Archives for Updates

It is reported that 720,000 businesses are now in significant financial distress, in a recent report published by Begbies Traynor, the 15% rise from the previous quarter was the largest increase since 2014.  Read the full article by the FT here. With government support due to end later this year, maybe now is the time for directors to consider the position of their company and to pay particular attention to the debt that they are carrying.  If all their debts became due immediately, could they make the repayments?  Are you one of the companies considered to be in distress? March
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UPDATE: from 27 October 2021 the Government issued a statement that CGT is payable within 60 days of the date of completion.   Did you know that from 6 April 2020 HM Revenue and Customs changed the rules around how you declare and pay any Capital Gains Tax due when you sell a property that isn’t your main residence? Before this date you could add it to your self assessment tax return and pay the tax due by 31 January.  This came to an end, the deadline of 31 January 2021 was the last time in which you could do
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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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Wishing you all a Merry Christmas and a Happy New Year from Team Seamount
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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 instalment we look at charging your company – Rent. If you personally own a
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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 instalment we look at the most obvious method – Salary. It seems quite simple,
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We have created a series of help guides so you can keep your finger on the pulse of your business finances. The guide will be centred around useful terms, Xero software and how they can help you run your business better. This week we are starting with the term ACCOUNTS PAYABLE, it’s another term used when you owe an amount to a creditor for goods or services and they have sent you an invoice you’ve not paid yet. Do you know how to access your ACCOUNTS PAYABLE report on your accounting software? If you use Xero follow the process below,
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On the 16th March we decided to close our offices to visitors, not only to protect our employees but also to protect our clients from Coronavirus. It’s hard to comprehend the changes that have happened in those 9 weeks because everything seems to have stayed the same for so many. I though I would give a little update on where we are, what we’re doing and how we’re continuing to assist our clients in these horrid times. Adam As our CEO and Principal Accountant, Adam has been working tirelessly in the background ensuring the accounts and tax deadlines are met
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With COVID-19 dominating the headlines this week you may be forgiven for missing the Budget given by the Government on Wednesday.  Chancellor Sunak is, and let’s be honest here, a novice Chancellor, having only been in the post a month and he unveiled the biggest giveaway for years. I do wonder however, where he thinks the £175 billion he spent is going to come from.  Don’t get me wrong – the spending was overdue. But I am sceptical about how deep the coffers actually are.  It is likely that the Autumn Budget sees some major tax rises, so as a small business owner
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