Posts by Nettie Buss
Have you considered a Virtual Finance Director?
Have you considered a Virtual Finance Director? As businesses grow, Directors start to find they need a different skill set around them and that they need a ‘board room’ of ‘helpers’ that they didn’t need at the start of their journey. However, budgets may still be tight and as a business owner you need to…
Read MoreAre you selling online? Do you know if you need to do a personal tax return?
Are you selling online? Do you know if you need to do a personal tax return? The Low Income Tax Reform Group (LITRG) has allegedly warned HMRC that they need to increase publicity about new online platform reporting rules which will give HMRC access to a database of information about online sales. New rules, as…
Read MoreDirectors being chased by HMRC
Directors being chased by HMRC Companies who are shutting up shop with money still owed to HMRC are contributing to the UK tax gap which was reportedly almost £40bn in the 2022/23 tax year. Now HMRC are ramping up efforts to stop this by chasing directors and other senior members of these businesses. There were…
Read MoreTreasury confirms extension of the Enterprise Investment Scheme (EIS) and Venture Capital Trust (VCT) tax reliefs to April 2035
Treasury confirms extension of the Enterprise Investment Scheme (EIS) and Venture Capital Trust (VCT) tax reliefs to April 2035 The above-mentioned schemes will now run until 5 April 2035 and are designed to encourage investment into new or young companies through tax-relief incentives, encouraging innovation, creating jobs and stimulating economic growth. The schemes offer incentives…
Read MoreCompanies House is replacing Government Gateway Access
Companies House is replacing Government Gateway Access The government’s new single sign-in service, Gov.uk One Login will need to be used by businesses to access Companies House accounts instead of the Government Gateway process. Companies House has confirmed that from autumn 2024, it will start to move to the new system which will have to…
Read MoreNearly half of all invoices are being paid late
Nearly half of all invoices are being paid late Small business owners and freelancers continue to struggle with their own cashflow due to receiving late payments with stats showing that 49% of all invoices are being paid late, which is a 6% increase on the previous year. It also seems that where the business is…
Read MoreGetting to grips with Research and Development (R&D) – which now seems to have 5 schemes
Getting to grips with Research and Development (R&D) – which now seems to have 5 schemes The changes which came into effect for R&D in April 2024, as per our previous blogs, saw the introduction of a new merged and enhanced research and development intensive scheme (ERIS). This was on top of the R&D intensive…
Read MoreDomestic Reverse Charge VAT
Domestic Reverse Charge VAT VAT reverse charge rules came into effect on 1st March 2021, which altered the way businesses operating the Construction Industry Scheme (CIS) and are VAT registered complete their invoices. These rules can feel complex, and you need to be aware of what they may mean for your business sales invoices and…
Read MoreHMRC to hire extra compliance staff
HMRC to hire extra compliance staff The Treasury has announced plans for HMRC to hire an additional 5,000 staff to clamp down on tax cheats and set aside more investment for IT infrastructure. The newly appointed minister responsible for HMRC, James Murray, Exchequer secretary to the Treasury has set out a brief overview of plans…
Read MoreStudent Loans and PAYE Payroll
Student Loans and PAYE Payroll HMRC has issued an update to employers which clarifies how to deal with student loan or postgraduate loan start notices, called SL1 or PGL1. It is important to check and use the ‘correct loan or plan type’ on the start notice, and the start date shown on the notice to…
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