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Tax & Cost rise – Time to adjust your business plans?
Tax rise, inflation, minimum wage rise – what small businesses need to consider to adjust their next three years’ business plans. Small business owners in the UK could be forgiven for thinking they are facing something of an impending ‘triple whammy’, especially after hearing the recent Budget speech. Here we look at three of the main areas…
General Tax Saving Tips
General Tax Saving Tips Find out how you can reduce your tax liability by taking few simple actions. For example: If you are investing try to invest in a SEIS or EIS approved company and reduce 30% or 50% of your tax Contribute a little extra to your pension fund and save going over the…
The Accountant (2016 film)
The other day I came across a trailer for the new Ben Affleck film ‘The Accountant’, and I thought finally a mainstream film about an Accountant! I did a short blog about the lack of Hollywood films about us ‘interesting’ accountants back in Nov 2011 blog Here I also suggested some names for a film about accountants…
Looking for investment? tax incentives via government SEED Enterprise Investment Scheme (SEIS)
It can be challenging to start a new business. In order to help your business grow, you have to keep your eyes open for investment opportunities and make sure that you are making the most of the help available from HMRC. Fortunately, there are a few options to help you attract investment. Following on from…
Tax Incentives for Small Business Investors (EIS, SEIS, VCT)
At 2E we frequently meet with new clients who are just starting up a small business. Whether it’s a restaurant, design label or a crowdfunded tech startup, small businesses are often perceived as high risk ventures, and those just starting out may experience difficulty in attracting funding. In recent years the HMRC introduced several initiatives…
6 Common errors made on Flat-rate scheme VAT returns
Since VAT return figures under Flat-rate scheme is worked out different to the standard VAT scheme based return, many people make mistakes on their return. HMRC has listed the following common errors on their website. 1) the 1% reduction is applied by businesses that have been registered for more than 12 months When you registered…
Working from home expenses: Limited companies.
If you run your own business from home, HMRC allows you to claim tax relief for some of your home expenses, as long as you use a “reasonable” method to calculate the amount. The Chief Accountant from Freeagent, Emily, outlines the method she uses to calculate business use of home expenses. Check out the infographic…
Small Businesses: A Basic Guide to Cash-flow
Cash-flow can be defined in terms of the total amount of money that is transferred out and into a business. Cash-flow can be a problematic issue, especially in the case of seasonal businesses. The tough period between invoicing and actual payment is felt by almost all small businesses. However, if careful attention is paid to…
Payroll Mistakes: How do they affect your business?
Erroneous payroll calculations not only affect your employees’ payments, but they also seriously affect the employer and the business itself. This issue becomes even more serious when it comes down to tax deductions. Whether your business is large or small, its reputation will take the worst hit in such negative circumstances. And negative publicity is…
National insurance for self employed business
As a self-employed, it is important for you to be informed and to keep track of the contributions you have to pay, so let’s see what types of National Insurances you have to pay and how to calculate the rates. If you are self-employed you have to pay two types of National Insurance: class 2…