Important news from The House of Commons last night, in response to the economic impact of coronavirus the IR35 off-payroll rules for private sector engagers have been delayed until 6th April 2021.
The IR35 delay came in response to growing calls for the government to offer support to the self-employed and freelancers.
Continue readingThe question echoing throughout Hertfordshire, Essex and businesses throughout the UK during these testing times is “What can you do to help your business/sole trade through the COVID-19 crisis?” – HB Accountants are here to help you.
Continue readingChanges to Capital Gains Tax on Property Sales will only affect you if you sell or gift a residential property other than your main residence on or after 6 April 2020.
For such disposals it will be necessary to file a separate capital gains tax (CGT) return within 30 days of completion of the disposal and it will also be necessary to pay any capital gains tax within the same period. The capital gain will also need to be reported on the normal tax return filed after the end of the tax year and the tax already paid will be treated as paid on account of the final liability.
Following the UK’s departure from the EU, Chancellor Rishi Sunak presented the 2020 Budget against a backdrop of economic uncertainty caused by the spread of the coronavirus.
HB Accountants’ “Be Informed” Budget Summary provides you with an overview of the key announcements arising from the Chancellor’s speech. Measures for businesses include a capital gains tax reduction in the Entrepreneurs’ Relief lifetime limit from £10 million to £1 million, together with changes to Statutory Sick Pay for employees advised to self-isolate because of the coronavirus.
As the end of the tax year approaches, it’s a
great time to review your personal financial position and look for more
efficient ways of managing your income. Here are our top tax tips for
individuals as we approach the end of the tax year on 5th April 2020. If you
want to know more, give the tax team at HB Accountants a call.
As we approach the end of the tax year, many businesses will be reviewing how much profit they have made over the year and therefore, calculating how much money they could take out of the business in dividends.
A question that I am regularly asked is whether to pay out dividends BEFORE the end of the tax year or AFTER it? Of course, there is not one clear answer, but the following information may help you decide.
Continue readingThe National Insurance Contribution Threshold will rise to £9,500 a year on 6th April 2020, consequently 31 million UK taxpayers will begin to pay less national insurance!
This means that the typical employee will pay around £104 less in 2020/21, and self-employed people who pay national insurance at a lower rate will have £78 cut from their bill.
Continue readingWe are delighted to be celebrating Vicki’s first Year with HB Accountants. It was a whole year ago that she joined as our Marketing & Office Manager.
Team HB’s Director Karen says “Happy work anniversary Vicki, the year has certainly flown by and you’ve achieved so much in just a year. We are lucky to have you, we can’t wait to see what the year ahead brings and we couldn’t imagine HB without you now”.
Continue readingCould it be time for you to get better connected and what are the benefits of networking? Throughout Hertfordshire, Essex and the surrounding areas you will find many fantastic businesses. Professional networking means you are going to meet more people and ultimately expand your network. You might be thinking “is the investment of my time and resources actually going to be worth it?” At HB, we believe that by taking advantage of networking events you can build genuine business relationships, which will have a positive impact on you and your business in the future.
Continue readingAuditors… Does this conjure up an image of an impersonal, fearful, detail-obsessed tyrant desperate to find errors in your accounts? I completely understand why the thought of an audit would fill you with dread, but this blog shares how to have the same positive audit experience that our clients enjoy and one that will ultimately help and support your business.
Continue reading
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