Budget 2021 With the end of the tax year fast approaching, now is the time to start looking ahead to the new tax year, the announcements made, and any changes that you might need to implement from April. This is the first in a series of articles, today just looking at the overall highlights of…
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What is the Domestic Reverse Charge? The domestic reverse charge is a change to how VAT is collected in the construction industry, which came on 01st March 2021. Who does it Affect? The domestic reverse charge affects the construction industry. It applies to building and construction supply transactions that are already reported through CIS,…
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Voluntary Strike Off Process In March 2020, as a response to coronavirus, Companies House introduced temporary measures suspending voluntary strike off action for companies. These measures are reviewed monthly. Following the July review, they have lifted the temporary measures from 10th September 2020. This means that after this date, they will restart the voluntary strike…
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MTD Updates July 2020 This week, the government made further announcements about the plans for Making Tax Digital. Most VAT registered businesses with taxable turnover above the VAT threshold (£85,000) are following the rules of MTD. However, due to the impact of coronavirus, HMRC extended the original soft-landing period from 31st March 2020 to 1st…
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The extended 12 month soft landing period for Making Tax Digital (MTD) has ended for VAT accounting periods starting on or after the 1st April 2020. Those who had VAT periods beginning 1st October 2019 were eligible for the deferred start date for Making Tax Digital. They can continue to benefit from the soft landing…
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Tax deductible expenses for sole traders are allowable expenses incurred in running a business. They reduce the amount of tax paid by sole traders by reducing their profits subject to tax. To claim for expenses, please make sure you keep accurate records, and keep these records for 6 years. Much the same as limited companies,…
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Although we all have a duty to pay the correct amount of tax to HMRC, there is no reason you should not be aware of legitimate expenses that you can claim in business which are tax deductible. To be tax deductible, expenses need to be incurred solely for the purpose of running the business. This…
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Today we are discussing the Furlough and SEISS schemes that are now in operation. It is a challenging time for many businesses and self-employed individuals. The virus affects most industries. Understandably, we see schemes changing, aimed at reopening the economy. This is having an additional effect on businesses – while some may work towards reopening,…
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I specialise in providing cloud accounting software solutions that work for your business. This ensures that you never have to worry about your accounts. What is cloud accounting software? Cloud accounting software means that you can access your software from any device with an internet connection. Instead of purchasing a program and downloading it onto…
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Hello and welcome to my blog! Here you will find an archive of articles, answers to common questions, updates on changes in the UK that could affect your business, or your personal taxes. I started Rely Financial Services in 2017 after qualifying with the association of accounting technicians. Having previously worked in many roles within…
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