How will this week’s budget affect small business owners?
This week’s budget was one of the most anticipated in recent memory and the first for our new PM Keir Starmer.
With every type of tax, a potential target for our latest Chancellor, Rachel Reeves, small business owners nervously waited for the chancellor’s speech.
If you are concerned about how any of the changes in this Budget could affect your business, please contact The Hollies Bookkeeping Services on 01743 790086, email info@holliesbookkeeping.co.uk or visit www.holliesbookkeeping.co.uk
UK has record number of self-employed aged 60 or above
Rest Less has released information showing that the number of self-employed people aged 60 or over in the UK has reached a record level.
Over the last decade, these numbers have increased by over a third reaching 991,432 self-employed people aged 60 or over in 2023.
Scam referrals rise warn HMRC
HMRC is warning people to be wary of bogus tax refund offers in the wake of the self-assessment deadline.
The January self-assessment deadline may now be a distant memory to many.
However the tax authority says that fraudsters often target self-assessment taxpayers in the months following their self-assessment submission.
More than 11.5 million self-employed people submitted a tax return by the January deadline (though over a million missed it).
Just a third of adults in the UK are confident with self-assessment
Standard Life has recently released findings of research which has found that just 35% of UK adults are not confident completing the self-assessment alone.
Standard Life is a brand that has been trusted to look after people's life savings and retirement needs for nearly 200 years.
The research they carried out concluded that just three in ten UK adults admit they do not feel confident they could complete the form correctly.
VAT Inspections with the Hollies Bookkeeping Services
When it comes to VAT, it’s all about having the paperwork to back it up and here at the Hollies Bookkeeping Services in Shropshire, we undergo regular VAT inspections.
It’s our job to make sure that you are submitting the right paperwork and paying the right amount of VAT. It also ensures that when HMRC comes calling to inspect what are doing everything is in order.
We completely understand that getting all this paperwork together is a massive pain and not something you have the time or even the desire for.
Why completing your Self-Assessment before Christmas is a priority
Every year, over a quarter of people due to file a Self-Assessment tax return complete it in the final 4 days before the 31st January deadline
And 5% of returns are filed in the final 24 hours.
However, leaving it to the last minute isn’t really wise as you never know what may come up to prevent you from completing it in time.