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.
The Chancellor has unveiled a £30bn plan to protect jobs and boost the economy in the wake of the coronavirus pandemic, but what will this ‘mini budget’ mean for contractors’ small businesses in the UK?
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.
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.”
Christmas is a popular time for submitting Self-Assessments to HMRC ahead of the 31 January deadline.
Last year, 16,000 people submitted their tax return online between 24 and 26 December. This included more than 2,500 submissions on Christmas Day and almost 7,700 the day after on Boxing Day.
More than 17,000 people also submitted their Self-Assessments on the New Year’s Day bank holiday.
Rishi Sunak is reportedly weighing up a new tax on goods sold over the internet as the Chancellor considers options to save the high street post-lockdown. But what would this mean for online sellers?
The plans could include a 2% levy on all online sales, which would raise £2bn per year for the exchequer, or an additional charge on deliveries.
The online sales tax is being considered as part of broader plans to support ‘bricks and mortar’ retailers in the aftermath of the coronavirus pandemic, particularly on business rates.
HMRC paid Amazon £11 million for web hosting services in 2018, more than six times the £1.7 million than Amazon’s main UK business paid in corporation tax.
A new report from the GMB union reveals that Amazon received more than £460 million worth of public contracts in the last four years.
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.
Did you struggle filing your tax return last month? Xero’s acquisition of Instafile promises to make tax preparation much easier next time around.
Instafile, which is only available through Xero Partners like CloudAccountant.co.uk, automates tax filing and reporting by connecting small businesses directly with tax authorities like HMRC.
If you are self-employed, you can claim back expenses against your income to reduce your overall business profit and the amount of tax you pay.
For example, if you earn £40,000 through self-employment and claim back £5,000 in allowable expenses, your profit will be £35,000, so you will only pay tax on this.
Many of these allowable expenses are obvious. And if you have been self-employed for a few years you will know most of them. But there are certain less obvious expenses that you might not have claimed for.