The Centre for Policy Studies has proposed a new simple consolidated tax (SCT) to replace the four main taxes currently paid by small and medium sized firms.
The radical proposal would see corporation tax, employer’s national insurance, VAT and business rates consolidated into one tax paid by firms turning over less than £1 million.
Small businesses are the heartbeat of Britain’s economy. Some 5.6 million small firms employ around 13 million people and generate three-quarters of all new jobs.
Following the introduction of Making Tax Digital for VAT, cloud accounting software provider Xero has launched its first UK television advert.
The not-so-typical accountancy ad shows a business owner come stunt driver changing the back wheel of his car while still in motion.
After successfully integrating with Xero last year, Starling Bank has announced that its business banking users will now be able to integrate their accounts with FreeAgent, reducing the stress of managing business finances.
The Open Banking integration means that, with permission, FreeAgent will automatically import bank transactions into your cloud-based accounts.
FreeAgent will also pull data like spending category, transaction time and business name and organise transactions in a way that’s suitable for Making Tax Digital for VAT.
All of this means that you can reduce the time spent on routine financial admin and eliminate errors that might creep in while you manually import data.
The Government offers a range of loans, services and tools to help small businesses grow and improve productivity.
If you have just set up a new business, or are looking at ways to expand, then Government support is often the best (and cheapest) way to realise your goals.
In this blog post, we look at some of the schemes that can help small businesses achieve specific targets.
There is less than a month left for VAT-paying businesses to prepare for Making Tax Digital (MTD).
MTD is the government’s flagship tax digitalisation scheme that will require all businesses to keep digital records and file and pay tax online.
MTD for VAT is the first stage of the digital roll-out and takes effect from 1 April 2019.
When you’re setting up a new business, the last thing you want to think about is what happens if everything goes wrong. But accidents do happen and, if you aren’t insured, they can have a dramatic impact on your fledging company.
Some types of insurance are compulsory for businesses. Others should be considered carefully while you are setting up.
There may even be one or two types of insurance on this list that you aren’t even aware of.
All employers, including small businesses, need to be aware of changes to auto-enrolment pension schemes that take effect in the new tax year.
Starting on 6 April 2019, employers will need to increase the minimum contributions that they and employees pay into an auto-enrolment workplace pension scheme.
Many limited company directors find it cheap and convenient to work from home.
Working from home also gives limited company bosses the opportunity to claim certain expenses against their company’s tax bill.
If you work from home for some or all of the time, there are three main ways that you can claim home working expenses such as electricity, gas and telephone bills through your limited company.
The Chancellor Philip Hammond has confirmed that he will push ahead with Making Tax Digital for VAT reforms in April, despite warnings that many firms are not ready for the change.
In the Chancellor’s written ministerial statement, he said that Making Tax Digital “is an important first step in this modernisation of the tax system to which the government remains committed.”
FreeAgent have launched their new and improved Partner Programme and CloudAccountant.co.uk have been awarded FreeAgent Platinum Partner status.
FreeAgent wanted to develop a partner programme that meets the expectations of increasingly successful partners like CloudAccountant, with a more rewarding and achievable programme.
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