For the 2021/2022 tax year, tax allowances and rate bands have, in the main, remained the same. In this article, we demonstrate what that means in real terms, and offer our advice for trading as tax-efficiently as possible. 3 ways to trade tax-efficiently for 2021/2022 Use the optimum salary levels [...]
With the economy expected to recover to pre-Covid level by mid-2022, the Chancellor set out his plans for supporting the recovery and subsequently recovering some of the cost associated with the pandemic. For many businesses and taxpayers the good news is that Income Tax, National Insurance, Annual Exemption for [...]
Today we have completed on the acquisition of Bell & Co, an accounting practice based in Eastleigh, Hampshire. We love looking after local people and businesses for their accounting needs, so we extend a warm welcome from Assure Accountants. And with previous Bell & Co owner Jim Bell and team [...]
Rishi Sunak today announced that the government will cover up to two thirds of workers' wages if their hours have been reduced due to the coronavirus pandemic. It is hoped that the ‘Jobs Support Scheme’ will help to reduce the millions of job losses expected when the furlough scheme ends [...]
The flat rate scheme for VAT was introduced by HMRC in 2002 to make life easier for small businesses when accounting for VAT. The scheme's name is often abbreviated to VAT FRS. If you are not using the Flat Rate Scheme, the amount you pay to HMRC each quarter is [...]
Many of the measures announced by the government to help businesses during the Covid-19 (Coronavirus) pandemic involve grant payments to business owners. But how do you account for grant payments, and what taxes are due? It is important to understand the accounting treatment needed, and indeed whether income is actually [...]
Under the Government’s Coronavirus business support measures announced this week, it has been indicated that some Limited Company contractors may be covered by the ‘Job retention scheme’ and therefore can furlough themselves if unable to work due to Covid-19. There is a distinction in law between a director with a [...]
