Thinking about moving your business into a limited company? Incorporation can offer tax advantages, legal protection and a more professional image, but it also comes with upfront costs, administrative changes and potential tax traps. Below, we look at the key points to consider before making the switch. What does incorporation mean? The term incorporation usually refers to …
Self Assessment rarely makes it to the top of anyone’s to-do list. Deadlines creep up, paperwork hides in inboxes and the rules change just enough to cause confusion. The good news is that with a little planning you can file with confidence, avoid penalties and keep your tax bill accurate. SeavorChartered has pulled together a …
If you’re starting a business or reviewing how your existing business is structured, one of the biggest decisions you will face is whether to trade as a sole trader vs limited company. The structure you choose can affect your tax bill, ability to get finance, personal liability, and even how your business is perceived. In …
The Chancellor Jeremy Hunt delivered the Autumn Statement 2023 at 12.30pm today. In his statement, the Chancellor stated that following a global crisis he has made difficult decisions to get the UK economy back on track. He advised that this was an Autumn Statement for growth and to reward hard work. A total of 110 …
HMRC have extended the deadline for making voluntary National Insurance contributions (which can date back to 6 April 2006), to 31 July 2023. What is National Insurance? National Insurance is a tax paid by individuals who are employed or self-employed, based on how much they earn then determines how much National Insurance is contributed from …
Today, Thursday 17 November 2022, Chancellor Jeremy Hunt delivered his Autumn Statement. Many were hoping his announcements would help individuals and businesses in the face of increasing costs, with inflation at a 40 year high coming in at 11.1%. Instead Hunt delivered a bleak outlook for the next few years blamed on the fallout from Global factors, …
The Chancellor Rishi Sunak delivered his budget on 3 March 2021 setting out the road to recovery for the UK post COVID-19. The budget included a number of announcements of additional support including an extension to furlough, further grants and an extension to the reduced VAT rate for hospitality and tourism businesses to name a …
Last Updated: 5 April 2021 If you are self-employed or a member of a partnership and have been adversely affected by Coronavirus you will potentially qualify for a Self-Employment Income Support Scheme Grant. You can make a claim for the grant at https://www.gov.uk/guidance/claim-a-grant-through-the-self-employment-income-support-scheme. You will require the following details to make a claim: Self Assessment …
The chancellor Rishi Sunak announced the government’s plan to protect jobs and support businesses over the winter months on 24 September 2020. The announcements included the following: A new Job Support Scheme An extension of the Self Employment Income Support Scheme Tourism and hospitality sector VAT cut extension Coronavirus Loan payback terms extended Coronavirus Job …
Self-Assessment Income Tax Self-assessment income tax payers will be able to defer tax payments to January 2022. This is an extension from that initially announced moving the payment on account due by 31 July 2020 to 31 January 2021. VAT The VAT cut for tourism and hospitality industries to 5% will be extended from January …
The Chartered Institute of Taxation
The Association of Taxation Technicians
