Small Business Rate Relief (SBBR)

Fortuous • May 15, 2020

The government has announced small businesses that already pay little or no business rates will
be eligible for a one-off coronavirus grant worth up to £3,000.

For a commercial property with a rateable value of £12,000, this is one-quarter of its rateable
value, or comparable to three months of rent.

The government will also review the long-term future of business rates, a property tax which
many say is unfair given the rise of online shopping and out-of-town retail parks.
The discount that pubs receive on their business rates will increase from £1,000 to £5,000.
This comes on top of the government announcing in the 11 March Budget that companies in the
retail, leisure and hospitality sectors with a rateable value of less than £51,000 will not pay any
business rates this year.

However, the £3,000 coronavirus grant only applies to small business in England. Business rates
in Scotland, Wales and Northern Ireland are set by their devolved administrations.

The additional £2.2bn of funding for local authorities is part of a package of fiscal measures to
help small business survive the coronavirus pandemic.

Around 700,000 businesses in England currently eligible for Small Business Rate Relief (SBBR)
or Rural Rate Relief can apply for the emergency funding.

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Selling your business: what are the tax implications?

By Fortuous • April 28, 2023
Selling your business is a big decision. If you’re incorporated as a limited company, you’ll usually be faced with two choices for how to structure this sale. You can choose between: Both routes have their own distinct tax outcomes. Having a good understanding of these implications is extremely important before you make a decision on […] The post Selling your business: what are the tax implications? appeared first on Fortuous.

What is Making Tax Digital for Income Tax Self Assessment?

By Fortuous • April 17, 2023
Making Tax Digital is changing how we submit tax returns. And with Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) coming into force from April 2026, it’s time to start planning how you’ll meet the compliance requirements for MTD for ITSA. We’ve highlighted the four main areas where you need to take […] The post What is Making Tax Digital for Income Tax Self Assessment? appeared first on Fortuous.

Getting your bookkeeping ready for a digital future

By Fortuous • April 7, 2023
Keeping up-to-date records of your business transactions isn’t the most glamorous part of being an entrepreneur, that’s for sure. But, in reality, having accurate and up-to-date bookkeeping is actually one of the core ways to keep your finances (and your business) under control Digital bookkeeping is the future of your finance The digital age has […] The post Getting your bookkeeping ready for a digital future appeared first on Fortuous.

The top tax-effective benefits to offer employees

By Fortuous • March 31, 2023
Offering benefits-in-kind to your staff is a great way to make your business an attractive place to work. And these benefits add even more value if they’re also either tax-effective or tax-free. You can offer certain concessions that make benefits provided to your employees (including directors) either low-tax or no tax. To be clear, we’re […] The post The top tax-effective benefits to offer employees appeared first on Fortuous.

How does the Substantial Shareholding Exemption help your business sale?

By Fortuous • March 21, 2023
When selling your limited company, you want to do so in the most tax-efficient way possible. Making use of the Substantial Shareholding Exemption (SSE) is one way to do this. Let’s dive in and see how the SSE limits the corporation tax you pay on any capital gains. Why should I consider the Substantial Shareholding Exemption when […] The post How does the Substantial Shareholding Exemption help your business sale? appeared first on Fortuous.

Why your accountant is the mentor you didn’t know you needed

By Fortuous • March 13, 2023
A business mentor can provide guidance and support, so you make the right decisions and stay focused on the end goal as a business owner. They can also help you move forward in your career by providing advice and feedback on what steps to take to reach the pinnacle of success. But have you ever […] The post Why your accountant is the mentor you didn’t know you needed appeared first on Fortuous.

5 ways to get in control of your business finances

By Fortuous • March 6, 2023
Having proper control of your business finances is a big advantage. It helps you make well-informed business decisions and keeps your organisation profitable. With so many digital tools for managing your bookkeeping, accounting and management reporting, it’s never been easier to manage, track and forecast your financial position. But what are the main tools you […] The post 5 ways to get in control of your business finances appeared first on Fortuous.

What should be on a VAT invoice?

By Fortuous • February 25, 2023
Whether you’re selling or buying, it’s important to make sure that any VAT invoices you issue or receive comply with the strict VAT regulations. Failing to do so can cause problems both for you and for your customers. If you reclaim VAT using a defective invoice, HM Revenue & Customs (HMRC) can disallow the claim. […] The post What should be on a VAT invoice? appeared first on Fortuous.

New UK corporation tax rates from April 2023

By Fortuous • February 14, 2023
Did you know that the UK corporation tax rates are changed from April 2023? From 1 April 2023, the rate of corporation tax changes from 19% to a variable rate between 19% to 25%, depending on the profits made by your business. This could mean a change to what you will owe in tax for the […] The post New UK corporation tax rates from April 2023 appeared first on Fortuous.

Book a tax planning conversation with us today

By Fortuous • February 6, 2023
The days of deciding on a tax planning at the start of the year and then forgetting about it are gone. As taxpayers and tax advisers, we both have to be nimble, flexible and aware of changes. That’s why regular tax-planning sessions are so important. The need for regular tax-planning conversations As your accountant and […] The post Book a tax planning conversation with us today appeared first on Fortuous.
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