Self-employed Income Support Scheme: what it means.

The Chancellor has announced a Self-Employed Income Support Scheme (SEISS) to help self-employed people to get through the coronavirus pandemic. In this article I will do my best to explain who will (and won’t) be eligible, when support will be available and how to access it. The SEISS will only cover those who paid tax on trading…

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The legal position regarding how to furlough staff

The legal position regarding how to furlough staff is ambiguous. Please be careful:  The promise of 80% funding with a £2,500 cap to avoid making layoffs by ‘furloughing’ staff, asking them to take a ‘temporary leave of absence’ might be attractive, but the legal position is unclear. Further information and clarification is expected from Government shortly,…

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Should you pay dividends before 6 April 2020?

As we enter the final months of the 2019/20 tax year, family companies should renew their profit extraction policy and consider whether it is tax-efficient to pay dividends before 6 April 2020. How dividends are taxed Dividends can only be paid out of retained profits and thus, unlike payments of bonuses or salary, the amount…

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Strong Customer Authentication – what you need to know.

If you sell through the internet, your small business must introduce Strong Customer Authentication requirements by 14 March 2021. What is SCA and how will it affect your small business? Background to SCA and PSD2 The new EU Payments Services Directive (PSD2) came into effect in January 2018, bringing in new laws aimed at enhancing…

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How to choose the right accountant for your business

Introduction Accountants provide small businesses with a range of services, including book-keeping, preparing financial statements, calculating tax and advice on minimising tax and other costs. Your accountant is likely to be your most trusted business adviser, so it is worth taking the trouble to make the right decision when choosing which accountant or accountancy practice…

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IR35: how to prepare for April 2020

HMRC recently published guidance on the new IR35 rules from April 2020 but there was nothing practical in that guidance on how to deal, for payroll purposes, with payments to contractors where they are deemed employees. To prepare for the new regime its important that engagers that contract directly with contractors’ intermediary entities (eg personal…

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Why every business should consider a subscription model

With the right insight and metrics, subscriptions offer a great way to build a reliable business and a  predictable revenue stream. Subscription based models are something every business should consider as part of their business model. They are a great way to maximise the value you get from each hard earned customer – and the…

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