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Deregistering for VAT

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Deregistering for VAT When and how to begin the process of deregistration.

These days VAT thresholds are the subject of much speculation, with the Government concerned that many business owners deliberately choose to stay below the VAT-registration threshold.

Limiting your ambition in this way might seem counter-intuitive – surely you want your business to get as big as possible?

But it can make sense if you are seeking to make a sustainable living rather than get rich, perhaps by trading on online auction sites, or running a café with limited opening hours.

If your business’s turnover is predicted to fall below £83,000 over the next year, it can voluntarily deregister for VAT.

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Starting a business – what you need to know before launching a startup.

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Starting a businessBritain is a nation of fearless business entrepreneurs, but the likes of Richard Branson and James Dyson didn’t go from rags to riches instantly.

Branson needed a £300 loan to get his magazine up and running after dropping out of school at the age of 16. Dyson produced 5,167 prototypes before inventing his vacuumless dust-buster.

In fact, Government statistics revealed that more than half of businesses founded in 2011 had folded within five years, so the lesson here is to think before you decide.

If you have a bright idea and have spotted a gap in the market, you’ll need to test, prepare and assess the risks and opportunities to give your new business the best chance of survival.

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Using pension funds in your business

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How your pension savings can help finance your business.

As traditional loans fall out of favour with increasing numbers of business owners, you may be looking for an alternative route for financing – and your pension could be the answer.

Funding your business using your pension pot may be an overlooked option compared to these. It can be well worth considering if you want more control over the way you finance your business.

Rather than relying on a traditional lender to buy into your business and provide continued support, using your pension lets you take on the responsibility yourself.

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Budget Report 2018

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Welcome to the SeavorChartered Budget Report.

This report looks in depth at how the Budget affects you with sections including Business, Personal, Duties, VAT and other announcements.

At a glance, the headlines are:

 

Business

  • Small retail businesses in England will see business rates reduced by a third.
  • The annual investment allowance is to rise five-fold from £200,000 to £1 million for two years.
  • Reforms to individuals working under IR35 are to be extended to the private sector from April 2020.

Personal

  • The personal allowance is to rise to £12,500, higher-rate threshold up to £50,000.
  • A 4.9% increase will see the national living wage set at £8.21 an hour for over-25s.
  • Stamp duty land tax abolished for first-time buyers of shared-ownership homes worth up to £500,000.

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SeavorChartered awarded Xero Gold Partner Status

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Xero Gold PartnerWe are very pleased to announce we are Gold Champion Standard Xero Accountants.

Always looking to offer up to date, time-efficient resources and information for clients, we chose Xero as our recommended cloud-based accounting software. Xero benefits our clients by providing 24/7 real-time access to their accounts so that we can easily view their current financial position meaning we can give business and financial advice at any time, not just at year end. 

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October Newsletter

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October Newsletter

Our October newsletter brings information on the dividend allowance, a change of mind on Class 2 NICs, the decline in apprenticeships and a call for inheritance tax to be abolished. We also highlight ways to withdraw profit from your business tax efficiently and how your pension savings can help finance your business in our business updates.

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Tax on residential property

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Seavor Chartered Practice Update
How has devolution affected what property tax you pay?

How has devolution affected what property tax you pay?

First-time buyers in England, Northern Ireland – and for a short time in Wales – were the biggest winners in the most recent shake-up in Autumn Budget 2017.

Philip Hammond’s headline measure was to abolish stamp duty for first-time buyers on homes worth up to £300,000, and the chancellor didn’t stop there.

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