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Coronavirus VAT Deferment

Many UK businesses are at risk of losing out on the coronavirus three month VAT deferment if they do not act immediately. After announcing the easement on 20 March, HMRC followed up with a Q&A warning direct debit payers that they must contact their banks to cancel the facility or the VAT will automatically be withdrawn…Read More

Covid 19 – Government Support for the Self Employed

Hello All, I do hope you are staying safe and well during this very difficult time. Following the Government’s Announcement yesterday evening I have outlined what this may mean to you. I have also detailed some other links to this and other options that you may need to consider to help you get through this…Read More

Monday 23rd March 2020: Measures Aimed at Business and Individuals

The government has announced a raft of measures aimed at both businesses and individuals in order to support them during the Coronavirus crisis. Here is an at a glance summary of the main proposals. Support for Businesses Coronavirus Job Retention Scheme HMRC will set up a new online portal so that ALL UK employers, regardless of size,…Read More

Coronavirus Brings UK Economy to Temporary Standstill

KPMG’s latest quarterly ‘UK Economic Outlook’ forecasts a 2.6 per cent decline for 2020. Coronavirus is having a major impact on the economy ( Getty ). The coronavirus outbreak has brought the UK economy to a temporary standstill, according to a quarterly report. KPMG’s latest quarterly UK Economic Outlook forecasts a 2.6 per cent decline…Read More

Coronavirus: New Financial News

Whether you’re an employer, director, employed or self-employed the current uncertainty in the Global market is causing reason for concern. Currently, the bulletins are covering working from home parents, wage changes and advice for the self-employed. Here are a few links (as they progress) to keep you informed to date: – Coronavirus: Will I be…Read More

Proactive Vs Reactive People in Business

Being proactive is among one of the most important traits of successful people. It allows anyone, in under any circumstance, to choose what life they have or will have in the future. This is a far stretch from reactive people who are the opposite. The difference between proactive people and reactive people is that proactive…Read More

Coronavirus: Advice for Employers and Employees

Coronavirus: advice for employers and employees This advice is being reviewed daily. We’re monitoring government updates and when legal changes happen, we will update this page.  In case coronavirus (COVID-19) spreads more widely in the UK, employers should consider some simple steps to help protect the health and safety of staff. It’s good practice for…Read More

Understanding National Insurance Contributions; Tax Year 2020/21

The annual re-rating of various National Insurance Contributions rates, limits and thresholds for the purposes of calculating Class 1, Class 2, Class 3 and Class 4 NICs liability (or voluntary payments) updates both Great British and Northern Irish legislation courtesy of section 105 of the Deregulation Act 2015. (This section of legislation allows the passing…Read More

Risk Management and Decision Making in a Business

Organizations face choices about hazards almost constantly. From high gear buys to new contracts, acquisitions to disposals. Every business choice harbours a component of hazard. The key part of settling on the correct business decision originates from deciding the balance between hazard and gain (see opportunity cost). Organizations that open themselves to high dangers with…Read More

What Is Opportunity Cost and How Does It Work in Business?

—– Opportunity costs represent the benefits an individual, investor or business misses out on when choosing one alternative over another. While financial reports do not show opportunity cost, business owners can use them to make educated decisions when they have multiple options before them. Because, (by definition) they are unseen, opportunity costs can be easily overlooked…Read More

Research &Development Tax Credits

Although R&D Tax Credits have been around since the year 2000, many companies are still not taking full advantage. This is a huge missed opportunity as claims can be worth many thousands of pounds which UK businesses often urgently need. The relief is offered in respect of innovative work undertaken to broaden scientific and/or technological…Read More

Business Model Innovation

Business model innovation is an iterative and potentially circular process. A business model describes the rationale of how an organization creates, delivers, and captures value, in economic, social, cultural or other contexts. The process of business model construction and modification is also called business model innovation and forms a part of business strategy. In theory…Read More

Business Start Up – What You Need to Know

Thinking 2020 could see the start of a new venture for you? Here are a few pointers we have pulled together to ease you into your business ownership.. 1. How should I structure my small business? One of the most pivotal decisions you will make when starting your enterprise is choosing your business structure. The…Read More

Is a dog your best friend or a tax deductible expense?

Helen Thornley untangles the tax leads for sheep dogs, guard dogs, office dogs, therapy dogs and assistance dogs. An anonymous questioner on Any Answers asked whether it was permissible for a self-employed individual to claim tax relief on the costs of a therapy dog. This got me thinking about the circumstances in which the self-employed…Read More