Digital Services and the New VAT Rules

Business Mileage 2020 and what you should claim

As all business owners know, business mileage can be reclaimed: but the rates applicable do vary, depending on who owns the car being used – you or your employer.

Choosing a company vehicle

Choosing the right vehicle(s) and the right finance options for your business is an important decision: get it wrong and it is potentially costly. Get it right and you can save a lot of money, time and hassle – so give it careful consideration. 

Funding support for employees – the latest instalment

It seems we’ve only just published our report on the new Job Support Scheme (JSS) and already it has been superseded by events.

Support versus retention – what’s the difference?

The Job Support Scheme replaces the government’s Job Retention Scheme on 1 November; but what precisely is the difference? A fair question, which impacts tens of thousands of employees across the country: so let’s look at the detail.

What you need to do from 1 October

From 1‌‌ October, HMRC will pay 60% of usual wages up to a cap of £1,875 per month for the hours furloughed employees do not work.  

Are you at risk of a SEISS penalty?

If you are self-employed or in a partnership then you probably used the Self Employed Income Support Scheme (SEISS) in recent months but did you make a mistake with the claim?

From 1 September HMRC will now pay 70% of usual wages

Update about changes to the Coronavirus Job Retention Scheme (CJRS) which came into force 1^st September and what this means for you. 

How to get to know your customers and make sales.

We’ve all heard the saying “People BUY from People” which really means that we buy generally from people and businesses we like and trust.  

What's new with the CJRS from August 2020

Details about the Job Retention Bonus and changes to the scheme as of August 1st 2020

Post lockdown, what is the tax position on insurance claims for Business Interruption?

If you had the foresight to include a Business Interruption clause in your corporate insurance policy then you will no doubt have been in touch with your insurer now lockdown has lifted. 

Marketing Tip for small businesses that does not require social media.

For some businesses, social media is either too daunting or not quite right to engage with clients.  Read on for some practical tips on something to do instead.

Building or renovating your home: what’s the position with VAT?

Whether or not you need to pay VAT when building or renovating your home can make or break a project; after all VAT at the standard rate will add 20% to the cost.

Pricing to the bottom – not a good marketing strategy in recessions.

Before you think about slashing any prices in an effort to win customers, have you thought it through and what else could you do?

A recession is looming - now is the time to act

Once lockdown is over and business starts up again there are strong indicators that we are heading into recession and a long one at that.  As a small business owner, you will be forced to make drastic moves to survive. Here are some tips on how to survive.  

What to do if your biggest customer goes bust - updated for May 2020

Looking ahead to post lockdown and as businesses try to pick up the pieces there will be casualties.  What if one of those casualties is your big name client which you were so pleased about before the world went Covid-19 mad?

Update on the Job Retention Scheme - May 2020

Last week it was announced that the CJRS scheme will be extended until the end of October. The scheme will continue in its current form until the end of July.

More help for small businesses during the coronavirus pandemic announced

The Chancellor has announced a 100% government backed loan scheme for small businesses, designed to offer up to £50,000 of fast-track finance for those affected by coronavirus

Covid-19 more business funding announced

Scottish Government second phase of funding to protect businesses against the effects of COVID-19.

Job Retention Scheme

More detailed information on the Coronavirus Job Retention Scheme and how it will work including updates as they are released

Covid 19 Limited Company Directors and Dividends

Self Employed or Limited Company Director with Dividends - we try to unravel what support is available

VAT Deferral - Covid-19

We are getting asked a lot about VAT and deferral as announced by The Chancellor. Important information if you want to take this action

More about accessing the Business Support Fund

Grant support is now available to help business deal with the impact of COVID-19.  The purpose of these one-off grants is to help protect jobs, prevent business closure and promote economic recovery

CV-19 Employers Update

We offer some advice for employers regarding self-isolation as of today but this may change and we will keep you updated.

IR35 and the implications

HMRC will apply new rules on IR35 from 6 April 2020, much to the disappointment of those who have campaigned to halt the change.

The battle between cyber criminals and companies is constant and on-going

Business is now done mostly on personal computers, smartphones and tablets so we often take the advantages of this flexibility somewhat for granted.  It is too easy to forget that each of these devices may represent a risk to the company and to its data.

Employing Children, Save Tax and keep them busy this summer

I’m bored - the eternal summer cry from the kids

Here’s the answer - employ them and save on tax at the same time

Paying salaries to your children is a good way to reduce your taxable profits but how should you do it legally?

What can you and should you be claiming for business expenses

Just what can you and should you be claiming for business expenses.  This is one of the most frequent questions that an accountant is asked.  

A new business can struggle to get the pricing right - we offer some simple tips

This is something, as Accountants, we come across time and time again.  It’s often the reason for early business failure and it’s completely avoidable.  Here are some simple tips.  

5 ways businesses will benefit from a Brexit VAT health check

When the UK leaves the EU, the cross-border VAT environment for businesses will change.

Performing a VAT health check now will highlight practical measures that businesses can take to ease the transition and minimise risk

Minimum Wage Shame

HM Revenue & Customs (HMRC) has recently named 70 offenders who have failed to pay the National Minimum Wage (NMW).

When Referrals go wrong

When a client refers you on for business, that’s great isn’t it?   Well maybe, but read on for some potential pitfalls and how to solve them

Auto enrolment and the self employed or sole trader.

It's a risky strategy NOT to plan ahead for retirement when self employed.   But many self employed are already struggling to keep heads above water without finding extra funds for pensions

VAT Explained Part 3 - International VAT

Did you know that VAT is recoverable in more than 40 countries around the world?

For companies who have employees that travel to any of those countries, there is a percentage of tax in many expense types that can be reclaimed when business travellers return to their home country.

VAT Explained Part 1 - Taxes made clear

VAT was introduced to the UK over 40 years ago on the 1st of April 1973. It was supposed to be straightforward and simple. Yet many years later, some of the rules can still leave you scratching your head – and they’re changing all the time

When HMRC audit a business they look at the entire travel and expenses process

Most people assume HMRC inspectors are only interested in completed expense claims and associated receipts – but they’re not. When the time comes to audit your business, HMRC will be looking at your entire travel and expense

Intellectual Property - protect your ideas and innovations before someone else steals it.

When a business starts up often the last thing on the entrepreneurs mind is Intellectual Property.  

Working from home. How do you calculate a tax claim for heating and lighting?

Do you work from home and use the same rooms for personal use as well?   Here’s how to work out a tax claim for heating and lighting.  

Persons with Significant Control changes - does this affect you and if so, what you should be doing

From April 2016, UK companies and Limited Liability Partnerships are required to keep a register of Persons with significant control (PSC). 

When is a hobby actually a business? What you think and what the taxman thinks might be quite different. Read on...

You might think that selling second-hand items and crafts online is a hobby, but the taxman will class you as a business if it can prove you are doing “anything in the nature of trade”.

RTI and Micro Businesses. You can now be fined for late submissions

HMRC has updated its guidance on what happens when employers fail to report their business’s payroll information on time. Here’s what you need to know:

Owing Property personally or through a limited company: what is best?

The majority of investors have tended to own their property portfolio in personal names because it’s beneficial for them to do so when it comes to selling the property.

CIS returns must be submitted online from April 2016, sub- contractor verifications to be done online from April 2017 and there are also changes to those who can be paid gross 

No Dodges for Contractors

There aren’t any ‘dodges’ for Contractors with the new Finance Bill legislation.

Travel and Subsistence Legislation Update

The long awaited travel and subsistence legislation has finally been published in full in the Finance Bill 2016. 

Illegal Workers could cost you £20K each

With the summer months just around the corner, many small businesses may well be looking to augment staff with temporary employees and there is a good chance they may come from overseas.  But how robust are your pre-employment checks to ensure you don’t employ and illegal immigrant?  And how can you avoid being accused of racism at the same time.

Pensions and Tax Year End

If you are thinking about making a pension contribution before the end of the tax year read on to find out about current limits

Minimum Wage - the clock is ticking

The Living Wage along with Auto Enrolment, are the legislation changes that are really making a financial impact on employers this year. Yet amazingly there are still business owners that are not preparing for the changes or don’t know anything about them.

10 Worst Tax Deadline Excuses

The ten worst excuses for missing the 31 January Self Assessment deadline for 2013 to 14 according to HMRC.

(We loved these - especially going to Italy for 5 years!)

Annual Investment Allowance - plan ahead

Annual investment allowance (AIA) is a relief that can be claimed on the cost of plant and machinery. Up to 100% of the costs can be claimed to help reduce the potential tax liability for that business

Tips, Gratuities and Tax

Here’s a very interesting point about tips and how to handle them. The way the tips are treated will depend on who receives them and who distributes them.

Tax: a Sign of Success?

Remember you can only build wealth from ‘after tax’ income.  A big payment to HMRC is not failure to hide the money; it’s a clear indicator of success....

A Guide to Cloud Accounting

Cloud Accounting is clearly the way to go now for small businesses with the growth of good connectivity.  Indeed, we would recommend new start businesses look at Cloud Accounting right from the start.  

Auto Enrolment at a glance

If you simply need to familiarise yourself with automatic enrolment here is a brief outline

What is automatic enrolment?

In an effort to encourage more people to save for their retirement, the Government has introduced new rules which require employers, and most employees, to save into a pension scheme.

Sources of Funding

In a recent article we talked about improving cashflow and feedback has been positive.  But what if you need a cash injection into your business – for a variety of reasons?  Gone are the days when it was a straightforward trip to the Bank Manager.  Indeed SMEs are still finding it difficult to get the necessary finance to grow or support their businesses.

What do you think is the important component of a client relationship? Is it:

• Regular communication?
• Sharing the same values?
• Having a strong personal connection?

We think these are all very important but we believe that the top component is TRUST.....

7 Top Tax Breaks for Small Business

Many small businesses are failing to take advantage of the tax breaks that could provide enormous financial benefit to their business.  In fact, a recent report suggests that a third are still unaware of the breaks available to apply for...

Buy to Let - Profit or Loss?

George Osborne wiped nearly 11pc off the gross returns from buy-to-let properties, leaving many landlords facing the prospect of an annual loss, when he slashed higher-rate relief on mortgages in the Budget.

5 Top Tips when growing your business

Summer for many means holidays and time off to relax with family and friends.  It’s also a time to ‘clear the head’ and start thinking about the business for the coming months.  

Top Tips for Business Owners on holiday

If you plan to switch off completely – that means not even thinking about your business, then read no further and have a fabulous holiday.  But did you know that 75% of business owners still beaver away during vacation time.

Home workers and getting the tax returns right

If you work from home you are entitled to include part of the running costs of your home in your accounts, which will save you some tax.  This is of course, good but how do you calculate the right amounts.  There are two potential methods for calculating this.

10 Top Reasons to Work from Home

Working from home is incredibly convenient.   If you’re starting your business, it’s also the place you have already.   It’s easy to start your business at home.   Of course you need some space and there may be distractions, but there are lots of good reasons for working from home. 

HMRC taking it anyway

Accelerated payments were introduced by the Government in the Finance Act 2014.

Priory Accounting is growing

We're now in Fife and Edinburgh and welcome our newest associate, George Lewis.

George is based at our new branch office in West Granton, Edinburgh and brings over 26 years of experience as an Accountant.   2015 certainly looks to be an exciting year for Priory Accounting but you can be sure that the one thing we won’t be losing sight of is the fact that almost 100% of our clients are still delighted with our services.

Late Payment Penalties

As the Self Assessment deadline has now passed; HMRC will begin to start issuing penalty notices to those clients who did not meet the legal requirement to file their returns on time

Top Tips when claiming VAT back

If you find all the different VAT rates to consider a maze Roddy is here to guide you through.

Don't be Last Minute.Com

Don’t leave it till the last minute to get your tax returns done.

If you are going to be due a payment to HMRC it makes sense to prepare your returns in good time so you can budget and manage your cash flow.