Simplified Expenses for Sole Traders

The second part of HMRC’s new Simpler Income Tax scheme is Simplified Expenses. It aims to make the way unincorporated businesses (sole traders and partnerships) work out their businesses expenses more straight forward. Though the practical application of the process is as the name suggests and is simple, there is quite a lot to get …

Income Tax Changes for Sole Traders

The Government have introduced yet another change at HMRC which affects small businesses. Unlike most of the new schemes, using Simpler Income Tax is optional, and small businesses that qualify can choose whether or not to use it. There are two parts to Simpler Income Tax: Cash Basis and Simplified Expenses. Despite what the scheme’s …

HMRC Find 36% of Small Businesses not Keeping Proper Records

HM Revenue and Customs have been testing out a new scheme known as BRC or Business Records Checks. Modelled around initiatives already in place in Canada and Australia HMRC have been trialling BRC since April 2011. The basic idea is to do spot checks on the way that SMEs do their bookkeeping. They have now …

36,000 Companies Exempted from Audits Under New Rule Change

After a lengthy consultation period the Department for Business has announced its intention to alter the annual audit exemption for small companies. All private limited companies are required to have their accounts independently audited every year. This can be a costly and time consuming process as it involves performing a full stock take which has …

Top 5 Reasons Why Company Accounts are Rejected

Companies House have released figures showing that they now reject 11.1% of company accounts. Using the Companies House statistics for July 2012 that means over 300,000 companies have had their accounts rejected so far this year. If acceptable accounts are not received on time then Companies House will automatically levy late filing penalties. This could, …

Private Limited Companies, Tax, Celebrities, PR and HMRC.

The way companies and company directors pay tax has been at the heart of several leading news stories over the last week. We have had debates over the morality of celebrities and politicians avoiding tax through loopholes involving offshore companies. Meanwhile the HMRC has been attacked by the Audit office for the way it deals …

How to find start-up business grants, loans and investments.

The biggest single problem facing start-ups is getting funding. While it is possible to get start-up business loans from the high street banks they are not easy to come by. With a bit of digging round and filling in of application forms it is often possible to assemble a decent amount of starting capital through …

Selling on eBay? You may need an accountant.

Her Majesty’s Revenue and Customs (HMRC) have recently launched a new e-marketplaces campaign targeting people trading on sites such as eBay and Facebook Marketplace. While many online marketplaces including eBay and Amazon will sort out most of the VAT due on sales, HMRC are concerned that some VAT, National Insurance and other taxes may be …