What is overtrading?

Imagine that for the next quarter your turnover doubled from £60,000 to £120,000. To achieve the extra turnover you had to purchase product that cost you £60,000.  On the face of it this is great news for your business. In three months you will have generated £60,000 (Sales of £120k Read more…

Interested in making more profit?

 We would guess, yes you are? But how?  The problem with stagnant markets (i.e. verging on recessionary) is the amount of ‘talking down’ that goes on: don’t know about you but sales have taken a hammering, don’t get the support we need from the bank, and so on…  We would Read more…

Tax Diary April/May 2013

1 April 2013 – Due date for Corporation Tax due for the year ended 30 June 2012.  19 April 2013 – PAYE and NIC deductions due for month ended 5 April 2013. (If you pay your tax electronically the due date is 22 April 2013.)  19 April 2013 – Filing Read more…

Real Time Information (RTI) slow down

The following quote is from information recently published to HMRC’s website:  ‘HM Revenue & Customs (HMRC) recognise that some small employers who pay employees weekly, or more frequently, but only process their payroll monthly may need longer to adapt to reporting PAYE information in real time. HMRC have therefore agreed Read more…

Mortgage support – Help to buy

In the distant past Government supported home buying by offering tax incentives. It has been some years now since UK taxpayers could obtain tax relief for mortgage interest payments. The MIRAS arrangement, where tax relief at the basic rate was deducted from mortgage interest payments by the lender, was the Read more…

New Childcare Scheme from autumn 2015

A new Childcare Scheme will be introduced to support working families with their childcare costs and will replace the current salary sacrifice scheme. Unlike its predecessor, the new scheme will be available to the self-employed and those on a minimum wage. Also parents will be able to choose their own voucher Read more…