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Most businesses need to raise money at some point. The majority of smaller businesses will borrow from a bank to help fund initial costs of premises, stock, etc. More mature businesses may find opportunities that require the injection of new funds or, very often, simply need an ongoing source of finance to bridge the time...

Time to pay arrangements A business which has or will have outstanding tax liabilities should consider contacting HMRC for a Time to Pay arrangement. HMRC will consider: agreeing an instalment arrangement, typically over 12 months; suspending debt collection proceedings; and cancelling penalties and interest. The dedicated helpline – 0800 0159 559 – is open Monday...

A self-employed individual (including a partner in a partnership) may claim support in the form of a grant under the Self-employed Income Support Scheme (the ‘SEISS’). The key points of the SEISS are set out below. A person trading through a limited company is not eligible for the SEISS. See here for the support available to company directors. An...

A number of important decisions must be made when a company is set-up; for example, who will own shares in the company and to what date will it make up its accounts? These decisions may have tax consequences and it is important that all of the available options are considered. The company must be registered...

The legislation changes related to IR35 will came into effect on the 6th of April 2021 for small and medium-sized companies in the private sector. The underlying purpose of the legislation is to tackle limited-service companies that are avoiding taxes from contractors. It’s practically the opposite of what HMRC states in its business guidelines concerning...

When it comes to filing taxes in the UK, the muddled details often confuse small businesses. Well, the financial language comes across as alien to many small businesses in the UK. What’s more, is that the navigation of filing requirements can be more time-consuming for a startup business. That said, the cloud of unfamiliarity can...

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