Registering for VAT can feel scary for businesses, but it is an essential part of growth. In this brief introduction to the tax, we give you all the most important information to help you grow more comfortable with the tax.
Many business leaders welcomed the Chancellor’s recent statement where he spelled out the Government’s latest plans to support the economy through the coronavirus crisis. The headline announcement was a new Job Support Scheme that will follow the closure of the furlough scheme.
Rishi Sunak said that the new scheme would “support only viable jobs”. Some business leaders complained that it would not be enough to prevent widespread job losses, particularly in hard hit industries like hospitality and tourism.
To help employers make the most of the new scheme, we have answered some of your most important questions below.
With health concerns still prevalent and the economy looking shaky, it might not seem like the ideal time to start a new business.
Along with the uncertainty, however, has come lots of new opportunities. And many brave souls have used the outbreak to plan new ventures and have started working for themselves.
Here are five tips to help get your new business off the ground.
Does my business qualify for coronavirus support?
Disruption caused by the Covid-19 outbreak is causing havoc for businesses up and down the country.
To help them through this difficult time, the government has announced a broad package of support for companies. But the quick-fire announcements have caused some confusion in the business community.
As the UK officially leaves the European Union, small businesses are urging to government to focus on negotiating a trade deal with the EU and securing top talent from abroad.
Research from the Federation of Small Businesses (FSB) shows that the EU is the biggest trading bloc for small businesses that export (62%) and import (55%).
Following the latest announcements from Boris Johnson and Nicola Sturgeon, England and Scotland have now joined Wales in new national lockdowns.
The new restrictions mean that people should only leave home for an essential purpose, such as to buy food or medicine. This means that, along with schools, large swathes of businesses now need to close their doors.
While some shops and hospitality businesses will still be able to offer click and collect and takeaway services, they are likely to see a dip in sales. Many other businesses may also see their revenue fall as demand dries up, similar to the first lockdown in March 2020.
To help support businesses through his latest period of uncertainty, the Chancellor Rishi Sunak has announced some additional funding alongside some older schemes that are still open to businesses.
Your accountant can do more than you think when it comes to saving your small business money.
At a time when many firms might be thinking about tightening the purse strings, we’re sharing four helpful things that your accountant can do to save you money without compromising on performance.
Making Tax Digital is a government scheme to digitise business taxation in the UK. It is being rolled out in phases, starting with businesses that pay VAT.
Businesses with a revenue above the VAT threshold must now file VAT returns digitally. And the only way to do this is by using compatible accounting software.
The latest budget statement contained some important takeaways for small business owners and freelancers.
Understandably given the circumstances, many of the announcements were made in response to the economic threat posed by the COVID 19 outbreak.
We’ve provided a handy summary of the most important announcements below.
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.”