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Articles and news on HMRC regulation and legal matters as regards UK small businesses’ tax, payments, and customs affairs.

Accounting

What the off-payroll U-turn means if you’re self-employed

Chancellor Kwasi Kwarteng made a shock announcement in the mini-Budget last Friday. The Government will repeal off-payroll working legislation from April 2023. Here’s what it means for freelance contractors

Sole trader

What is a sole trader? A small business guide

Emily Coltman, chief accountant at FreeAgent, investigates one very popular structure for new business owners: sole tradership

Making Tax Digital

What is the HMRC penalty system for Making Tax Digital?

HMRC’s new penalty regime is intended to be fairer and less severe in order to promote more timely submissions. We explain how it works and when it comes into force

Sole trader

How to save up to £3,000 in tax being self-employed

Changes in the way the self-employed must report tax mean sole traders could face having to pay an additional £3,000 in tax. Becoming a limited company could reduce your tax bill, says Marcin Durlak

Making Tax Digital

Making Tax Digital for VAT: 6 simple tips to get your business ready

Is your business ready for Making Tax Digital for VAT? From 1 April 2022, all VAT-registered businesses must comply

News

Penalties waived for businesses missing tax deadline

Late filing and late payment penalties to be waived for one month for self-assessment taxpayers

Accounting

Do I have to register for PAYE if I do not have employees?

If you’re the director of a business that does not employ anybody do you need to register for PAYE? The answer is not always straightforward, says Jacqui Reeves, senior payroll manager at accountants Hillier Hopkins

Accounting

How to pay staff

You’ve just taken on your first member of staff, which means you must run payroll? What is payroll and how do you notify HMRC?

News

Businesses say taxman taking ‘aggressive’ approach

Company directors say HMRC twisting arms to pay overdue tax, combined with landlords wanting rent owed and worry over Bounce Back Loan repayments all add to pressure

News

Reprieve for self-employed having to report tax quarterly

Treasury bows to pressure and delays rolling out Making Tax Digital to self-employed sole traders to April 2024

Tax

Taxman could claw back up to 10% of furlough cash

Small business owners unaware they have overclaimed could face having to repay 5-10% of furlough claims, warns top accounting firm

Accounting

Am I eligible for capital allowance?

Capital allowances are valuable reliefs that allow certain business expenditure to be offset against corporation tax. However, not all expenditure qualifies, says Toby Cotton.

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