by Paul Whyatt | Nov 4, 2021 | Business Advice, Business Start-up, Taxation
If you’re a business that uses freelancers, you should be careful to nail down their employment status from the start. Some of the key issues to consider are illustrated by a recent tax case taken to the First-Tier Tax Tribunal (FTT) – the case of Phillips v...
by Paul Whyatt | Oct 1, 2021 | Business Advice, Taxation
Here are the key things HMRC expects you to do when employing staff for the first time. Decide how much you are going to pay your employee. You must pay your employee at least the National Minimum Wage. Check if someone has the legal right to work in...
by Paul Whyatt | Sep 23, 2021 | Taxation
Many self-employed people have made large losses in the tax year 2020/21, which exceed the profits made in the previous year and even the year before that. Those pandemic trading losses can be used to generate a tax refund by setting them against profits made from the...
by Paul Whyatt | Sep 21, 2021 | Business Advice, Taxation
VAT registered businesses, with an annual turnover above the £85,000 VAT registration threshold, were required to comply with the making tax digital (MTD) regulations for VAT periods beginning on or after 1 April 2019. This means using MTD for VAT compliant software...
by Paul Whyatt | Sep 17, 2021 | Business Advice, Taxation
The hospitality and tourism sector has been enjoying a reduced rate of VAT (5%) since 15 July 2020. From 1 October 2021, the 5% VAT rate will increase to 12.5%, and on 1 April 2022 it will revert to the normal standard rate of 20%. This rate applies to most supplies...
by Paul Whyatt | Sep 17, 2021 | Business Advice, Taxation
Companies can now claim ‘super’ capital allowances on the purchase of new plant and machinery, and to a lesser extent on certain new fixtures and fittings. These super allowances give a company enhanced corporation tax relief of 130% of the cost in the...
