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  • 19
  • Oct
What can small firms expect from the looming Autumn Budget?

Wednesday 27 October will see the announcement of 2021’s second Budget, alongside a spending review, by Chancellor of the Exchequer Rishi Sunak. Some important developments have already been announced – such as a rise in National Insurance from April 2022, and that the long-awaited business rates review will be published in the autumn of this…

  • 30
  • Sep
Individuals and businesses given another year to prepare for ‘Making Tax Digital’

The UK Government has responded to pressure from professional bodies by confirming a one-year postponement to its comprehensive digital tax reforms.  The ‘Making Tax Digital’ initiative would have required 4.3 million self-employed people and small businesses to maintain digital records and report their income to HM Revenue & Customs (HMRC) on a quarterly, rather than…

  • 22
  • Sep
Jobs creation and business activity up in South West England during 2021’s third quarter

In news that will be of interest to many of those seeking out or using the services of a chartered tax adviser in Devon or Somerset, a report has revealed that the South West England economy has continued to strengthen amid the ongoing recovery from the coronavirus pandemic.  While the COVID-19 crisis throughout the South…

  • 31
  • Aug
Trade bodies for UK pubs and hospitality urge revamp of business rates

The UK’s business rates system has long been a source of concern and frustration for many of the country’s small and large firms alike – and now, two key trade bodies have further spoken out in response to a recent Government consultation. What did the trade organisations say? The trade bodies in question – UK…

  • 12
  • Aug
Podcasting emerges as 2021’s most profitable side business

New research into the side businesses that Britons are starting and running this year has brought up some perhaps surprising results, including in relation to the exact lines of work such ‘side hustlers’ are choosing.  The study found, for instance, that podcasting was the most profitable side business of 2021 – and that Brits are…

  • 3
  • Aug
Self-Employed Taxpayers Can Now Apply for Fifth, And Final, SEISS Grant

The self-employed income support scheme (SEISS) grant, introduced by the government to help businesses through the coronavirus pandemic, is open for applications again. This grant can award businesses up to £7,500.  However, businesses may have to submit two turnover figures to successfully apply.   How do you apply? HMRC has either emailed or sent a…

  • 3
  • Aug
Basis Periods Set to End From 2022

Up to 6 MILLION businesses could be affected by the changes which aim to make tax administration “more effective, efficient and easier for taxpayers to get their tax right”. The move comes from the government to help the transition to the ‘Making Tax Digital’ (MTD) scheme.   When will this take effect? From 6th April…

  • 28
  • Jul
Government announces new tax system reform for small businesses

On 20th July, the Government announced reforms to tax reporting designed to make the returns process easier for small businesses and the self-employed.     What are the current rules? Under the current taxation system, tax returns filed by people who are self-employed, sole traders, and partnerships are based on the business’s end of year accounts.…

  • 20
  • Jul
Big rise in ‘hybrid’ working shown in new poll of business managers

A new survey of managers undertaken amid the continuing relaxation of COVID-19 restrictions in England has revealed concerns among many respondents that measures designed to limit the spread of the virus are being lifted too fast.   The poll, as reported by Sky News, found that 50% of managers believed the changes were occurring too quickly,…

  • 7
  • Jul
Business rates holiday slashed from 1st July for thousands of firms in England

Another element of the UK Government’s support for companies adversely hit by the pandemic is now being eased, with the start of July bringing a reduction in the relief provided by the business rates holiday introduced in April last year.  As the coronavirus crisis first took hold in the spring of 2020, the Government paused…

  • 21
  • Jun
Could the shift towards home working bring about a UK ‘tax crisis’?

  Many observations – both positive and negative – have been made about the greatly heightened tendency towards remote working in the UK since the onset of the COVID-19 pandemic. However, one factor that arguably hasn’t been discussed as deeply as it perhaps ought to be, is the impact the home-working revolution could have on…

  • 11
  • Jun
How has your UK SME been faring since the Brexit transition?

For a long time, it was seemingly the subject of discussion that we most loved to hate – at least until the COVID-19 pandemic came along. But the fact remains that no small or medium-sized firm in the UK that trades – or wishes to trade – with Europe can ignore the ‘B’ word, Brexit,…

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