Introduction Since the new legislation on flat rate VAT came in in April thousands of small businesses have been forced into making the change over to standard rate VAT.  It’s clear that the added administration and complexity is putting extra pressure on small business directors so we created this guide to help you when deciding… Read more »

Changes to MTD

What is MTD? Making Tax Digital (MTD) is the name of the government’s plan to ‘simplify’ the tax system and take advantage of technology in order to help people get their tax right and get information to HMRC more promptly. The initial plan was that all companies, self-employed people and landlords earning over £10k would… Read more »

The childcare voucher scheme allows your employer to pay for childcare out of your pre-tax salary under certain circumstances. This can result in £1,000+ in annual savings on tax and NI in some families but there are requirements that need to be met and limits to what can be paid for. This current scheme has… Read more »

Trivial benefits

Figuring out if you need to file a P11D or how to avoid needing one can be a fairly difficult task for small businesses but last year HMRC brought in some new legislation regarding ‘trivial’ benefits in kind that makes the decision a little easier. This change in legislation basically means that employees and directors… Read more »

Lifetime ISA

The Lifetime ISA or LISA is a new savings product designed to encourage young people to save money long-term.  From April, eligible savers can benefit from government bonuses by putting money into a LISA.  While the LISA is quite flexible in terms of how you could input money, it has two main options when it… Read more »

The Budget 2017

While the budget has been all over news and social media, the changes that grab the headlines are rarely the ones that really affect us in our day to day lives and are often skewed by political views.  We have condensed the 68-page budget into a few brief points that could potentially have an impact… Read more »

Whether you’re a seasoned FreeAgent user, new to the software or about to get started with FreeAgent, it’s likely that you’re not utilising its full potential.  We’ve worked closely with FreeAgent for over 3 years so we know the system back to front and we’ve found the 3 most under-utilised features that could help you… Read more »

Flat Rate VAT has been an asset to many small businesses by simplifying their administration and usually turning a small profit on the VAT charged to customers.  However, HMRC have decided that the scheme is being ‘aggressively abused’ and they’ve put their foot down to try to stop this abuse by bringing in new legislation… Read more »

The easiest and fastest way to pay your self assessment tax is using the HMRC online payment portal.  All you will need is: The value that you need to pay – This should have been given to you when you signed off your tax return; Your debit/credit card – There is a small fee for… Read more »

Here are the new National Minimum Wage rates for pay periods starting on or after 1 October 2016: £6.95 per hour 21-24 years old £5.55 per hour 18-20 years old £4 per hour 16-17 years old £3.40 per hour Apprentices under 19 and all apprentices in the first year of their apprenticeship The National Living… Read more »

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