If a business owner makes a loss as a self-employed person, they can set off the losses against any other earnings of the same year. In effect, the business losses are moved side-ways against other earnings. However, in order for loss relief to be allowed,…
Month: September 2018
Protect your home
A government think-tank, the Office for Tax Simplification (OTS), was briefed to consider a non-tax issue, a restricted form of limited liability for sole traders. At present, a sole trader’s personal assets (including their home) are vulnerable to a claim by business creditors if the…
Customs procedures with a no deal Brexit
Last week we posted an article advising businesses that trade with the EU of guidance that HMRC have issued in the event that we do not reach an accommodation with the EU when we leave March 2019. This week we are paraphrasing, from HMRC’s guidance…
Spreadsheets and VAT from April 2019
Making Tax Digital (MTD) is HMRC’s long running intention to make an electronic link with the accounting data of UK businesses. The idea is to draw in the data they need directly from your computers using links provided by your software developers for this purpose.…