HMRC Announce Plans to Increase Support for Mid-Sized Businesses
This week HMRC have announced they are to increase support for mid-sized businesses to help as they move towards expansion. In order to qualify these businesses must have more than 20 employees or a turnover of over £10 million. This new Growth Support Service will offer specialist tax experts’ advice tailored to the individual business. If you meet the criteria you can apply online. This service follows the introduction of the Small Business Online Forum last month. This online service provides support for newly launched businesses and those self-employed. If you require one-to-one support with your financial records or would
Making Tax Digital
Two years ago it was proposed that HMRC was to move towards a fully digital based tax system, making tax digital or MTD for short. This affects all businesses and by the end of the tax year 2018/19 these changes may affect you and your business. By 2020/21 all businesses will be affected. These changes are coming and you will be expected to update HMRC every quarter. Quick Books have produced a guide which can be downloaded here. HMRC have information on their website regarding these changes. If you have any queries as to how you will be affected and
U Turn on Budget Plan
In a surprise move, Chancellor Hammond reversed his decision announced in the budget little more than seven days ago. Amid controversy over the possibility of the proposed changes being in contravention of a manifesto pledge, the U turn overturned plans which would have affected small business owners and the self-employed. The letter Chancellor Hammond sent to the Chair of the Treasury Select Committee, ahead of this announcement today can be read here on the .gov website. So where does this leave you, the self employed, small business owner? I can advise on all your tax, NIC and VAT queries. I
The Budget Spring 2017 and Your Business
Chancellor Philip Hammond delivered his budget on Wednesday 8th March and defended the generally controversial changes to Class 4 NIC on Thursday 9th March. The changes are widely unpopular as they appear to break a 2015 manifesto pledge not to raise taxes. But politics aside, what are the facts behind Chancellor Hammond’s budget? How will it affect you and your business? For full details of what this budget means for self-employed business owners contact Jenny who can advise on all tax matters. Read the full budget here A copy can be downloaded here Or read the summary from the .gov.uk
Making Tax Digital for Business…and You!
In a little over a year, many businesses will be required to keep digital records of their finances. Sole traders, small businesses, including landlords and the self-employed, will be required to keep records of their income and expenditure digitally, and send summary updates quarterly to HMRC from their software or app. It is estimated that £8billion is lost to HMRC each year due to avoidable taxpayer errors. This failure, along with the drive to turn the department into a modern digital online service provider are the objectives behind the changes. Contact Jenny at JMJ Bookkeeping for full details of what the
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