July Small Business Update

Here is an update on some current topics that may be of interest to you. Making Tax Digital (MTD) HMRC are progressing with their plans to encourage all businesses and individuals to maintain records in digital format. The aim is for the tax system to operate completely paperless. HMRC says this will lead to a … Read More

Amy FowlerJuly Small Business Update

Should my company purchase or lease an electric or low emission car?

Until recently, company cars have been unpopular because of the high benefit in kind (BIK) charges associated with them, and it has been simpler and more tax efficient for employees and directors to claim business mileage. However, the Government is committed to ending the sale of new petrol and diesel cars in the UK by … Read More

Amy FowlerShould my company purchase or lease an electric or low emission car?

March Small Business Update

Here are a few important reminders which may be relevant to you this month. VAT deferral If you deferred a VAT payment that was due between 20‌‌ ‌March 2020 and 30 June 2020, this will need to be settled in full by 31‌‌ ‌March 2021. If you cannot afford to do this, you can opt … Read More

Amy FowlerMarch Small Business Update

What did we learn from the 2021 Budget Announcement?

After an extremely turbulent year in the business world, the team at Competex awaited the 2021 budget announcement with bated breath. While the last year has proved to us that nothing is certain, Rishi Sunak’s announcement will help many businesses get some clarity on what the future may hold for them in the short to … Read More

Amy FowlerWhat did we learn from the 2021 Budget Announcement?

How to prepare for the Off Payroll Working (IR35) changes in April 2021 [CHECKLIST]

The government looks set to go ahead with the changes to IR35 for the private sector from April 2021, and from this date onwards, the responsibility for determining the IR35 status of any contractor role will pass to the end-client. This means that contractors will no longer have control over the process by which their … Read More

Amy FowlerHow to prepare for the Off Payroll Working (IR35) changes in April 2021 [CHECKLIST]

February Small Business Update

This month, there are a few different news items which are of interest to small business owners. Take a look below. Grant from local authorities (Local Restrictions Support Grant) If you own a business with rateable premises on which you pay business rates, you may be eligible for a grant from your local authority if … Read More

Amy FowlerFebruary Small Business Update

Brexit and VAT – what are the changes from 1 January 2021?

You may be wondering what changes, if any, might affect you from 1 January 2021. If you provide consultancy services, there is little to no change, and just the first few paragraphs here will be relevant. Here is a summary of the main points. Services Services provided to businesses or individuals outside the UK If … Read More

Amy FowlerBrexit and VAT – what are the changes from 1 January 2021?

How can I get the best deal on Professional Indemnity Insurance?

Professional Indemnity Insurance (PII) is essential for protecting you against the cost of legal actions for negligence. However, PII is becoming an increasingly higher cost for businesses. Why is PII so costly? Over the past few years, the insurance industry has suffered huge losses due to the Grenfell tragedy and as a result of FCA … Read More

Amy FowlerHow can I get the best deal on Professional Indemnity Insurance?

Coronavirus Update – UK Government financial support October 2020

Coronavirus Update - UK Government financial support

Financial and other help from the Government: Update October 2020 There have been a number of recent updates on financial and other help available from the Government due to Covid, so we thought it might be useful to provide you with a summary of the things that could be important to you. You may already … Read More

Amy FowlerCoronavirus Update – UK Government financial support October 2020

Coronavirus Job Retention Scheme Closes on 10th June

Making Tax Digital

If you have stopped working due to the Coronavirus, and you paid yourself salary in 2019/20, you may wish to consider furloughing yourself and claiming a grant from HMRC under the Job Retention Scheme. The scheme is available to directors and employees. You must not carry out any work for the company whilst on furlough … Read More

Amy FowlerCoronavirus Job Retention Scheme Closes on 10th June