Blog

Many organizations are moving towards agile/hybrid work. However, before employers reimburse expenses and claims for employee benefits, they should consider the applicable income tax and reporting requirements. This article guides tax considerations when employing reimbursement of expenses. Broadband Connection If the employee already has broadband or is upgrading their plan, any reimbursed expenses would be …

What are the Employment Tax Issues That Non-Profit Organizations Need to Be Aware Of? Read More »

The pandemic is having a major impact on the UK travel and tourism sector. This includes many Furnished Holiday Let (FHL) stores that have had to close for most of the 2020-21 holiday season. Even if strict cleaning requirements and distance regulations allow businesses to reopen, many still suffer from increased costs, longer travel times, …

Coronavirus: Tax and The Owners of Furnished Holiday Lets Read More »

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 …

The Reduced Rate of VAT to End on 1 April 2022 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 …

Business Rates Holiday Starts Winding Down Read More »

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 …

Where Can I Find My UTR Number? Read More »

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 …

What is Double-Entry Bookkeeping? Read More »

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 …

Can You Employ People as a Sole Trader? Read More »

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 …

What Business Expenses Can A Sole Trader Claim? Read More »