HMRC Aims to Claim Back Fraudulent Covid Support Payments
3 Wise Bears | Accounting Blog
by 3 Wise Bears
2y ago
The government is ramping up efforts to claw back money spend on furlough and other support packages. Those individuals and businesses which cannot show that the money was claimed legitimately could be told to pay it back. That will obviously be bad news for anyone who did act fraudulently, but it could also affect people who simply failed to account for the money correctly.  According to a freedom of information request from the Guardian, UK tax officials have launched 26,500 investigations in an attempt to claw back a billion from fraudulent, or incorrect furlough payments. This activit ..read more
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How to Get Paid on Time
3 Wise Bears | Accounting Blog
by 3 Wise Bears
2y ago
Here are a few stats to keep small business owners awake at night. Cashflow is responsible, for 82% of of all business failures. Around 60% of businesses have enough money in the bank for three months or less, and 6% have none at all. 50,000 small businesses go under every year because of late payments.  It won’t take a genius to notice that these three stats are related. Cashflow shortages cause business failure – even for businesses which are doing well. Late invoices cause those cash flow shortages. It’s a massive problem which costs UK businesses approximately £60bn every year. Govern ..read more
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What the NIC and Dividend Tax Hike Means for Your Business
3 Wise Bears | Accounting Blog
by Gurpreet Sandhu
2y ago
Much has been made of the government’s decision to increase national insurance and dividend tax. However, while most reports focus on the impact on workers, these changes will have significant costs for employers. Here’s how you could be affected and what you can do.  What’s changed? First, let’s look at the detail of the rises.  NIC: A 1.25% rise in primary and secondary class 1 NIC for employees and employers, and class 4 NIC, for the self employed for a year only. There will also be a 1.25% rise in Class 1A and Class 1B NIC rates which apply to certain benefits in kind and PAYE s ..read more
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Can Your Business Benefit from Freeports?
3 Wise Bears | Accounting Blog
by Gurpreet Sandhu
2y ago
With the UK well and truly out of the EU, the government aims to use some of its newfound legislative freedom to embrace the concept of freeports. Eight new zones will be opening up around the UK offering tax breaks and special customs rules, but can they offer any real benefits to your business? What are freeports?  Chancellor Rishi Sunak has long been a fan of freeports. Back in 2016, as a backbench MP, he extolled their virtues claiming the UK should capitalise on its newfound post Brexit economic freedom to help kick-start local economies.  Boris Johnson has frequently mentioned ..read more
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Should you buy an electric car through your company?
3 Wise Bears | Accounting Blog
by Gurpreet Sandhu
3y ago
Changes to tax bands mean that an electric company car is suddenly an attractive option for small business owners, but it may offer more tax benefits than you think.  A company car used to be one of the most popular employment perks available, but time and tax saw it go out of fashion. However, thanks to recent changes from HMRC, it could make a whole new comeback, as long as you’re happy to go electric.  Electric cars are set to explode in popularity over the next decade. Deloitte predicts the market will grow at a compound rate of 29% between now and 2030. The government sees the m ..read more
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Preparing for the end of furlough 
3 Wise Bears | Accounting Blog
by 3 Wise Bears
3y ago
At a time of national crisis, the government’s furlough scheme has kept many businesses afloat. However, it has to go sometime, and that time is coming soon. With furlough winding down in July, and ending in September, many businesses will need to get prepared.  It is, of course, too early to discount another extension. However, this deadline could be a critical point for many businesses. For more than a year, the government has picked up much of the payroll. The removal of that support could be a shock to the system, especially if the business is a little slow to pick up.  The comin ..read more
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Top 10 Tips for eCommerce startups in 2021
3 Wise Bears | Accounting Blog
by 3 Wise Bears
3y ago
The pandemic has accelerated digital transformation across every part of our lives, including when it comes to buying things. Customers have flocked online. Those companies without an online presence have had to develop one quickly. This environment is tailor-made for an ecommerce start-up. Relatively low start-up costs, the ability to quickly access a wide marketplace and the ubiquitous nature of online shopping, means the ground is set fair. Nevertheless, this is a frantic and competitive marketplace. To succeed, you need to set a plan, target yourself in the right way and put it into action ..read more
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What can we Expect From the Pandemic Property Boom?
3 Wise Bears | Accounting Blog
by 3 Wise Bears
3y ago
As the pandemic began most people expected the property market to suffer. With the prospect of the biggest economic slump on record, experts predicted collapses of 50% or more. Instead, the reverse happened. Property prices soared. Mortgage approvals leapt and property experts began talking about a pandemic boom. So, what happened and what can we expect in the future? The pandemic boom The pandemic boom was down to two factors: Firstly, the introduction of a stamp duty holiday stimulated demand and inflated the market. Secondly, the pandemic taught people about the benefits of wide open spaces ..read more
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What are the tax bands and thresholds for 2021-22
3 Wise Bears | Accounting Blog
by 3 Wise Bears
3y ago
Tax took the lead in Rishi Sunak’s pandemic budget. Around it revolves the central question of how thed UK will balance the books. Do you raise revenue by pushing up taxes or encourage growth by keeping them low. In the end it was a mixture of both. Tax increases are coming, but some of them have been pushed down the road. The result will be some complicated calculation for both businesses and individuals. Understanding tax obligations can be complicated at the best of times, so we’ve listed all the relevant bands to help you understand what you’ll be paying. Income Tax Income tax is the amoun ..read more
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March 2021 Budget Highlights
3 Wise Bears | Accounting Blog
by 3 Wise Bears
3y ago
We have summarised the key points from the 3rd March 2021 budget that might impact business owners.   Corporation Tax Rate increase From 1 April 2023, the rate of corporation tax will increase from the current 19% to 25% for businesses with profit of more than £250,000. For businesses under £50,000 profits, it will remain at 19%, but between £50k-£250k, the rate will be tapered Losses relief Due to many companies making losses during the pandemic, the loss carry back period for companies has been extended from the usual one year to three years. This applies to losses made in financial yea ..read more
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