As the American statesman Benjamin Franklin wrote in 1789: “In this world nothing can be said to be certain, except death and taxes.” It would be nice to imagine that, once we are dead, our tax obligations die with us. Unfortunately, this is not the case, not initially anyway… Here at Lewis & Co we […]
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Now 31 January has passed, this is the perfect time to support you with your end of the year tax planning and look at how you can make the most of any unused allowances and exemptions. There are a range of options from maximising personal allowances, Capital Gains Tax and Inheritance Tax exemptions, through to […]
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As we start a New Year, here are some dates for your diary: January 2023 1: Corporation Tax payment deadline for companies with 31 March 2022 year-end. 31: File 2021/22 Income Tax and CGT online return. Pay 2021/22 tax to avoid interest and first instalment of 2022/23 Self-Assessment tax on income. Companies with IR35 to […]
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HMRC has announced a new ‘penalty point’ regime for the late submission of VAT returns and the late payment of VAT. It will apply for VAT accounting periods starting on or after 1 January 2023 and also applies to a nil or repayment return. The way interest is charged is also changing. You must send […]
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When we work with a business here at Lewis & Co, we take time to understand what the owner is trying to achieve – both in the short term and the long term. While that includes supporting them with their tax issues, it also involves keeping an eye on cash flow. All the numbers have […]
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The rules HMRC use to work out sole traders’ and partners’ profits for Income Tax in a Self Assessment return are changing for many businesses for the tax year 2023 to 2024 onwards. This may affect the return that they must submit by 31 January 2025. It will also affect subsequent returns. Only taxpayers with […]
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Over recent years we’ve been working closely with our VAT-registered clients to get them ready for Making Tax Digital (MTD) for VAT. The deadline (of 1 November 2022) has now passed and businesses are no longer able to use their existing VAT online account to submit VAT returns. By law, VAT-registered businesses must now use […]
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The pandemic has been a catalyst for many major business decisions over the past few months. In a recent blog, we talked about how it potentially gave people the opportunity to develop a side hustle and turn that into a business. For others, further along their business journey, it has potentially been the catalyst to […]
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Not so long ago, most of us would have one main job, and occasionally a second evening or weekend part-time role. Today it’s not unusual to have a small business running alongside our career – often referred to as a ‘side hustle’! It seems that lockdown was the catalyst for many of these most recent […]
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If you’ve made the decision to run your business as a limited company, you might then go on to recruit employees. However, you could remain the only individual within that business. Did you know though that even if you are the only person within a limited company, you could still become an employee of that […]
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