by Karen | Aug 16, 2021 | Accounting, HMRC, VAT
You must register your business for VAT if your VAT taxable turnover exceeds the registration threshold. This is currently £85,000. You must register if: at the end of any month, the value of your VAT taxable supplies in the previous 12 months or less is more than...
by Karen | Aug 9, 2021 | Accounting, Financial planning, HMRC, Pensions, Retirement
Tax relief is available to encourage individuals to make contributions to registered private pension plans. However, while there is no limit to the amount that an individual can contribute to their pension plans, there are limits on the contributions that qualify for...
by Karen | Jul 30, 2021 | Accounting, Business Costs, HMRC, Tax
It is not uncommon to realise a loss in the early years of a trade. However, traders who commenced their self-employment in 2019 or 2020 may also have suffered as a result of the pandemic. Although the Self-Employment Income Support Scheme (SEISS) provided help for...
by Karen | Jul 21, 2021 | Accounting, Business Costs, Covid-19, HMRC
As the Coronavirus Job Retention Scheme comes to an end, employers with employees who are still on furlough will need to decide whether they are able to bring the employee back to work, either full time or part time, or whether they will have to terminate the...
by Karen | Jul 14, 2021 | Accounting, HMRC, Tax
During the Covid-19 pandemic, the advice was ‘work from home if you can’. As a result, millions of employees found themselves working at home, often at very short notice. Many still have not returned to the workplace, and homeworking (whether fully or flexibly) is...
