New penalty points for late submission of VAT returns

HMRC has announced a new ‘penalty point’ regime for the late submission of VAT returns and the late payment of VAT. It will apply for VAT accounting periods starting on or after 1 January 2023 and also applies to a nil or repayment return. The way interest is charged is also changing. You must send […]

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Why cash flow is important

When we work with a business here at Lewis & Co, we take time to understand what the owner is trying to achieve – both in the short term and the long term. While that includes supporting them with their tax issues, it also involves keeping an eye on cash flow. All the numbers have […]

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New rules

The rules HMRC use to work out sole traders’ and partners’ profits for Income Tax in a Self Assessment return are changing for many businesses for the tax year 2023 to 2024 onwards. This may affect the return that they must submit by 31 January 2025. It will also affect subsequent returns. Only taxpayers with […]

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Making Tax Digital for VAT

Over recent years we’ve been working closely with our VAT-registered clients to get them ready for Making Tax Digital (MTD) for VAT. The deadline (of 1 November 2022) has now passed and businesses are no longer able to use their existing VAT online account to submit VAT returns. By law, VAT-registered businesses must now use […]

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Making the best exit

The pandemic has been a catalyst for many major business decisions over the past few months. In a recent blog, we talked about how it potentially gave people the opportunity to develop a side hustle and turn that into a business. For others, further along their business journey, it has potentially been the catalyst to […]

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When your ‘side hustle’ becomes more than simply a hobby

Not so long ago, most of us would have one main job, and occasionally a second evening or weekend part-time role. Today it’s not unusual to have a small business running alongside our career – often referred to as a ‘side hustle’! It seems that lockdown was the catalyst for many of these most recent […]

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Make pay day less stressful

If you’ve made the decision to run your business as a limited company, you might then go on to recruit employees. However, you could remain the only individual within that business. Did you know though that even if you are the only person within a limited company, you could still become an employee of that […]

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Don’t get caught out by CGT reporting

The UK housing market still appears to be buoyant, with Rightmove reporting that homeowners are continuing to take advantage of record asking prices to sell their properties. The company says that the number of requests from prospective sellers for an estate agent to come out and value their home is at its highest level since […]

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Back to school

It’s September and officially ‘back to school’ for nine million children in the UK (according to Government statistics) after the long summer break. This is traditionally a time to be organised – to have that school bag packed, complete with a shiny new pencil case. For businesses, this is also a time to re-group a […]

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Helping you with the compliance of being a limited company

If you – typically with advice from us – make the decision to change from being a sole trader to a limited company, there is a fair amount more compliance involved. You will be a director of the business (which could be just yourself or you might have employees). Setting up a limited company is […]

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