Did you have a great summer? It wouldn’t be very British not to discuss the weather, but quite frankly, there was nothing noteworthy to discuss about the weather. It was what it was. But what about our economy? We have seen a new government come in, a cut in interest rates, some growth during the […]
Author Archives: Priya Raja-Motala
self employed, Tax Planning, Tax Tips, VAT
Can you avoid VAT Registration by conducting business through two entities?
04
Sep
Sep
In the Spring 2024 Budget, the previous government raised the VAT threshold from £85,000 to £90,000, having frozen it at £85,000 for six years. This means a business must register for VAT if its taxable sales have exceeded £90,000 in any rolling twelve-month period. Furthermore, you must register if the sales will exceed £90,000 in […]
28
Aug
Aug
As expected, the new Labour government has published draft legislation subjecting private school fees to VAT from 1 January 2025. VAT on private school fees is here. The draft measures have been published for technical consultation before they are included in the Finance Bill for 2024-25. The background The current VAT legislation includes a VAT […]
14
Aug
Aug
In today’s challenging economic environment, small businesses must be prepared to navigate potential financial and logistical challenges. As accountants, we bring a wealth of expertise and can play a crucial role in ensuring your business success by reminding you why financial information matters when it comes to running your business. Last year, 25,158 corporate insolvencies […]
07
Aug
Aug
The Capital Gains Tax (CGT) tax free allowance has now fallen to £3,000 (2024/2025). The policy was announced in the former Chancellor Jeremy Hunt’s first Autumn Statement in 2022. This reduction in the tax free allowance will result in more individuals being subject to the CGT regime. Additionally, most landlords selling their properties are also […]
31
Jul
Jul
In 2022, the Supreme Court ruled that the old 12.07% calculation for casual workers, which had been used for years, was no longer relevant. Due to these changes to holiday pay for irregular hours, many businesses have had to rethink their policies. The ruling stated that employees with irregular hours, including those on zero-hour contracts, […]
HM Revenue & Customs, Myers Clark Updates, Personal Tax, self employed
Don’t forget to use Time to Pay service with HMRC
17
Jul
Jul
Benjamin Franklin once said, “In this world, nothing can be said to be certain, except death and taxes.” If you are in business, a landlord, or paying tax under self-assessment, you understand the importance of paying your tax on time. But what if you can’t afford to pay your taxes when they are due? Remember […]
Accounting Tips, blog page, Business Tips, Cash Flow, Myers Clark News
Here’s how a successful family business primed and transitioned ownership for the next generation.
01
Jul
Jul
Even in the midst of success, many business owners are harbouring internal fears about the future. Family-owned Emery Little Wealth Management (EL) had successfully navigated the start-up and growth phases of their business. They were well established with a solid team, good clients, and regular revenue. Outwardly, their foundation seemed unshakeable. Internally, the owners were […]
25
Jun
Jun
Have you had enough of the electioneering and all the televised debates? Or perhaps you’ve been finding some light relief from the politics by watching the Euro’s 2024. As we write this blog, we are reminded that only ten days are left before voting day. A new government could bring about significant changes in legislation […]
19
Jun
Jun
When you are running your own business, you can choose to operate as a self-employed individual or through a limited company. Many clients prefer the company option because it provides an extra layer of protection. However, when it comes to finances, can a director be held responsible for the company’s debt? What’s the difference […]