Days left to join VAT Deferral New Payment Scheme

Businesses that joined the deferred VAT payments scheme last year, have until 21 June 2021 to join a new payment scheme that will allow them to spread the cost of deferred VAT.

The new online system will allow businesses to pay their VAT In monthly instalments under the VAT Deferral New Payment Scheme.

Meet Dext Prepare, Your New Receipt Bank
Editor | 14 May 2021
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Formerly known as Receipt Bank, Dext Prepare is one of the most popular software systems for tracking cash-flow.

Have you got envelopes or filing cabinets overflowing with random receipts? Do you spend more than a few hours on financial admin each week? Does thinking about expenses and cash-flow fill you with anxiety?

If you answered yes to any of these questions then Dext Prepare could be the perfect solution to capturing, tracking and saving receipts, helping you get on top of your finances.

Where will your business be in 5 years?

Now more than ever, future planning is a vital part of a successful business.

Knowing where you want to be in the future will help with decisions today and give you motivation on the hard days.

You wouldn’t start a journey without knowing which direction to follow; the same applies to your business!

We’ve put together a guide to help you produce your 5-year plan and create a roadmap between today and your future goals.

IR35 in 2021/22: Why you could be better off without a limited company

Are you a contractor? Do you plan on working through your own limited company in the 2021/22 tax year? New IR35 rules could mean that it’s time to rethink the limited way of working.

In case you haven’t heard, there’s been some big changes to the way IR35 rules are applied to contractors working with large and medium sized businesses.

bounce back loan cloudaccountant

Any businesses that took out a government Bounce Back Loan to get through the coronavirus pandemic will now have greater flexibility in when and how they repay, it has been announced.

Use automatic invoice reminders to get paid faster with Xero

Waiting to get paid is one of the most frustrating things about running a small or medium-sized business.

A study by the Federation of Small Businesses (FSB) found that UK small businesses are owed an average of £6,142 - mostly by larger firms.

Sometimes, raising and chasing invoices can feel like a full-time job in itself, even if you’re using time-saving software like Xero.

If you’re struggling with late payments or you want to spend less time on the monthly financial admin, using automatic invoice reminders could help.

Could this loan scheme help your business grow out of Covid?

Launched on 6 April 2021, the Recovery Loan Scheme has been set up to support access to finance for businesses as they grow and recover following the coronavirus pandemic.

The scheme is open to any business that has been affected by the pandemic and the money can be used for any legitimate business purpose, including managing cashflow.

The New Super Deduction Explained

What is the super deduction?

Businesses can claim 130% first year relief on qualifying plant and machinery bought between 1st April 2021 and 31st March 2023. Under the super deduction, for every pound a company invests, their taxes are cut by up to 25p. The government announced this as part of the 2021 Budget in March, in the hope that the scheme will encourage business investment and stimulate economic growth. The super deduction scheme is only available to Limited Companies. Unfortunately sole traders cannot benefit. To give an example of the available savings, if you spend £100,000, the corporation tax deduction will be £130,000. You will save 19% on £130,000, which is £24,700.

How small firms should respond to the Chancellor’s new budget

Last week, the Chancellor delivered one of the most significant budgets in recent memory. Before the budget was released, the Government were keen to stress that some tax rises would be needed to help pay for the coronavirus response.

Many small firms will avoid one of the biggest tax hikes, but how should self-employed people, limited company directors and other small business owners be looking to respond to the budget? We’ll look at the most important changes and how they could affect your business below.

Business ideas with the biggest earning potential in 2021

Coronavirus disruption contributed to an uptick in the number of new business registrations in 2020 and experts predict more of the same this year.

Obviously money isn’t everything when it comes to entrepreneurship. Many people start businesses because they want more freedom or independence or because they are passionate about a side-project or product, but if your new business venture doesn’t make any money, then it’s not going to be sustainable.

So what kinds of businesses are going to make you money? Here is our list of businesses with the biggest earning potential.

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