When the cash basis scheme may not be suitable

The cash basis scheme helps many sole traders and other unincorporated businesses who benefit from a simpler way of managing their financial affairs. The scheme is not open to limited companies and limited liability partnerships. The scheme allows

Basis periods if accounting date is changed

The assessment of self-employed or partnerships profits is usually relatively straight-forward if the accounting date, to which annual accounts are prepared, falls between 31 March and 5 April. However, overlap profits can arise where a business year

Time to revisit VAT Flat Rate Scheme?

The VAT Flat Rate scheme is intended to simplify the way a business accounts for VAT and reduce the administration costs of complying with the VAT legislation. There can also be a decent VAT saving for those using the scheme.

The scheme is only open

New guidance for shop owners

The HM Government guidance titled Working safely during COVID-19 in shops and branches has been updated. The updates relate to managing product handling and returns, the test and trace service, safer travel and managing security risks.

The guidance

Option to defer VAT payments ends 30 June 2020

The option to defer your VAT payments ends on 30 June 2020. The Coronavirus VAT payment holiday gave businesses the chance to defer the payment of any VAT liabilities between 20 March 2020 and 30 June 2020.

Businesses that took advantage of

SEISS extended to new parents

The government has announced that the scope of the Self-employment Income Support Scheme (SEISS) will be extended to help new parents. The newly announced measures are designed to help new parents whose trading profits dipped in 2018-19 because they

Why footfall is important

All businesses have customers, According to HMRC, even they have customers…

Sales are the amount of goods and services that you provide your customers and there are three main features that affect your annual turnover:

Number of

Drawings, profits and tax

If you are self-employed – this article does not apply to the directors and shareholders of limited companies – there is often a mis-match between the amount you draw from your business and your tax bill.

When times are good profits may