NEWS.

As I deal with a large number of recruitment companies I thought I would give you my personal opinion of what 2021 will look like for those companies and a few tips of what they should do now to be fully prepared for what is going to be very tough.

The Office of Tax Simplification has just released its proposals to simplify the Capital Gains Tax (CGT) regime by bringing the rates at which tax is paid on gains in line with those charged on income tax.

I have been singing the virtues of the Profit First ethos for a while now and it appears that more businesses are seeing the potential benefits of implementing such a system to manage their cashflow and ultimately to grow the profits.

Running or managing a business is hard at the best of times, throw in COVID-19 and the task gets monumental! Responsibilities of business owners have got that much harder. For business owners, managing resources available effectively is the key.

For a number of years, we have all become accustomed to using Amazon Prime and having the ability to order something with the expectation of next day delivery. In essence consumers are now impatient and won’t settle for anything less.

It’s important for Landlords to realise that HMRC will know about their lettings through Airbnb, so full disclosure of all their taxable property income is essential, including for all prior years.

The construction industry, which was hard hit by the lockdown as the majority of sites had to shut their gates, has slowly started to return to some sort of normality over the last few months as sites start to reopen...

The question small business owners may well ask is how are they going to afford higher tax bills when many are already struggling to make ends meet as a result of substantially reduced income streams over a number of months since lockdown started.

We all know the importance of coaches in the professional sports world and even the importance for us budding golf players to improve our handicap. So why do we seem to think we don’t need it in the business world?

Following the announcement from the Chancellor yesterday to provide further support for businesses by extending the repayment terms of BBL and CBILS loans from 6 years to 10 years, many businesses are still going to struggle over the next 6 months...

I meet a great number of people who ask me this question – sometimes it is existing clients who are about to step into the market for the first time; other times it is people I am meeting for the first time.

As business owners we are at times expected to wear many different hats. We do what is required for our clients'. I was always taught to get your "hand's dirty", no matter what the task is, if it needs doing, get it done.

Do not be intimidated by the letter or notice, and do not assume that because it has come from HMRC that it must be right. It also has to be said that occasionally some tax Inspectors simply choose to ignore the rules.

In the recent climate you would have predicted that buying and selling of businesses would take a back seat, however, there are a number of business owners that are capitalising on opportunities to expand by acquiring a business or selling their own.

We all know the world of tax is a minefield. The following tips have been prepared to help you be rest assured that your Construction business is running as tax efficiently as possible.