6 points checklist – when you start a new company
You may have been working as a self-employed or working under an employment contract with another company before but now you have decided to start your own company and are curious to know what you have to do next. Register a new Company First of all, you must register your new company. All companies are registered…
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…
I bought a suit for work, is it tax deductible?
Working wardrobes: is the shirt on your back tax-deductible? Tax on work clothes Many times, clients have asked me if the clothes they buy for work can be listed in their accounts and claimed for tax relief. It’s a reasonable question – clothes, after all, are an integral part of our lives and jobs, and…
Reasons Why Hiring an Accountant Can Benefit Your Start-Up Business
For many small businesses and start-ups, accountants are either perceived as a luxury, or as a mere tool meant to fill out those forms that keep HMRC happy. Nevertheless, good accountants will provide you with more than this. A good accountant can become a valuable ally, providing you with constant guidance and advice meant to…
The New Direct Recovery of Debts: Too Much Power?
This year, the government came up with a new DRD strategy, a scheme that would allow HMRC to directly access corporate and personal bank accounts and seize unpaid taxes without the need of court approvals. Despite the fact that similar schemes already exist in the U.S., Australia, or Sweden, the new scheme has made the…
The Mechanics of Statutory Audits
A brief definition of a statutory audit Statutory audits are specifically required by government agencies and do not affect all UK businesses. For example, brokerage companies, insurance companies, or banks usually require statutory audits. This is due to the fact that this type of businesses needs to meet specific financial regulations and be UK GAAP…
Tax Investigations: What You Should Expect
A brief definition of tax investigations As its very name suggests, a tax investigation can be defined in terms of an HMRC enquiry in your business’ taxes. These investigations are usually extremely complex and stressful procedures. Tax investigations are a serious matter and should not be taken lightly. If HMRC has notified you of a…
A Quick Definition of Abbreviated Accounts
If you are running a small limited company, it will be necessary for you to submit several reports to HMRC and Companies House. Which are the main reports required? Here is a brief list of the main reports you will have to submit and the information they should contain. Abbreviated Accounts If you run a…