Unless you opt to register, or use, one of the available VAT special schemes, you are likely paying VAT to HMRC once a quarter based on the difference between the VAT added to your sales invoices less any VAT included in business purchases and expenses (including certain acquisitions of assets). There is a problem with […]
If you die without stating your wishes, the law will determine how your assets are distributed amongst your family. The rules that govern the process are set out in the intestacy rules. And there are regional differences. Consider a parent whose personal assets amount to more than £1m. In England and Wales The husband, wife […]
The following notes set out some of the factors you will need to consider if you are considering employing members of your family, younger workers or volunteers in your business. If you hire family members you must: avoid special treatment in terms of pay, promotion and working conditions make sure tax and National Insurance contributions […]
For most of us in business the recent, and continuing, Brexit fiasco has meant that making meaningful investment decisions has proved to be problematic. What will our future trading relationship with Europe look like and how will that affect our own trading results? And yet in the UK we have an extremely generous tax allowance, […]
If you personally disposed of an asset that is subject to a capital gains tax (CGT) charge, at any time during the tax year ending 5 April 2019, any CGT due will need to be paid 31 January 2020. Accordingly, if you know the amount of the taxable gain, and the amount of CGT payable, […]
The first Debt Relief Order (DRO) was approved 10 years ago in April 2009 with the aim of assisting people with small levels of assets and little surplus income deal with their debts*. Since then, the Insolvency Service has approved more than 254,000 DROs to people with debts worth an average of £9,400. People apply […]
Sole traders If you are self-employed, and obliged to submit a self-assessment tax return, you must keep your tax records for at least five years after the 31 January submission deadline of the relevant tax year. For example, if you submit your 2018-19 tax return online on or before 31 January 2020, you must keep […]
Acc-Unique Solutions (Bookkeepers and Management Accountants) have re-located to Albany Road, Harborne, Birmingham. Based within the Wentworth & Rose building, we welcome local businesses who are looking for bookkeeping, payroll and management accountancy services and other busy accountants looking for back-up support. We are Sage 50 specialists and run a range of training courses that will […]