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Couples may be eligible to reduce their Income Tax by up to £252 a year by sharing their Personal Allowances. HMRC has announced that nearly 1.8 million married couples and those in civil partnership are using Marriage Allowance to save up to £252 a year in Income Tax. Marriage Allowance allows married couples, or those…

It is still possible to register for one of two schemes under the Help to Grow banner.   Help to Grow Management Help to Grow: Management is an Executive Development programme accredited by the Small Business Charter, with 1:1 business mentor support throughout. The 12-week practical curriculum has modules spanning financial management, strategies for growth…

Ministers have revealed bold plans to reform and modernise the way regulations are made and implemented in the UK. Following Brexit, the UK has the freedom to make and implement regulations that place British businesses and consumers first – freeing firms from excessive formality and reducing costs, while boosting competition, innovation and economic growth.  …

Many businesses will have seen a reduction in activity as a direct result of the COVID pandemic. Assets and resources previously fully employed now lie idle or are under-utilised. In this post today we have listed a few ideas that may help you create new income streams from these resources. For example:   Premises Do…

The UK Government’s Business Secretary, Kwasi Kwarteng, has revealed an arsenal of planned reforms to boost competition and protect the public from rip-offs, fraud and exploitation as the pandemic restrictions lift. Plans set out in a new consultation will deliver on the manifesto commitment to ‘give the Competition and Markets Authority enhanced powers to tackle…

1 August 2021 - Due date for Corporation Tax due for the year ended 31 October 2020. 19 August 2021 - PAYE and NIC deductions due for month ended 5 August 2021. (If you pay your tax electronically the due date is 22 August 2021) 19 August 2021 - Filing deadline for the CIS300 monthly…

You can claim up to £1,000 each tax year in tax-free allowances for property or trading income. If you have both types of income, you will qualify for a £1,000 allowance for each. If your annual gross property income is £1,000 or less, from one or more property businesses you will not have to tell…

Charity sponsorship payments are different from donations because your company gets something related to your business in return. Typically, your business brand would be promoted by the charity in some way. You can deduct sponsorship payments from your business profits before you pay tax by treating them as business expenses. Payments qualify as business expenses…

Expenditure on business entertainment is not allowable as a deduction against profits. Nor may a deduction be made for any expenditure which is incidental to business entertainment. The meaning of ‘incidental’ is not defined by HMRC but should be interpreted to mean any expenditure that is incurred directly or indirectly in connection with the provision…

If you sell second-hand vehicles and you were not charged VAT when you purchased the vehicle, using the Margin Scheme will save you money. If you did not use the VAT Margin Scheme, you would have to account for VAT on the full selling price of each vehicle. However, if you use the Margin Scheme,…