Category: Uncategorised

There may come a point when you no longer need to trade through a limited company, however as the business is a legal entity the process of closing a company is far from simple. This guide summarises the steps involved.   1. Stop trading. The company should undertake no further business and only allow transactions…

Brexit and the pandemic has paused many changes that the HRMC were planning to roll over the last year. This new rule will affect all VAT registered companies within the construction industry that report under the Construction Industry Scheme (CIS).   The Domestic Reverse Charge VAT legislation is a change in the way CIS registered…

As if there hasn’t been enough to keep track of from the government and HMRC over the last few months, they have now introduced changes into the way you declare any Capital Gains, reducing the time frame in which you must report and pay. Capital gains tax is a tax on the profit (or ‘dispose…

Calling all companies in the construction industry! If you are in the construction industry, you need to be aware of changes to the domestic VAT reverse charge. From the 1st March 2021, the domestic VAT reverse charge must be used for most supplies of building and construction services.   The charge applies to standard and…

The SEISS (Self Employed Income Support Scheme) was announced in April 2020 to help self-employed individuals claim a grant worth 80% of their average monthly earnings if they had been adversely affected by coronavirus. There was then a further announcement in May 2020 to say that the scheme had been extended for a second pay…