putting money aside to cover this. What you might not be aware of is that you may have to pay two years’ worth of tax in just six months.…
1st November 2017
Consequences of overdrawn Director’s Loan Accounts
Most people who form a limited company understand that it is a separate legal entity, many however, especially those who previously traded in an unincorporated form, do not fully appreciate what this means in respect of taking money out of the company. In a sole trader situation the proprietor is free to withdraw money…
27th May 2016
Preparing to trade
Start-ups: Maximise tax relief on pre-trading expenses. When starting out in business, it is possible that you will incur significant costs before you start trading. Some common expenses that fall into this category are advertising, insurance, rent & rates, stationery, machinery leasing and website hosting. The good news is that such expenses incurred no more…