Posts by Kath Hiscock

What tax changes are happening in 20/21?

The VAT Reverse Charge Originally happening in October 2019, it was postponed until October 2020 to let businesses concentrate on Brexit, but if you work in construction this is a major change for you and affects any work you complete under the Construction Industry Scheme from 1 March 2021. The charge applies to standard and reduced-rate VAT services: For individuals or businesses who are VAT registered in the UK Reported within CIS HMRC have produced some handy guides that can be found at https://www.gov.uk/guidance/vat-domestic-reverse-charge-for-building-and-construction-services and we would recommend that if this affects you, you should watch the webinar from HMRC. 
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Covid – Did you make the right business decision?

Covid and the change in the business community has brought some things to the fore for many business owners. Choosing who to ask to work from home, who to furlough and who can’t you work without? Can your business survive financially, is there still a market for me and can I, should I change my business model? Our experience from talking to our clients throughout the pandemic is that business owners didn’t really think about it. They panicked and just put everyone on furlough or asked them to work from home. We suspect that this was the wrong decision for
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Tax-efficient Ways to Extract Profit from your business

Part 2 We’re often asked by our clients how they can best extract profits from their company without falling foul of the dreaded Tax Man. Completing company accounts isn’t and should never be just about ticking the compliance box for the company, it should also be about the owner’s aspirations.  That’s why during our regular reviews with our clients we look at where the business is, where the Director/Owner is, what they want to achieve and how we can help them reach those goals. In this installment we look at charging your company – Rent. If you personally own a
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Tax-efficient Ways to Extract Profit from your business

Part 1 We’re often asked by our clients how they can best extract profits from their company without falling foul of the dreaded Tax Man. Completing company accounts isn’t and should never be just about ticking the compliance box for the company, it should also be about the owner’s aspirations.  That’s why during our regular reviews with our clients we look at where the business is, where the Director/Owner is, what they want to achieve and how we can help them reach those goals. In this installment we look at the most obvious method – Salary. It seems quite simple,
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