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Blog: Business News

Can you avoid the P11D process?

Every year employers across the UK submit an end-of-year report to HM Revenue & Customs (HMRC) outlining the benefits provided to each employee and director, which were not included in their wages.    This report is sent using the P11D form, which must be submitted by 6 July following the end of the tax year.

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Most popular options available when setting up a new business

It’s a new year and many people who may have lost their jobs during the pandemic or have decided to take their life in a new direction, will be looking to start up a business. It could be a full-time endeavour or a part-time business looking to make a bit of extra income to cope

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Top tax tips to help your business save money

Whether you are setting up a new business, or already have a successful, well-established company, there are many ways that you can save money through tax reliefs and allowances. Certain tax initiatives even allow business owners to save money that can be invested in their company. Enhanced Capital Allowance (ECA) Enhanced Capital Allowance (ECA) schemes

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Brexit: UK launches “world-leading” data council to help seize global data sharing opportunities

The world’s biggest businesses – including Google, Mastercard, and Microsoft – will come together for the first time this week to help Britain “seize the opportunities of better global data sharing” now that it has left the EU. The announcement comes after the European Commission formally agreed to recognise Britain’s high levels of data protection

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Are you missing out on up to £2,000 a year towards the costs of childcare?

Workers can claim up to £2,000 a year towards childcare costs by signing up to the Tax-Free Childcare scheme, it has been reminded. HM Revenue & Customs (HMRC) said thousands of families may be missing out on free cash each month. If you are unfamiliar with the scheme, here’s what you need to know. What

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New guidance to help businesses navigate VAT second-hand margin scheme

New guidance will help businesses navigate the VAT second-hand margin scheme, HM Revenue & Customs (HMRC) has said. The tax authority replaced VAT notices 718, 718/1, and 718/2 with 12 new guides earlier this month. VAT margin schemes tax the difference between what you paid for an item and what you sold it for, rather

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Claim up to £5,000 towards the cost of cloud accounting software under new Help to Grow: Digital scheme

Small businesses could get up to £5,000 to pay for cloud accounting software under the Help to Grow: Digital scheme, it has been announced. The initiative – which forms part of the Government’s flagship support programme for small businesses – launched on 20 January 2022. Here’s what you need to know. What is the Help

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Half of firms “not confident” in trading with EU following introduction of full customs controls

More than half of businesses are not confident in trading with the European Union (EU) following the introduction of full customs controls, a major study has found. The research, published by the Institute of Export and International Trade (IOE&IT), suggests that traders are still getting up to speed with the new rules which came into

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New rules to end second home tax loophole

Multiple homeowners who leave “holiday lets” empty will no longer be able to claim tax benefits, it has been announced. The move ends a loophole allowing owners of second homes to avoid paying their “fair share of tax”. Under the current system, owners of second homes in England can avoid paying council tax and access

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