Fretting about an HMRC compliance check? This mini guide will tell you everything you need to know.
Businesses that joined the deferred VAT payments scheme last year, have until 21 June 2021 to join a new payment scheme that will allow them to spread the cost of deferred VAT.
The new online system will allow businesses to pay their VAT In monthly instalments under the VAT Deferral New Payment Scheme.
Formerly known as Receipt Bank, Dext Prepare is one of the most popular software systems for tracking cash-flow.
Have you got envelopes or filing cabinets overflowing with random receipts? Do you spend more than a few hours on financial admin each week? Does thinking about expenses and cash-flow fill you with anxiety?
If you answered yes to any of these questions then Dext Prepare could be the perfect solution to capturing, tracking and saving receipts, helping you get on top of your finances.
Now more than ever, future planning is a vital part of a successful business.
Knowing where you want to be in the future will help with decisions today and give you motivation on the hard days.
You wouldn’t start a journey without knowing which direction to follow; the same applies to your business!
We’ve put together a guide to help you produce your 5-year plan and create a roadmap between today and your future goals.
Are you a contractor? Do you plan on working through your own limited company in the 2021/22 tax year? New IR35 rules could mean that it’s time to rethink the limited way of working.
In case you haven’t heard, there’s been some big changes to the way IR35 rules are applied to contractors working with large and medium sized businesses.
The deadline to apply for a £2,000 grant to support small and medium-sized businesses that want to start importing and exporting is on 30 June.
The SME Brexit Support Fund is open to businesses with up to 500 employees and no more than £100 million annual turnover.
Waiting to get paid is one of the most frustrating things about running a small or medium-sized business.
A study by the Federation of Small Businesses (FSB) found that UK small businesses are owed an average of £6,142 - mostly by larger firms.
Sometimes, raising and chasing invoices can feel like a full-time job in itself, even if you’re using time-saving software like Xero.
If you’re struggling with late payments or you want to spend less time on the monthly financial admin, using automatic invoice reminders could help.
Launched on 6 April 2021, the Recovery Loan Scheme has been set up to support access to finance for businesses as they grow and recover following the coronavirus pandemic.
The scheme is open to any business that has been affected by the pandemic and the money can be used for any legitimate business purpose, including managing cashflow.
What is the super deduction?
Businesses can claim 130% first year relief on qualifying plant and machinery bought between 1st April 2021 and 31st March 2023. Under the super deduction, for every pound a company invests, their taxes are cut by up to 25p. The government announced this as part of the 2021 Budget in March, in the hope that the scheme will encourage business investment and stimulate economic growth. The super deduction scheme is only available to Limited Companies. Unfortunately sole traders cannot benefit. To give an example of the available savings, if you spend £100,000, the corporation tax deduction will be £130,000. You will save 19% on £130,000, which is £24,700.
Last week, the Chancellor delivered one of the most significant budgets in recent memory. Before the budget was released, the Government were keen to stress that some tax rises would be needed to help pay for the coronavirus response.
Many small firms will avoid one of the biggest tax hikes, but how should self-employed people, limited company directors and other small business owners be looking to respond to the budget? We’ll look at the most important changes and how they could affect your business below.