October Small Business Update

This article looks at current and proposed changes to tax in the short term, that may affect you. Further announcements are due to be detailed in the Autumn Budget and Spending Review which will take place on 27 October 2021. National insurance (NI) You have probably heard that the Government has announced from 6 April … Read More

Amy FowlerOctober Small Business Update

What State Pension am I likely to get?

As it is something we are frequently asked about, we thought it might be useful to provide a summary of how the state pension system works. Under the new rules you need 35 qualifying years to be entitled to a full state pension. Even then, your pension may be reduced if you were contracted out … Read More

Amy FowlerWhat State Pension am I likely to get?

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?