The difference between cash flow and profit — how to keep your business cash liquid Making a profit is the primary purpose of every firm. One of your main financial goals as a business owner is to create enough sales with a large enough profit margin to turn a profit.…
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How much extra will I have to pay for National Insurance? The new UK tax rate, as well as what it implies for me, are all discussed. The government claims that the increase in National Insurance will help with health and social care, but it has sparked fierce debate as…
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Change in VAT for the Hospitality and Leisure Sector as of April 1st During the COVID-19 pandemic, the government implemented reduced VAT rates to raise revenue and keep companies afloat. The following industries were affected by the decreased VAT rate: Hospitality Hotels and vacation rentals Specific attractions admissions The original…
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Spring Statement 2022 On March 23, the Chancellor, Rishi Sunak, made his Spring Statement. Faced with the difficult challenge of building a “strong economy” for the UK against the backdrop of high inflation, rising expenses, and the possibility of European conflict, he launched a slew of new policies. So, what…
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Directors may be held accountable for CJRS funds that have been overclaimed. HMRC may issue a notice making a person (or individuals) jointly and severally responsible for the appropriate tax liabilities if they suspect a firm (including LLPs) is insolvent or likely to become bankrupt, and overclaimed CJRS awards owing…
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The Statutory Sick Pay (SSP) refund system will terminate on March 17, 2022, and you will no longer be eligible to claim SSP for your workers’ COVID19 absences or self-isolation that happen after that date. You can, however, submit any final claims and modify claims that have already been made…
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Anyone who uploads their self-assessment tax return up to a month beyond the regular deadline of 31 January will have their fines forgiven. Fines will not be imposed on anyone who files by February 28th, according to HM Revenue and Customs (HMRC). The decision has been received with disbelief. Failure…
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In April, National Insurance payments will rise to help fund social care in England and the NHS recover from the pandemic. However, some have argued that the move is unjust to lower-paid workers, especially as the cost of living rises. What exactly is National Insurance? Employees and employers both pay…
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The Chancellor, Rishi Sunak has been announced on 21 December that £1 billion addition support will be available for the UK businesses which is hammering the country’s hospitality sector and leisure sectors who have been impacted by the Omicron variant. One-off grants for hospitality & leisure sectors in England The…
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Furnished holiday lettings have a number of tax advantages compared to standard residential lets, and one of the key ones is the availability of business asset rollover relief. This enables a landlord of a furnished holiday let to sell one property and invest in another without immediately crystallizing any associated…
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