The artificial separation of businesses (also known as disaggregation) happens when a business with two or more activities (for a public house this could be the sale of drinks and the sale of food) are split and each ‘separate’ entity continues to
One of the most time-consuming admin tasks associated with the running a small business can be dealing with the payroll.
Generally speaking, you can:
Run your own in-house payroll, or
Hire your accountant to do the work for you.
If you operate
The transfer of a business as a going concern (TOGC) rules concern the possible VAT liability resulting from the sale of a business. Normally the sale of the assets of a VAT registered or VAT registerable business will be subject to VAT at the
The pre-owned assets (POA) income tax charge was introduced in the Finance Act 2004 and the first year in which a POA charge could arise was back in 2005-6. The POA charge is effectively a tax on individuals who have given certain types of assets
The cash basis scheme helps sole traders and other unincorporated businesses benefit from a simpler way of managing their financial affairs. The scheme was extended to landlords from April this year with many expected to benefit from the savings in
Companies often have to contend with having two different company accounting periods. This is because there are different rules for Companies House filings and submissions to HMRC, for Corporation Tax purposes.
The accounting periods can be the
There are three main VAT schemes available to small businesses:
The flat rate scheme
The annual accounting scheme
The cash accounting scheme
The Flat Rate Scheme
The purpose of this VAT scheme is to simplify the way a business accounts for VAT
The employment allowance of £3,000 per year is available to most businesses and charities and can be used to be offset against their employers Class 1 NIC bill. The allowance can be claimed as part of the normal payroll process.
An employer can
In a boost for the Midlands economy, Coventry has been named UK City of Culture 2021. The announcement was made by the Minister for Arts, Heritage and Tourism, John Glen after Coventry beat four other cities that were in the running.
The title of
If you have been in the same job for two years or more and are made redundant you will usually be entitled to a redundancy payment. The legal minimum that you are entitled to receive is known as ‘statutory redundancy pay’. There are exceptions where
The bank deposit guarantee limit is the amount of money that is guaranteed for savers in UK banks and building societies should the institution become insolvent. The Financial Services Compensation Scheme (FSCS) guarantee amount is currently £85,000
A recent First-Tier Tribunal case examined whether amounts credited to a director’s loan account were subject to PAYE and NIC deductions. The appellant company, buys and sells boats. One of the directors, who is also the chairman of the company, had
