Business Exit Strategies

A business exit strategy is a plan for what will happen when you want to leave your business.
A lot of people think of an exit strategy as a plan to guard against disaster or something that has to be carried out right away after its conception.

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VAT Accounting Schemes

Just about everyone has heard of VAT (value-added tax). We’re used to paying it on many of the goods and services we purchase as we go about our everyday lives.

But when you have your own business, you’ll learn a whole new world of VAT exists as you work out how to apply it to your own trade. That’s because there are numerous VAT accounting schemes that HMRC offers, and which one is right for you will depend on the nature of your business.

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Tax Insider August 2022

Included in this months article:

  • Lack of awareness of tax liability among crypto investors
  • HMRC: Businesses don’t think MTD applies to them
  • Self employed struggling with tax obligations
  • Bank of England focusses on returning inflation to 2% target
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Government release their white paper for a fairer private rental sector

The Government this week has issued it’s long awaited white paper on reforming private landlord rental property rights. Some of the headline changes are:

  • End of Section 21 – No fault eviction (although Eviction will be mandatory where a tenant has been in at least two months’ arrears three times within the previous three years)
  • Pets are allowed
  • End to fixed term tenancies – will affect the student market most
  • Illegal to discriminate against Benefit tenants
  • The right for tenants to received refunds for poor quality accommodation
  • And much more


The Government has also issued a model tenancy agreement to support landlords and tenants to agree longer-term tenancies which can be found on our site and is free to use. You may need to seek legal advice to confirm it is appropriate for your intended use.

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The Gear Giveaway Charity Raffle

We have come across a great new charity raffle for those people who love guitars in aid of 2 fantastic charities:

So here it is https://thegeargiveaway.com

They have launched starting with a great charity raffle where the profits are split between Teenage Cancer Trust and Silver lining Brain Injury Charity. So if you know anyone who plays guitar please do pass it on to them. Its a very cool guitar and 2 incredibly worthy causes. 

fender-jason-isbell-signature-telecaster-charity-raffle

Pass this on and have a go – someone has to win!

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THE TAX BENEFIT FOR INNOVATIVE COMPANIES

Research and development (R&D) tax credits were once a little known tax incentive for companies which invested in innovation. But after rule changes in recent years, and a push by many tax advisers, they are now much more widely understood and used.

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Tax Insider June 2022

Included in this month’s article:

  • HMRC raises interest rates on late tax payments
  • Work from home tax relief may not be available in 2022/23
  • Bank of England raises interest rate to 1%
  • SMEs unprepared for MTD rollout
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THE IMPORTANCE OF ESTATE PLANNING

We are all somewhat used to living with economic doom and gloom at present, from sky-high inflation rates to tax rises being splashed across the news headlines. But recent analysis from the Office of Budget Responsibility shows that you may also get stung harder after you are gone.

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Tax Insider May 2022

Included in this Month’s article:

  • IR35 Reform Landing Period Ends
  • New Law to Resolve Covid Rent Debt
  • National Insurance and Dividend 1.25% Uplift Underway
  • MTD for VAT rolls out to all VAT-Registered Businesses
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Tax Insider April 2022

Included in this month’s article:

  • Over one million individuals use extra time to file tax returns.
  • Economic forecasts dampen for 2022
  • House of lords raises concerns over IR35
  • Government launches onlines sales tax public consultation
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PERSONAL TAX CHANGES FOR 2022/23

By the time you’re reading this, the new tax year is either just about to start or has already started. Some of the changes have been public knowledge for months now and some of the rises have been anxiously awaited as the country continues to face a cost-of-living squeeze.

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Tax Insider March 2022

Included in this months article:

  • Two million people missed self-assessment deadline
  • £50m shot in the arm for the UK’s creative businesses
  • HMRC eyes reform of stamp taxes and multiple dwellings
  • ‘Ditch NICE increase to free up funds for apprentices’
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Year-End Tax Guide 2021/22

Throughout 2021/22, COVID-19 has continued to dominate. Millions of employees and directors on payroll were furloughed, and the self-employed continued to rely on grants available via the income support schemes.

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Tax Insider February 2022

Included in this month’s article:

  • HMRC waives penalties again for late self-assessment
  • Omicron-hit employers can reclaim statutory sick pay
  • Treasury’s pensions tax relief bill soars past £42BN
  • Deadline looms for new hospitality and leisure grants
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Tax Insider January 2022

Included in this months issue:

  • HMRC issues last reminder for 2020/21 personal tax returns
  • One if four buy-to-let landlords ‘plan to sell up in 2022’
  • More red tape for importers as new EU checks kick in
  • Report sheds more light on changes to R&D regime
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CONSTRUCTION INDUSTRY SCHEME

The construction industry remains one of the UK’s key sectors, which also helps to underpin the UK economy, despite experiencing the effects of the COVID-19 pandemic.

In September 2021, construction output grew by 1.3% on the previous month – placing the sector just 1% below its pre-pandemic level – and worth a decent share of UK GDP.

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MAKING TAX DIGITAL FOR INCOME TAX

Making Tax Digital for income tax (MTD for ITSA) looks certain to affect sole traders and landlords from April 2024, following the recent news of a one-year delay.

This was the latest in a long line of delays and deferrals in the rollout of MTD, which was first proposed by then-Chancellor George Osborne in late 2015.

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Tax Insider December 2021

Included in this month’s article:

  • Cladding tax to affect large property developers in 2022/23
  • Six-month extension for COVID-19 recovery loan scheme
  • Tax reporting deadline for additional property sales extends
  • Budget confirms one-year delay for basis period reform
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Business Tasks to Outsource

As a business owner, you will find that few things in your line of work are as precious as your time – time that would be better spent doing something other than accounting.

Many people come to us asking for help with tasks that usually result in time slipping through their fingers, because of their often onerous nature to the layman.

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Pension Options at the age of 55

Despite remaining complex, pensions offer you far more flexibility from the age of 55 (rising to 57 from 6 April 2028) than was once possible.

If you are approaching 55, you might be feeling a twinge of trepidation or excitement that you could soon become “a
pensioner” as this is the age at which you are allowed to access some pension savings.

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Tax Insider November 2021

Included in this months article:

  • Salary sacrifice could ‘dampen increased NICS costs’
  • Hospitality and tourism VAT rate increases to 12.5%
  • Business rates burden eases for retailers and hospitality firms
  • Extension for temporary £1M annual investment allowance
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RESIDENCE & DOMICILE AFTER BREXIT

For most UK citizens, the question of what income and gains should be included on their tax return is easily answered because they are both UK domiciled and UK tax resident.

Anyone domiciled and resident in the UK will need to report their worldwide income and capital gains on their return. However, what happens if you are either non-UK domiciled (non-dom) but UK resident, or UK domiciled but non-UK resident?

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2020/21 INCOME TAX RETURNS & THE SEISS

A chunk of time has passed since the self-employed income support scheme (SEISS) was launched in May 2020, following the onset of the COVID-19 pandemic.

The first taxable grant, worth up to £7,500 in total, was paid out in August 2020. That was followed by a second grant of up to a total of £6,570 and a third grant, worth up to £7,500 in total.

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Tax Insider October 2021

Included in this month’s article:

  • Curtain comes down on stamp duty land tax holiday
  • Government launches new trust registration service
  • The rise of electric vehicles could create £30BN tax hole
  • National insurance and dividends tax rates to rise 1.25% in 2022/23
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ACCOUNTING FOR CHARITIES & NON-PROFITS

Anyone who’s involved in operating a charity knows how it differs from running a business, both in terms of motives
and objectives.

HMRC treats non-profit organisations and charities very differently to businesses, offering some unique tax breaks in the process.

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BASIS PERIOD RULES IN LINE FOR REFORM

Unincorporated businesses could be about to see significant changes to the ways in which they are taxed, following the launch of a Government consultation.

The Government plans to reform the basis period rules in a bid to simplify how unincorporated businesses, such as sole traders and business partnerships, allocate trading profits to tax years for inclusion on their self-assessment returns.

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Tax Insider September 2021

Included in this month’s article:

  • Deadline approaches for fifth and final self-employed grant
  • National Insurance contribution rates ‘poised to increase’
  • 1 in 5 UK employers consider making redundancies
  • Capital gains tax receipts climb 3% to record-high
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STARTING A NEW BUSINESS AFTER COVID-19

Not much can stop determined entrepreneurs from building a new business from the ground up, even during such challenging times as a COVID-19 or its ensuing fallout.

The pandemic has proven a huge challenge for businesses, with 396,155 UK firms closing in 2020 according to the Office for National Statistics, as business owners struggled to cope with restrictions and lockdowns.

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TAKING CHARGE OF PLANNING YOUR ESTATE

Soaring house prices coupled with certain thresholds being frozen in the most recent Budget have the potential to drag more estates into the inheritance tax net over the coming years.

Back in March 2021, Chancellor Rishi Sunak confirmed the main inheritance tax thresholds will remain frozen at their 2021/22 levels “up to and including 2025/26”.

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August 2021 Tax insider

Included in this month’s article:

  • Lower stamp duty land tax threshold in place until October.
  • Employer costs increase as furlough scheme winds down.
  • Treasury seeks feedback on business rates revaluations.
  • Pensions tex traps catch out thousands more savers.
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Tax Planning for Residential Landlords

After a challenging year for the UK’s residential landlords, you might have read about improvements to the buy-to-let mortgage market in recent weeks.

In the three months to 31 May 2021, the average interest rates for residential landlords had declined. A two-year fixed-rate buy-to-let mortgage fell 0.10 percentage points to 2.95%, while a five-year fixed dropped 0.11 percentage points to 3.30%.

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The Pros and Cons of a Company Electric Car

Despite the potentially high personal tax charge, many employees still enjoy and prefer the convenience of being
offered the use of a company car by their employer.

Those employers familiar with the benefit-in-kind tax rules will
be aware the tax impact on the employee is much lower for those that choose lower emission cars.

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Tax Insider July 2021

Included in this months article:

  • Sweeping VAT reforms in the EU will affect the UK’s online retailers
  • Families hit with big bills after believing gifts would not be taxed
  • OTS considers bringing the end of the tax year forward
  • UK tax incentive ‘fails to deliver extra R&D spending’
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