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Corporation Tax Rate Increase in 2023
In April 2023 corporation tax rate increase from 19% to 25% will result in the return of the small profit rate and main rate of corporation tax.
Airbnb: Expenses That Can Be Claimed
If you are an Airbnb owner you should know what expenses can be claimed for tax purposes. Can a Rent-a-Room Relief be claimed? How does it affect Private Residence Relief and what are the VAT rules?
Tax Update and Rolling Planner 2023-24
The Government has announced the rates of the National Living Wage (NLW) and National Minimum Wage (NMW) which will come into force from April 2023. In doing so, it has accepted in full the recommendations of the Low Pay Commission.
Are You Selling Goods Online? Here’s How You’re Accounted For VAT.
Especially amidst pandemic times, there’s no denying that many of us are hitting that “add to cart” button from the comforts of our homes. While online sellers have much to benefit from this new norm, it’s also important to take note of tax measures in-place from 1 January 2021.
In this blog post, we take you through when to register for VAT, amounts payable and VAT registration for both local and overseas sellers.
CIS Tax Refund Guide for Sub-contractors
If you are a sub-contractor, and are registered on the Construction Industry Scheme (CIS), you could be owed a CIS tax refund, but what expenses could you claim for tax purposes? Are there special tax and accounting rules for sub-contractors?
Making Tax Digital
With Making Tax Digital (MTD), HMRC is rolling out the biggest change to the tax system in a generation. The scheme aims to make the UK’s tax system fully digital over the next few years. From April 2024: all unincorporated business, the self-employed and landlords with business turnover above £10,000 report under MTD for ITSA. MTD for Income Tax for Self-Assessment will be a new way of keeping records and reporting your income and expenses to HMRC.
EU VAT E-Commerce Package: What Should You Know?
Since 1 July 2021, there have been a number of European Union (EU) VAT changes that businesses should take note of. This includes the e-Commerce package that was launched on the same date - mostly impacting businesses outside of the NI and EU that supply low-value goods to these countries, and goods from the EU to non-VAT registered consumers in NI (and vice versa).
In this blog post, we’ll run through the key highlights from this package and the introduction of two new One Stop Shops.
How Can You Plan Your Director’s Tax? [PART 2]
Following the new tax year, there are new updates to allowances and taxes as shared by the UK government. As directors and business owners, it’s important for us to keep abreast with these figures - such that planning our taxes and managing our company finances becomes easier.
In the second part of our blog post, let’s take a look at efficient ways to maximise profit-extraction for your business.
How Can You Plan Your Director’s Tax? [PART 1]
Following the new tax year, there are new updates to allowances and taxes as shared by the UK government. As directors and business owners, it’s important for us to keep abreast with these figures - such that planning our taxes and managing our company finances becomes easier.
In this blog post, let’s take a look at the newest updates in dealing with a range of tax issues, including the newest pandemic support measures.
Are You Self-Employed? Here’s What You Can Claim From COVID Support.
In March 2020, the UK government announced a support scheme to aid those whose income has been affected by the coronavirus pandemic. Also known as the Self-Employed Income Support Scheme (SEISS), this package allows eligible groups of people to claim these amounts in their tax forms - considering they have met all the criteria set forth.
In this blog post, we answer all of your questions with this quick breakdown.
Construction Industry Subcontractors: What Should You Know?
According to the Construction Industry Subcontractors (CIS) scheme, a subcontractor is a business that carries out construction work for a contractor - from site preparation to decoration. Usually, they are issued a monthly statement by their contractors to help with keeping accounts in check and filing tax returns.
In this blog post, we explore an exhaustive list of allowable expenses for construction industry subcontractors to take note of.
BUDGET 2021: A Breakdown of What You Should Know.
After an unprecedented year in which the UK economy experienced its worst turbulences, Chancellor Rishi Sunak sets out a £407 billion recovery pathway following the Budget 2021.
In this blog post, we highlight key information that you should take into consideration – for individuals, families and businesses.
Brexit and Updated VAT Laws: What Should You Know?
As 31 December 2020 marks the UK's official departure from the EU trading bloc, there have been several new rules cemented in-place between both countries.
What changes after January 1, and what should you know?
Furlough scheme extended until March 2021
It has been confirmed that the furlough scheme will be extended until the end of March. It will cover up to 80% of an employee's wage (up to £2,500 a month).
Tax Avoidance and Evasion: What is What?
Probably we couldn’t find a business owner who wouldn’t like to pay less tax and get more profit. While effective tax planning can help you achieve that, some activities can lead to getting into trouble for tax avoidance or even tax evasion. Today, let’s take a look at how these two terms differ and what consequences you might suffer if you were found guilty of any of them.
What Is A Director's Loan & How Does It Work?
How does a director’s loan really work? As budding business owners, it becomes important to understand its benefits and implications – as a failure to do so might lead to undesirable tax bills or missed opportunities for your company.
In this blog post, we aim to understand the director’s loan account, consequences from an overdrawn account and general planning points you could consider.
Working from Home? Save Your Expenses by Charging Your Company Rent.
Working from home certainly carries its own price. From receiving larger electric and telephone bills to purchasing essential equipment for your home-office, most self-employed directors inevitably face higher running costs.
How can you ensure your increasing costs from home-based business are accounted for and claimed in correct ways?
How Can You Best Extract Profits From Your Company - Tax Efficiently?
As business owners or company directors, it is common to be seeking the most efficient ways to profit from your company. In this blog post, let’s take a look at the different methods through which you can maximise profit-extraction and improve your organisation’s financial standing.
Self-employed? Get ready to claim COVID-19 support
HMRC announced it will be now contacting self-employed eligible for the Self-Employment Income Support Scheme (SEISS) that is set to help self-employed or members of a partnership adversely affected by coronavirus.
Coronavirus Job Retention Scheme: changes from July
Important changes of Coronavirus Job Retention Scheme will take place from July 1st. Employers may start bringing employees back to work from furlough on a part-time basis while still being able to claim support under the scheme.
How to get extra income while working from home?
Corona-19 left a number of people unemployed or in need of extra cash to make ends meet. If you‘re also looking for additional sources of income, take a look at our blog post: we‘ve prepared you a list of side jobs that are not hard to get, don‘t require specific skills and can be done from home.
Coronavirus Job Retention Scheme: Newest Updates
Coronavirus Job Retention Scheme which is aimed at helping UK employers to pay wages to employees who would otherwise would be laid off as a result of the coronavirus (COVID-19) crisis has been updates. Find out the newest information in this blog post.
Statutory Sick Pay extended due to COVID-19
This week the Government announced temporary changes regarding statutory sick pay in order to support those who cannot work because of the coronavirus.
Statutory Sick Pay (SSP) has been extended for those advised to self-isolate and those caring for others who self-isolate. They will be paid from the first day of absence from work, rather than the fourth day.
Get your paperwork together for 2019-2020
As the tax year finishes on the 5th of April, and the new one begins one day later, it is again that time of the year when self-employed have to get their paperwork together and fill out their Self Assessment Tax Returns.
Don’t know how? Short in time? Get in touch – Right Accounts is here to help!
Avoid this common mistake that can cost you £100
With the deadline for filling out the Self-Assessment Tax Return around the corner, most of the taxpayers around the UK are trying to put their documents together. However, every year a number of self-employed workers end up paying a £100 penalty for a mistake they make. We’re sure you can think of some better ways what to do with this money, so read our blog post and don’t repeat this common mistake!
Have you already submitted your Tax Return?
Getting close to the Tax Return deadline, we want to run through the most important things that you need to know about filling in a tax return to avoid penalties. You can complete and submit it yourself, however if you are intimidated by the amount of paperwork and calculations you have to make, we are here to help!
IR35 reform postponed for a year
Yesterday Chief treasury secretary Steve Barclay announced that the IR35 tax reform will be postponed by one year. The decision is part of measures announced by the Treasury to protect the economy from the coronavirus outbreak. he reform was confirmed in the Budget less than a week ago. The measures now will come into effect on 6 April next year.
Throwing a Christmas party for your staff? Don’t forget about taxes
With Christmas around the corner, you probably have some ideas in mind how to treat your employees: maybe you’ve prepared some gifts or you’re throwing a Christmas party. Whatever you decide, remember that some of your planned activities might be taxable.
Right Accounts offers QuickBooks
At Right Accounts, we are constantly trying to offer the best service to our clients. Having Making Tax Digital and upcoming IR35 changes in mind, we have teamed up with a major cloud software company QuickBooks and are now offering the best possible, fully MTD compliant accounts package.
IR35 Contractors and Limited Companies: What You Should Know
With new IR35 rules around the corner, we get an increasing number of queries from contractors what they should do with their limited companies. Is it time to close it? Can it still be useful? In this blog post we provide insights and hope it will help you to make the right decision.
Made a mistake in your SA Tax Return?
Everybody makes mistakes and it’s not the end of the world. But we can only imagine how annoying it is to realise that you made a mistake in your Self-Assessment Tax Return. We know it takes a lot of effort and time to fill it in and leaving a mistake can be really frustrating. But we also have some good news: despite the general belief, fixing mistakes in your SA tax return is not that hard! And we’ll tell you how to do that in this blog post.
Do you believe these myths about accounting?
Sometimes people come to us with certain myths and misconceptions about accountancy. Usually, they are based on something that a colleague or a friend said, something that somebody read and so on. Some of those misconceptions are miscellaneous, but some of them can be really harmful. So, today we would like to address some of the most prevalent myths about accountancy and accountants. We hope it will help you make more informed decisions in the future.
De-registering from VAT: when, why and how?
One of Right Accounts clients wanted to know, what he should do if his business is VAT registered but the turnover had dropped below the VAT registration threshold. We’re sharing our answer in this blog post and hope that more of our readers will find it useful.
How to choose a business bank account for your new business?
If you’re planning to start a new business, probably you have a lot on your plate right now. However, don’t forget to add one more task to your to-do list: choosing a business bank account. Even if it doesn’t sound like a top priority, taking this question seriously can help you save quite a lot of money in the future.
Planning to leave the UK after Brexit? Right Accounts answers the most common questions
Brexit encouraged many foreigners to think about going back to their home-countries or to look for another country to move to. If you are one of them, probably you have quite a few things to think about.
Budget 2018. Key messages for the small businesses
Last week UK‘s Chancellor Philip Hammond delivered the Autumn Statement and announced that austerity is coming to an end. In this Right Accounts blog post we list the key messages and also review points that are of importance to small business owners.
Employers’ liability insurance: what do you have to know?
As soon as you become an employer, you are legally required to get Employers’ Liability insurance. Today we’ll take a look at what this type of insurance is, why do you need to have one and how much you might have to pay in fines if you fail to comply.
The New Tax Year: What Do We Have To Know?
The new tax year, which started on the 6th of April, has brought some important changes. Even though they are not as dramatic as those of the previous year, everyone who cares about their finances should become acquainted with them.
Tax codes. How to understand them?
If you work in the UK, you must have a tax code. As the tax code is issued by HMRC.
You should keep in mind that HMRC also makes mistakes and it is not wise to take everything for granted: being assigned with the wrong tax code can cost you hundreds of pounds.
New UK budget. Key messages
Last week UK‘s Chancellor Philip Hammond delivered the Autumn Statement – country‘s economic forecast. In this post we list key messages and also review points that might be important to small business owners.
All you need to know about Company car tax
If you are an employee and are using a company car for your personal needs, you are paying car tax. The tax is automatically deducted from your wage, but do you know how much it is and how you can reduce the costs? Find answers in this blog post
Unfairly treated by HMRC? Make a complaint!
There is no institution that doesn't make mistakes and HMRC is no exception. If you are one of the unlucky ones and have faced unfair treatment by HMRC, you can make a complaint. In this article you will find information how you can do that.
Business rates leave your wallet empty?
The UK businesses are obliged to pay business rates on their non-domestic property such as shops, offices, pubs, warehouses, etc. Are you aware of various reliefs and exceptions, which can ease your tax burden or help you avoid it altogether?
Have you claimed Marriage Allowance?
It has a while now since the Government introduced a tax-break for married people and civil partners but half of them have not yet used it. Are you one of them? Find out more about how much you can claim today!
Starting a new business in the UK?
Does the dream of being your own boss keep you up at night? Are you ready to risk anything to finally make it happen? Or have you already taken the first step?
Have you already submitted your Tax Return?
31st January is one of the most important tax-related dates in the UK. This date is especially important for the self-employed as they are probably the most important tax payer group obliged to submit the Tax return..
Ever considered using simplified expenses? If not, you really should!
Submitting Self-assessment tax return form is not the most enjoyable activity for anybody but it can be a real nightmare for the self-employed. It is especially difficult if you are using something for both personal and business purposes.
Save Time by Using Your Personal Tax Account
Did you know that you can conveniently do your taxes using HMRC’s Personal Tax Account? Over a million of tax payers in the country are already using it and they claim it to be as easy as online banking.
What are the allowable expenses that you can claim as a self-employed freelancer?
We have selected some of the most frequent questions that we receive from our clients when it comes to claiming expenses and we share the answers to help you out too.
Business rates leave your wallet empty? Find out how you can save up
The UK businesses are obliged to pay business rates on their non-domestic property such as shops, offices, pubs, warehouses, etc. How much you have to pay depends on the location of the premises as well as the rateable value and the business rate multiplier. But are you aware of various reliefs and exceptions, which can ease your tax burden or help you avoid it altogether? Find out more about it in our new blog post.
HMRC inspection: what to expect?
HMRC inspection is not uncommon but still not the most pleasant procedure that some businesses have to go through. Naturally, it is stressful but if you know what to expect and how to get ready it will not be such a shock. This Right Accounts blog post is especially valuable for small and medium business owners as they are often targeted by HMRC for inspections.