£1000 Job retention bonus to encourage firms to retain furloughed staff
5% VAT for six months - VAT cut for restaurants, hotels and attractions only
Zero Stamp duty up to £500,000 and 'green homes grant'
50% Discount on restaurant meals in August only Monday to Wednesday
Financial Support for young workers
By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. With branches in Worcester Park and Kingston upon Thames and Epsom and Ewell they are considered in the Industry to be expert business accountants and tax advisors for small and medium sized businesses (SME's). Helping and supporting limited company owners and self employed people throughout the UK, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.
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After the UK Governemnts announcement last week, from the 15th July 2020 to the 12th Jan 2021, VAT has been dropped from 20% to 5% on many items in the UK. So retailers will have to amend thier prices accordingly and make sure to charge the correct price. And customers need to be aware not to be ripped off with higher prices than necessary.
The Government's cut from will affect the following food purchases:
Note: Flat Rate VAT charged and paid by contractors and businesses will also be affected and HMRC will update about these in due course. Tax Affinity are experts in VAT and all areas of tax. So if your current accountant is not helping your business through this difficult time, feel free to contact us and we will be happy to help and support you. By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Kingston upon Thames and Epsom they are considered in the Industry to be expert business accountants and tax advisors for small and medium sized businesses (SME's). Helping and supporting limited company owners and self employed people throughout the UK, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends. Extension to coronavirus Self-Employment Support Scheme from government - SEISS 2nd payment6/21/2020 The Government and the Chancellor have confirmed that self-employed workers whose businesses have been negatively hit by coronavirus (Covid-19) would be able to claim “a second and final grant” in August 2020.
Those eligible can apply for the first grant (which was 80% of average monthly profits up to maximum of £2,500 per month for three months ie £7,500) until 13 July 2020. In the extension, those eligible for the second and final grant (businesses adversely affected on or after 14 July 2020) can make a claim in August 2020 (to be confirmed when it will open). You can make a claim for the second grant even if you didn’t make a claim for the first grant. The second grant will be a taxable grant worth up to 70% of your average monthly trading profits (ie £2250 per month), paid out in a single payment covering a further three months’ worth of net profits, to a maximum of £6,570 in total. Clients are advised if they have not claimed for the first grant to do so by the 13 July 2020. And if they are adversely effected in (June, July and August 2020) then to claim for the second grant also as soon as the scheme is opened by the Chancellor and the Government. By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Kingston upon Thames and Epsom they are considered in the Industry to be expert business accountants and tax advisors for small and medium sized businesses (SME's). Helping and supporting limited company owners and self employed people throughout the UK, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.
If you need help with your applications for government grants, loans and allowances as described above then as authorised HMRC agents and expert tax accountants Tax Affinity Accountants are available to support your business at this critical time. Urgently contact us by clicking here and we will use our expertise to support your business through this difficult time. By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Kingston upon Thames and Epsom they are considered in the Industry to be expert business accountants and tax advisors for small and medium sized businesses (SME's). Helping and supporting limited company owners and self employed people throughout the UK, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends. CORONAVIRUS COVID-19 KEY POINTS FOR Self-Employment (SOLE TRADER) Income Support Scheme (seis)3/27/2020 Claiming a grant through the coronavirus (COVID-19) self-employment income support scheme (SEIS) worth 80% of trading profit
You can use this scheme if you're self-employed or a member of a partnership and have lost income due to coronavirus. This scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next 3 months payable after HMRC checks your last 3 years tax returns filed. This may be extended by the government if needed. Who can apply for this You can apply if you’re self-employed (sole trader) or a member of a partnership and you:
If you have not submitted your Income Tax Self-Assessment tax return for the tax year 2018-19, you must do this by 23 April 2020. We can help you do this and you need to get in touch today. HMRC said they will use data on 2018-19 tax returns already submitted to identify those eligible and will risk assess any late returns filed before the 23 April 2020 deadline in the usual way. If you have tax to pay for your 2018-19 tax return then this will need to be up to date. How much will you get from hmrc You can get a taxable grant which will be 80% of the average profits from the tax years (if all 3 available):
They say it will be up to a maximum of £2,500 per month for 3 months. And they will pay the grant directly into your bank account, in one instalment. The bank details on your 18-19 tax return will most likely used as it is already in their records. How to apply for it You cannot apply for this scheme yet yourself. HMRC say they will contact you if you are eligible for the scheme and invite you to apply online. This may take some time as staffing levels are affected by COVID-19. Individuals are advised they do not need to contact HMRC now and doing so will only delay the urgent work being undertaken to introduce the scheme. You will access this scheme only through GOV.UK. website so be careful of fraud - And if someone texts, calls or emails claiming to be from HMRC, saying that you can claim financial help or are owed a tax refund, and asks you to click on a link or to give information such as your name, credit card or bank details, it is a scam. After you’ve applied for it Once HMRC has received your claim and you are deemed eligible for the grant, they will contact you to tell you how much you will get and the payment details. Previously this was by letter to the tax payers home for income tax refunds - it may be by text or emails also if HMRC has these records for you. Note: If you claim tax credits you’ll need to include the grant in your claim as income. This income is taxable. Other help you can get as well The government stated it is also providing the following additional help for the self-employed:
If you need help with your applications for government grants, loans and allowances as described above then as authorised HMRC agents and expert tax accountants Tax Affinity Accountants are available to support your business at this critical time. Urgently contact us by clicking here and we will use our expertise to support your business through this difficult time. By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Kingston upon Thames and Epsom they are considered in the Industry to be expert business accountants and tax advisors for small and medium sized businesses (SME's). Helping and supporting limited company owners and self employed people throughout the UK, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends. The spread of (Covid-19) Coronavirus from Mainland China throughout the world is having massive effects upon small and medium sized businesses. A lot of small business owners are so busy with running their busy everyday that they have not had time to try to figure out a plan to safeguard their employees, customers and profit lines.
The British economy is reliant upon finance, tourism and to a lesser extent manufacturing. Data presented earlier this month showed British economic growth slowed to a stand still at the end of 2019. Supply chains from China have dropped off and many travel operators are slowing down or closing services. This means limited supply and increases in costs. And because small to medium sized (SME) businesses often do not have the cash flow and financial resources to absorb sudden increases in costs this can mean a serious problem, not to mention the health and well being of their staff. Unlike the press, we don’t just present the problem but provide an answer - So here is what SME business owners need do to manage the coronavirus problem:
By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Kingston upon Thames and Epsom they are considered in the Industry to be expert business accountants and tax advisors for small and medium sized businesses (SME's). Helping and supporting limited company owners and self employed people throughout the UK, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends. With the UK now officially leaving the EU, small and medium sized business owners need to put plans and procedures in to place to ensure their business carries on with no problems. Research show that unfortunately the vast majority of SME business owners continue to bury their heads in the sand and ignore the potential ticking time bomb.
Below is a short check list of what you may need to do:
By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Kingston upon Thames and Epsom they are considered in the Industry to be expert business accountants and tax advisors for small and medium sized businesses (SME's). Helping and supporting limited company owners and self employed people throughout the UK, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends. Every year around this time we get a wave of negative news in the media with large corporations issuing retail sales warnings, making excuses publicly about Brexit, the weather, online sales, anything really to distract from their own incompetence) in the run up to Christmas and New Year 2018. Always ignore the 'nay sayers' and pro-actively look at what positive steps can be taken to ensure your business sales and profits rise or at the very least stay level with previous years.
To help with this we've compiled a short list based on our extensive experience and industry wide knowledge. 1. Go where the money is - be fluid and adaptable and look to see what is selling and sell more of that and stock less of what is in less demand. If its a different product or service that you don't offer consider adding this. 2. Give the customer what they want not what you want - listen to them and understand them properly and give them what they are looking for. Your customer will tell you how to keep things going in your business. Don't be shy to ask them, actively ask for feedback. 3. Make an offer they cant refuse - when things are difficult for a client make sure you have offers and special deals like supermarkets do. This may mean you have to offer something at a lower price with the plan to sell another product/service that compliments that item which will make more profit. 4. Keep an eye on competition - make sure your business is not lagging behind on the four P's of the marketing mix - Product, Price, Promotion, Place. All four need to be excellent to ensure growth in a slowing economy. 5. Give away stuff to entice people to keep visiting - This doesn't mean give everything away at a knock down price, but more specifically could mean a good chance to clear out old stock items and have more space by getting rid of it at cost price. The customers get a good deal and you keep the cash-flow coming in. 6. Don't use bad economic conditions as an excuse - stay focused and think positive, don't listen to negative sources of information, look at the positive sources as well. Many large retailers have a positive outlook, its just that media outlets like to dwell on negativity as bad news sells better than good. Compare your business to the bigger companies and see what they are doing and what you can do as well. The Director / CEO that thinks and plans positively is the one that drives their business forward. By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Kingston upon Thames they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting contractors and self employed people throughout the UK, they regularly help clients grow their business providing tailored advice. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends. As the dust settles after Chancellors October Budget 2018. We felt nearly all of the news coverage by journalists had presented little or no perspective specifically for the self employed and small and medium sized businesses. So to help below is another one of our famous main points lists, because lifes to short to waffle :
By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. With branches in Surbiton , Worcester Park , Kingston upon Thames , Cheam and Epsom they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting business throughout the UK, they regularly help clients grow their business providing tailored advice and support. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends. As of today there are only 16 working days till the 31st January 2018, which is HMRC's online self assessment deadline. Our team of experienced tax accountants, some who have worked in the top 5 accounting firms in the UK, advise everyone to make haste and ensure their tax return is done early to both minimise tax and the chance of late filing penalty.
The submission of the personal income tax return and the payment of any tax and NI due for the period 6/4/16 to 5/4/17 is midnight 31/1/18. And anyone who has not yet had their tax return done should start to worry about the 'up to £1300 fine plus interest on late paid tax' imposed by HMRC for missing the deadline. To put it further in to perspective there is an immediate penalty of £100 if the return even one day late. The self assessment / personal tax return is required from the following types of people: 1. Self Employed (even partially) during the tax year 16/17 ie 6/4/16 to 5/4/17 2. Employed and earning over 100k for the year ended 5/4/17 3. Director or shareholder of a Company and taking dividends in the period as above 4. If you have received rental income in the period 6/4/16 to 5/4/17 5. You received savings and investments income in the period 6/4/16 to 5/4/17 6. You sold something and made a profit on the item, so are required to pay the Capital Gains Tax (CGT) eg selling shares, a property, an antique, Plant and Machinery etc 7. You have received income over £50,000 and you claimed Child Benefit 8. If you have not notified HMRC that you have left self employment and they have not confirmed that you do not need to do a 16/17 return 9. A letter / email / text from HMRC has been received by the tax payer advising them that they need to submit a tax return for the 16/17 year (note: only new registrants may get a reminder as HMRC expects old registrants to already know the deadlines and protocols required). 10. You received income from overseas including off shore companies (the law has changed) 11. You lived abroad and had income from the UK 12. You are retired and receive more than one type of pension and annual income payment pushing you over the personal income allowance 13. You have had a P800 from HMRC saying you have not paid enough tax in the year 14. You are minister of religion or and Underwriter 15 Even if a person has died they may still need to submit a tax return to make sure they have paid the correct tax and those that receive an inheritance may need to pay for Inheritance Tax (HMRC will advise further). 16. If you have received a P11d and not paid the correct tax for the benefit in kind eg company car, private medical, gym, travel etc So if you haven't already had your tax return done and still need to send / drop in your income and expenses information, please take heed of this reminder. For those that have handed in their information, we will make sure it is done before the deadline and if there is any tax due we will advise you of this well before the deadline. We can even have your deadline extended in some cases as we are a registered authorised agent for HMRC. And if your thinking of using an accountant - then make sure to note, not all accountants are the same. We recommend you use an expert in tax so he/she saves you far more in tax than you ever have to pay them for their service. A lot of accountants are using out of date knowledge they learned along time ago and never bother to keep up to date with the ever changing landscape of HMRC tax rules and regulations. With fines up to £1300 plus interest on the amount of tax due. This means for some, the penalties can be much greater than the actual tax that would have been due. So don't delay, as you have little time left. And in the unfortunate even that you do miss the deadline - most excuses and appeals are rejected by HMRC. If you would like to contact us about having your tax return done by an experienced tax accountant then go to our contact us page and tell us your requirements today. By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. With branches in Surbiton , Worcester Park , Kingston upon Thames , Cheam and Epsom they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting business throughout the UK, they regularly help clients grow their business providing tailored advice and support. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends. |
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