Anyone aged 55 or over can now access their pension savings built up in a money purchase (defined contribution) scheme. This access can be as a one-off lump sum payment, an annuity purchase or as flexi-access draw-down.
Preparing for Digital Business Records
Lost or forgotten
HMRC believe that a lot of small businesses don't pay the right amount of tax on their profits.
Claiming VAT Back on Pre-Trade Expenditure
You can claim VAT back on certain pre-VAT registration expenditure. The time limit for backdating claims is 4 years for goods you still have at the date of VAT registration and 6 months for services.
Claiming Back Pre-Trading Costs
Generally speaking, any business costs that you incur up to 7 years before you start trading can be put through your business as if incurred on the first day of trading.
New Exemption for Trivial Benefits
An employer can now provide trivial benefits to employees, these do not need to be declared on a P11D and there are no tax or national insurance consequences for the employer or employee.
Making Tax Digital
Big change is coming for sole traders and landlords in the form of Making Tax Digital (MTD).
Using your Home for Business
Did you know that there may be tax consequences if you use your home for business or rent any part of it out?
So your business is doing well and it is now time to make that step forward and build your team by employing staff.
Starting your Own Business
Fed up being an employee, thinking about starting your own business?
How to Switch Accountants
Whether you’re self-employed or a limited company, keeping your finances in order is an essential part of your business. As such, finding the right accountant is critical.