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

Sole trader

5 most common tax mistakes when you’re self-employed

Getting on the wrong side of the taxman can be extremely unpleasant and costly. Simon Thomas offers 5 tips to help you stay out of trouble

Tax

Super-deduction tax break – what is it and how does it work?

The super-deduction tax break means that you can claim 130 per cent of what you spend on equipment for your business against taxable profits.

News

Small business should get HMRC refund to cover Covid losses, say MPs

Influential Treasury select committee says small businesses should get tax rebate to help cover coronavirus trading losses

Accounting

How to boss payroll year-end during Covid-19

It’s hard to imagine a tougher year for business, with coronavirus and Brexit disrupting normal operations and making it hard for organisations to work cohesively

Accounting

SME borrowing problems as HMRC creditor status changes

HMRC’s status as a preferential creditor could lead to SME borrowing problems as they might face restricted lending. Chris Williams explains

Tax

Self-employed should pay equal tax with employees, says top thinktank

Government loses £15bn a year tax revenue from self-employed, says IFS, which urges wholesale reform of tax system

Setting up a company

Buying a company name before starting up

If I want to buy my company name so no one else can take it, but I’m not ready to start trading, how do I do that? What are my ongoing responsibilities with annual returns?

Sole trader

IR35 freelance tax changes will go ahead in April 2021 – are you ready?

MPs vote through IR35 tax reform, bringing thousands of freelance contractors within PAYE for the first time

Tax

Taxman will not fine you for getting things wrong with IR35 within first year

But fines will be imposed on freelance contractors from April 2021 as Treasury cracks down on willful deception

Employing & managing staff

One third of freelancers say IR35 changes affecting their mental health

53% of contractors plan to walk away from projects in April, when tax changes take hold, costing UK economy £2.2bn in lost productivity

Tax

Making a tax return ahead of the end January deadline

The deadline for making a tax return is fast approaching so those needing to do so must act now before 31 January

Accounting

Freelancers call government 6-week review into IR35 ‘an insult’

Government confirms review into controversial IR35 tax changes, which will drag thousands of freelance contractors into PAYE

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