Blog - Southside Accountants Wimbledon

Is your small business recession proof?

Would your small business survive a credit crunch?

A recent survey by Hampshire Trust Bank (HSB) shows that small business owners have increased their cash holding by 78 percent in their business current accounts in the past two years, in anticipation of another credit crunch brought on by Brexit.

UK manufacturing businesses, both large and small, have already been stockpiling raw materials ahead of the original Brexit deadline back in March this year and have started doing so again, with the new Brexit deadline coming up fast at the end of October.

The need for surplus cash to buy supplies for stockpiling was the main contribution for the increase in current account balances, according to the HSB research.

How to prepare your small business for a No-deal Brexit

Sep13 Leave a Comment

The UK government is preparing for a no-deal Brexit on 31 October. What does this mean for your small business and how can you best prepare? Here we share survival strategies for small businesses in the increasingly likely scenario of a no-deal Brexit.

If you are trading between the UK and the EU you could be bracing yourself for disruption in October and perhaps with little idea of what to expect when Brexit finally takes hold.

Self-Assessment tax deadline looming – are you ready?

Sep6 Leave a Comment

The amount owed to HMRC by late taxpayers continues to rise, year on year. The first of the self-assessment tax deadlines is looming, with 31 October being the cut-off for HMRC to receive paper or hard copies of your filing. For those who file their self-assessments online, although you have till 31 January 2020, time is running out to get your paperwork in order. Are you ready to submit your self-assessment tax form?

Thousands miss their first MTD for VAT deadline

Aug29 Leave a Comment

Almost 4,000 small businesses have missed their first deadline for quarterly digital VAT returns, as part of the UK’s new Making Tax Digital (MTD) system. Are you one of them?

If you are a small business required to report VAT figures digitally for April, May and June 2019 should have done so prior to the 7th August deadline.

Planned tax changes coming in 2020

Aug27 Leave a Comment

Proposed tax changes for the Finance Bill 2020 are now under review

Draft legislation has been published for 21 new tax measures to be implemented for the new Finance Act 2020 (FA 2020) to come into force in the tax year 6th April 2020. Most of the new tax law is due to take effect then but the final details and confirmed dates of commencement could be changed following a consultation, closing on 5 September 2019. It is also worth remembering that all of this could in theory change with the appointment of the new Chancellor of the Exchequer, Sajid Javid, who may have some fresh ideas on the proposals. We have highlighted the most important of these planned tax changes that could affect you and your small business, below.

Questions & Answers: Am I a subcontractor?

Aug22 Leave a Comment

Why have I been deducted tax from a job related to the construction industry?

I run a limited company and deliver plumbing services. I recently did some work for another company and they deducted 20% tax. It has never happened before on other contracts. Is that correct?

The Construction Industry Scheme (CIS) is a tax deduction scheme which involves tax being deducted at source from payments which relate to construction work in the UK, as well as some other related work.

The importance of budgeting in your small business

Aug20 Leave a Comment

Are you implementing a budgetary process in your small business?

The importance of budgeting in your small business cannot be underestimated. Not only does budgeting provide a benchmark against your peers, it also allows for variance analysis and performance assessment, leading to improved sales. Are you actively budgeting in your small business? Read on to learn more on budgeting processes that can help your small business.

Tax implications of selling your business

Aug15 Leave a Comment

If you are planning on selling your small business, the two main options available to you are selling your company shares, which normally includes all the assets and liabilities of the company with no remaining connections to with the company. Or you can sell the business with its assets, name and goodwill usually referred to as an “asset sale”.

The Basics: Value Added Tax (VAT)

Aug13 Leave a Comment

If you are a small business and you are wandering if it is worth your while to voluntarily register for VAT to help with the outward perception of being an established and growing business or if you are reaching close to the compulsory £85,000 VAT registration threshold, then read on for your guide on how to make VAT registration work for your small business.

The basics: Inheritance Tax

Aug9 Leave a Comment

Inheritance tax planning is not just a death tax and you can take advantage of gifting during lifetime to reduce the inheritance due on your death

The general perception of Inheritance Tax (IHT) is that it is a death tax and therefore should only be given due consideration when thinking about your will and how to distribute your assets when you die. Although this is true, there are other occasions during your lifetime where you need to consider the IHT implications on your assets, for example making gifts during your and also making gifts within 7 years of death.

When considering your IHT position therefore involves a review of your actions whilst alive through various gifting you may do to loved ones to help reduce your estates value, before considering the final IHT due on death.