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Key dates and deadlines for small businesses

Running your own small business is hard work – you will find yourself trying to develop and grow your business, alongside managing the day-to-day operations acting as the finance, marketing, HR and sales departments – often all in the space of a few hours! To help you manage and keep on...

Removal of the P11D Form

HMRC have decommissioned the online end of year expenses and benefits service from April 2022 and the P11D and P11D(b) forms are no longer available. There is now only two ways for employers of any size to report and submit details of expenses and benefits for the tax year ending 5...

Relief for pre-trading expenses

When you start a business, you will need to incur costs before you are able to start trading. Did you know that you are able to claim tax relief for these? Relief is available for unincorporated businesses for income tax purposes and also for companies for corporation tax purposes. Typically, you need...

National Insurance changes from July 2022.

This year, although the National Insurance rates and thresholds for 2022/23 had already been set, in the March Spring Statement the Chancellor announced increases in the primary threshold which would align the starting point for National Insurance with the personal allowance from 6 July 2022. However, as the increase does not...

Devolution – have your say!

The Greater Lincolnshire LEP want to hear from businesses to gather their views on their challenges, investment priorities and views on devolution to influence and shape the next steps. If you want to have your say, complete the survey here: https://lnkd.in/e4qGHe_J

Allocating income for tax when property is jointly owned

Property that is jointly-owned may be let out. As people are taxed individually, the income must be allocated in order to work out the tax that each joint owner is liable to pay. The ways in which income from jointly-owned property is taxed depends on the relationship between the owners. ...

Construction Industry Scheme – be aware of the ‘trap’ when working with other contractors

The Construction Industry Scheme (CIS) sets out special rules for tax and national insurance contributions for those working in the construction industry. This includes companies, partnerships or self-employed individuals. The CIS applies to construction work and jobs such as alterations, repairs, decorating and demolition. Although the responsibility of operating CIS is mainly...

MTD for VAT for all

Under Making Tax Digital (MTD) for VAT, VAT-registered traders must keep electronic records and file their VAT returns electronically using software that is compatible with MTD for VAT. Prior to the 1st April 2022, MTD for VAT was only mandatory for VAT-registered traders whose turnover for VAT purposes was above the...

What is Employment Allowance and have you claimed it?

Following on from our first article regarding the property allowance, there is also an Employment Allowance that eligible employers can claim. Employment Allowance is a National Insurance allowance that employers can claim and set against their secondary Class 1 National Insurance liability. The allowance is set at £4,000 for 2021/22 (capped at...

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