Business Guides

How should you structure your business?

If you’re looking to join the 4.3 million people in the UK who made the jump into self-employment, you might be wondering how to start your new business. Assuming you’ve weighed up the pros and cons involved and decided launching a startup is right for you, one of the...

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Insider January 2022

HMRC ISSUES LAST REMINDER FOR 2020/21 PERSONAL TAX RETURNS. HMRC is reminding taxpayers that the deadline to submit 2020/21 personal tax returns through self-assessment is on or before midnight on 31 January 2022. Some 407,510 startups were created during the 2020/21...

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Construction industry scheme update

The construction industry remains one of the UK’s key sectors, which also helps to underpin the UK economy, despite experiencing the effects of the COVID-19 pandemic. In September 2021, construction output grew by 1.3% on the previous month – placing the sector just...

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Making Tax Digital for income tax

Making Tax Digital for income tax (MTD for ITSA) looks certain to affect sole traders and landlords from April 2024, following the recent news of a one-year delay. This was the latest in a long line of delays and deferrals in the rollout of MTD, which was first...

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Insider: December 2021

A new levy on large residential property developers’ profits intends to raise around £2 billion over the next 10 years, starting from next spring. The ‘cladding tax’ will be a 4% tax on developers with company profits of £25 million or more from residential...

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Business tasks to outsource

As a business owner, you will find that few things in your line of work are as precious as your time – time that would be better spent doing something other than accounting. Many people come to us asking for help with tasks that usually result in time slipping through...

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Insider: November 2021

NICs will rise by 1.25% for employees, employers and the self-employed from April 2022 to fund the Government’s new health and social care levy. In some scenarios, employees and employers can get around this by striking a salary sacrifice deal to reduce an employee’s...

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Residence & domicile after Brexit

For most UK citizens, the question of what income and gains should be included on their tax return is easily answered because they are both UK domiciled and UK tax resident. Anyone domiciled and resident in the UK will need to report their worldwide income and capital...

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2020/21 income tax returns & the SEISS

A chunk of time has passed since the self-employed income support scheme (SEISS) was launched in May 2020, following the onset of the COVID-19 pandemic. The first taxable grant, worth up to £7,500 in total, was paid out in August 2020. That was followed by a second...

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