To VAT or not to VAT, that is the question
For smaller businesses and sole traders, VAT can be complicated issue. Knowing when is right, or required, to register can be difficult. When does a business need to register for VAT? A business must register for VAT when its taxable turnover exceeds the VAT registration threshold, which is currently set at £85,000. However, a business […]
HMRC set to launch enhanced employment status checker
HMRC has confirmed an improved version of its check employment status for tax (CEST) tool should launch before the end of the year. The tool was first introduced in 2017 as part of an extension to the off-payroll (IR35) rules that applied to the public sector. It aimed to help public-sector contractors and organisations decide […]
Small Business Guide: Sole Trader vs Limited Company
You have decided to take the big leap of faith and start your own business, the next question is how this should be structured. Should you trade in your personal name or through a limited company? Follow the link below to read our guide on the key accounting and tax implications. Sole trader vs Limited […]
3.3m sole traders to have ‘no pension by 2028’
More than three million self-employed people could be left without a pension in the next 10 years, according to a recent report. The warning came from the Association of Independent Professionals and the Self-Employed (IPSE). It made the claim based on the growth of freelancers over the last decade, and the number of those who […]
Small business owners hold on to cash for Brexit
Small businesses across the UK have increased the amount of cash they hold in current accounts by over 78% over the past two years in anticipation of a Brexit fueled credit crunch. The hoarding reflects growing fears over the economy and a desire to have cash assets available to fund any shortfall in trade or […]
Government launches ‘Get ready for Brexit’ website
Ever since the referendum under David Cameron’s Conservative Goverment back in June 2016 the topic of Brexit hasn’t been far from the front pages. As we move ever closer to the 31 October 2019 deadline for Britain to leave the EU the Government have launch a dedicated ‘Get ready for Brexit’ website to help both […]
HMRC publishes new IR35 guidance
New guidance has been published on the HMRC website, covering changes to the off-payroll working rules known as IR35 which will come into effect next year. From 6 April 2020, medium and large-sized businesses will be responsible for deciding the employment status of workers they enter a contract with. For every contract a business agrees […]
120k firms miss MTD for VAT deadline
More than 120,000 VAT-registered businesses in the UK missed the August deadline to file returns through Making Tax Digital (MTD). HMRC confirmed that around 116,000 businesses with quarterly obligations and 5,000 firms that file monthly returns did not sign up in time. Most VAT-registered businesses with annual taxable turnover of more than £85,000 have to […]
Open Banking and how this impacts Xero
New EU standards, due to take effect from 14 September 2019, will change the way some banks connect to Xero. To comply with the new requirements, many of Xero’s bank feeds will be replaced by new direct feeds using Open Banking. What is Open Banking? Open Banking means you can choose to share your bank […]
Private sector contractors warned about tax rises
Sole traders and the self employed who work with the private sector will have to pay increased tax after the government said it would continue with plans to level the playing field between employees and those in the gig economy.
