The government originally announced a temporary discount rate for the hospitality industry in July 2020 as one of several measures designed to help certain business units during a pandemic. With further announcements, the VAT rate of 5% has been extended to 12.5% for a period on 1 October 2021 and then back to 20% on …
As an employer, British National Insurance is a tax that enters the national fund based on the amount you pay to employees and National Insurance Contributions (NIC) to fund certain national welfare and public sector services. Although NIC is also paid by employees and self-employed individuals, this guide focuses on the amount of national insurance …
How Much National Insurance Do I Pay as an Employer? Read More »
Although these instant loans have proved to be the savior of many companies that cannot operate normally, companies are now facing the issue of having to consider monthly loan repayments, even if the company may not resume operations. At pre-pandemic levels, this means that your cash flow is still an issue. If the Recoverable Loan …
What Options Are Available If A Bounce Back Loan Cannot Be Repaid? Read More »
Holidays at commercial rates have been one of the most effective COVID-19 support measures for the retail, hospitality, and leisure industries. Around 400,000 companies in the hospitality and leisure sectors have benefited from holidays at 100% commercial rates during the last 15 months, as part of the Treasury’s coronavirus assistance program. Commercial Tariff Relief In …
Your UTR number is something HMRC uses to identify you as a taxpayer. UTR stands for Unique Taxpayer Reference (Number). HMRC sends you a UTR number when you sign up for the self-assessment (essentially, when you inform HMRC that you are earning tax-free income). Here are some of the scenarios in which you may need …
Well, iIt enables a company to track all of its transactions and understand how it is doing in terms of profitability, cash on hand, and business growth. It also supports all of the ongoing reporting and filing obligations that companies have – sales tax returns, annual financial statements, tax returns, etc., which are all based …
Are you an individual trader and want to expand? Hiring people to help you run the business is the logical next step in ensuring future growth. Many people wonder how this affects their sole proprietorship. So are you allowed to work as a sole trader or do you have to start a business? Do I …
As a self-employed sole trader, getting the most tax breaks possible will undoubtedly be one of your top priorities. All one-man gangs pay taxes on their hard-earned winnings. As a self-employed person, you don’t want to pay more taxes than necessary. In this guide, we will help you make sure that you, the retailer, are …
So Has the Self-Assessment Tax Deadline Been Extended? Still there is no late filing penalty for self-assessment for those filing tax returns online before February 28th, in the UK. Self-assessment tax filers who are unable to file their tax return by January 31, 2021 will not receive a late filing penalty if they file …
Will the Deadline for Self-Assessment Tax Be Extended? Good News for the UK tax filers, affected by Covid-19. HMRC has announced that if some has been affected coronavirus in his/her personal or professional life, it will accept this as a “reasonable excuse” for missing the January 31 registration deadline. However, HMRC is vague, …
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