An update on COVID-19 support available to small businesses

As the daily number of people tested positive for COVID-19 continues to rise across England, many businesses and self-employed individuals are bracing for tighter restrictions. (Updated on 7 November 2020) On Friday (30 October), as the Furlough Scheme was coming to an end, we wrote this blog to talk about the Job Support Scheme (JSS) and other measures. But a day later, Prime Minister…

VAT specific to small businesses

VAT specific to small businesses As a small business owner, navigating through the VAT scheme by yourself can be baffling and you may inadvertently over or under pay your VAT. This is why at Tax Agility we have a suite of VAT Services designed to suit you. We can: Advice on the best VAT strategy for your business Provide VAT registration assistance Advice on the most appropriate VAT scheme for…

Tax specific to small businesses

Tax specific to small businesses“What taxes do I have to pay?” is a frequently asked question by Small Business Owners. Depending on your circumstance, you may be liable for Income Tax, Self-Employment Tax, Sales Tax, Corporate Tax, VAT, National Insurance – either one or usually a combination of a few from the list above. At the same time, you may have overlooked tax credits…

Helping small businesses during this COVID-19 pandemic

The UK government has announced measures to support companies affected by the Coronavirus COVID-19 pandemic, learn what the measures are and how you can get assistance. Many countries in the world have announced drastic stimulus measures to keep companies afloat and help people stay employed. In the UK, the government has also announced a string of measures. Quite a few of these announcements are…

Accounting tips for small businesses

Running a small business is highly rewarding, but accounting and tax compliance are time-consuming tasks, so what can you do? In 2017, a survey carried out by the marketing research company OnePoll with 1,000 working people suggested that the UK is a nation of budding entrepreneurs. The majority of respondents (54%) said that they wish to become their own boss at some point and maintaining a…

Annual Investment Allowance explained: Tax relief for small businesses

The Annual Investment Allowance (AIA) is a form of tax relief that allows businesses to claim 100% of expenditure on specific categories of machinery and plants. The allowance is intended to encourage small to medium-sized businesses to invest, with a vision to stimulate growth in the UK economy. 
What has changed? The government has recently made a sizeable increase to the claim allowance, from…

Last minute GDPR preparation for small businesses

GDPR is a hot topic these days and rightly so. 25 May 2018 is the day the new EU General Data Protection Regulation swings into full gear, and with it come hefty fines to those who are found non-compliant. We’re excited to be GDRP compliant ourselves, and as your small business accountants, we encourage you to take preparations seriously too. With just over two weeks to go, here’s your…

Spring Statement: Businesses encouraged to complete VAT threshold survey

Last week Chancellor Philip Hammond delivered the 2018 Spring Statement to the House of Commons and announced a call for evidence to explore the effect of the VAT threshold on small businesses. So if you’re running a small business, the Treasury wants to hear from you about how the current VAT threshold affects you, and how they could change its design to encourage your business to grow. What’s…

Accounting for small businesses

Starting up your own small business is a big achievement. You’ve invested in a project you’re passionate about, you’ve worked hard to establish a name, and you’ve developed a clientele. However, paperwork and official matters can make running a business more difficult. This is where Tax Agility comes in. What can we do for you? We, at Tax Agility, are experienced chartered accountants who aim…