Is a Garden Office Tax Deductible?

With increasing numbers of people working from home and wanting to create a separation between their work space and home space, we are often asked what the tax implications of building a garden office are.  As with many aspects it may depend on how your business is set up; being a sole trader, operating as a limited company and vat registration all impact how this may affect you, so it is best to get specialist advice tailored to your own situation. In the best case you may be able to effectively reduce the actual cost by over 30%. Please contact us if you would like to find out more.

Planning for the Future?

Navigating the current times can be challenging but if you are looking ahead to consider pensions, investments or retirement planning and are not sure where to start, we can arrange a video call or meeting at our offices with an independent financial advisor who can provide information on all of these areas. We work together to ensure that the options are the most tax efficient and your wealth is maximised.

Is your business growing?

If you are currently a sole trader but wondering what the pros and cons of becoming a limited company are, get in touch with us and we can arrange a free consultation. We can advise you on the best course of action for your circumstances and even form your company on the same day!

Give us a call on 01442 874532 or contact us here.

Coronavirus – Furlough Support

So far we have made 1,128 furlough claims on behalf of clients releasing funding of over £1.9 million, to help protect their businesses and their employees’ jobs. This additional work has been carried out without any charge to support our clients in these continued difficult times. Hopefully the need for claims will reduce once businesses can start getting back to business as usual as restrictions are eased and the economy re-opens.

We can provide services and software solutions that will work for you too. Please contact us to find out more.

New Year, New Opportunities?

2020 was a challenging year. Some people took time, or were forced into taking time, to evaluate what is really important to them and are now looking at pursuing a career in an area they feel really passionate about.  You may have found yourself out of employment and are looking to start a new business or decided now is the time to follow up on your business idea.

We can provide assistance on how best to go about setting up a sole trade, partnership, LLP or a company.

Either way please get in contact with us, to find out how we can advise you on the next phase of your career in 2021.

Have you been putting off your Personal Tax Return?

As the deadline of 31 January creeps closer, some people may be feeling an increasing sense of despondency as they realise time is running out to complete their personal tax return. It’s best to get started sooner rather than later just in case you have to chase up missing documentation. Do remember that failure to file your return on time will result in a fixed £100 penalty. Any tax owed also has to be paid by this date, otherwise interest penalties will apply too.

If you would like to save time and rid yourself of this task and move onto something you prefer doing, please contact us and we would be happy to help.

30 Day Gain Reporting

Since 6 April 2020 there has been a new requirement to report to HMRC within 30 days if you sell a residential property (not your home) and make a payment on account of the capital gains tax due. The disposal still then needs to be declared on your end of year tax return.

Interest and penalties will apply if you do not report within the time limit, so please contact us if you are in any doubt.

Has your accountant supported you through Covid?

We are living in unprecedented and challenging times. For business owners, the change in circumstances and income have offered particular trials. In order to support our clients, we have undertaken to carry out Covid related work free of charge, we have provided timely updates explaining the detail of constantly changing legislation and how it affects business owners and the self-employed. Is your accountant doing the same? If you would like a free consultation to see how we can support you or your business, please contact us.

SEISS

The Chancellor announced the anticipated extension to the income support scheme for the self-employed.  It will now effectively run for another three months from June to August 2020.  This is likely to be the final extension. This second tranche will be at the reduced level of 70% of average profits, down from 80%, and the monthly cap is reduced from £2,500 to £2,190.  So if you have received a grant for the first three months, the amount you will get this time will be 87.5% of that. If you didn’t make a claim for the first three month period, this does not exclude you from making a claim for this second period.

Please note that your business must have been adversely affected by coronavirus after 14 July 2020 to be able to access this second tranche of funding.

The deadline for making a claim for the first three months March to May 2020 has been set at 13 July 2020.