Our latest blog
The Government has introduced its new Energy Relief Scheme, to support UK businesses with the rising costs of energy bills. In this article, we’ll explain what you need to know about the six-months plan, which will come into force in October 2022.
Some very big announcements on Kwasi Kwarteng mini-budget statement, today. From Income Tax and Corporation Tax cuts to IR35 Reform being scrapped.
Here is a summary of what has been announced so far.
In recent months, our team at Clever Accounts have been undergoing an FCSA (Freelancer and Contractor Services Association) auditing in order to gain an accredited membership.
As a new business, you need to ensure you get the right help and support. In these challenging times, high-quality legal advice can make the difference between success and failure.
Operating as a sole trader is a relatively simple approach for managing your taxes and running your own business. Compared with a limited company, your tax responsibilities will normally remain quite straightforward.
However, when your earnings increase, you may quickly realise that the tax costs of operating as a self-employed sole trader may outweigh its simplified benefits.
Since April 2022, all VAT-registered businesses have been required to comply with the ‘MTD for VAT’ regulation and submit their VAT returns via MTD-compatible software. This also includes VAT-registered businesses on a voluntary basis, with an annual turnover of less than £85,000.
HMRC have recently announced that from 5 July 2022, the 3.5% interest rate for late payments on main tax returns will be increased to 3.75%.
This has followed the Bank of England’s recent announcement about increasing its base rate from 1.0% to 1.25%.
If your personal tax bill for the year ended 5th April 2022 exceeds £1,000, you will likely be required to make payments on account of the year ended 5th April 2023. This will be made up of half your future tax bill upfront in January 2023, and another half in July 2023. This means that by the 31st July 2023, you should have paid HMRC the equivalent tax for the year ended 5th April 2023, as you did for the year ended 5th April 2022.
When you have your own limited company, you could get significant tax benefits through your company making contributions to your personal pension, as well as increasing your pension pot for future retirement.
Following the announcement that inflation rose to a 30 year high of 6.2% in February 2022 and on the back of rising fuel, energy and food costs, the Chancellor of the Exchequer, Rishi Sunak unveiled his Spring Statement, this week.
Here are some of the announcements relevant to businesses