What is UK Crowdfunding and what are Crowdfunding Platforms? Crowdfunding is a method of raising funds for a project or venture using contributions from a large number of people. This is typically done via the internet. It is a way for entrepreneurs, artists, and other creators to bypass traditional funding sources. They instead rely on[…]
Yesterday the Chancellor, Rishi Sunak, introduced us to a new addition to Government funding products designed to help small businesses stay afloat through the next few months. Government has recognised that although we appear to have passed the peak of the Covid-19 pandemic and that further financial help is needed. The Bounce Back Loan Scheme[…]
A guide for individual landlords on the recent tax changes. Whether you own one or 50 let properties, you need to be aware of the tax changes that have already started to take effect – and which will accelerate over the coming years. Restricted interest For periods before 6 April 2017, all the interest and[…]
Royal London is calling on HMRC to change inheritance tax (IHT) rules on larger estates to allow executors more time to pay complex tax bills. Under current rules, the executor of a will can manage a person’s estate following their death by applying for a ‘grant of representation’ – otherwise known as probate. The process[…]
Incorporating the Lifetime ISA into your savings strategy. The past few years have seen several innovations in the savings account market. Gone are the days when savers only had cash and stocks and shares ISAs to choose from. Nowadays you can open specialist accounts designed to help you save for your first home and for[…]
Expenses and benefits not payrolled for the 2016/17 tax year will need to be reported to HMRC by 6 July 2017. Employers can report them by completing specific forms which are available to download on the HMRC website. There are 2 forms to complete – P11D and P11D(b). You need to fill out a P11D[…]
How individuals and families can save taxes in 2017/18. The UK tax system provides reliefs and allowances to encourage you to spend or invest in certain ways. Using those reliefs as they are intended is the fiscal equivalent of obeying the Highway Code. If you divert from that code, by parking incorrectly, you would expect[…]
A guide to maintaining a healthy balance between money coming in and out of your business. If your business does not have a steady stream of money flowing into it, you will be unlikely to be a going concern in 12 months. On the other hand, every business will have regular costs that they have[…]
A guide for employees on the tax implications of accepting common employee benefits. Most employers provide a range of benefits in kind to their employees. You may be able to choose which benefits to take up, so you should be aware of the different tax and national insurance (NI) implications of each benefit you pick.[…]
Businesses will be given at least 12 months to prepare for the transition to digital tax accounts. Businesses, self-employed people and landlords will need to submit quarterly updates to HMRC. There records will need to be kept digitally by 2020, but this will be phased in. The current plan is to start quarterly reporting from[…]