News
Lockdown – be ready for the unexpected12/08/2020 - More...
One of the more insidious effects of the coronavirus outbreak is its unpredictability. Businesses need to plan. To achieve this there needs to be an underlying, stable economic platform. Lockdown - whether locally or nationally applied - removes the certainty required to achieve planned results. For example, the recent attempts to relax
Want to start your own business?
12/08/2020 - More...
One of the consequences of recession, such as the present downturn in activity caused by the Coronavirus outbreak, is the likelihood that many will face redundancy as employers try to manage the process. In the past, this shake out process seems to reawaken dreams of not placing all your income eggs in one basket and instead, dusting-off
Tax and company cars
11/08/2020 - More...
Most employers and employees are aware of the additional costs of providing company cars and the tax implications they create. However, for many employees the lure of having a company car means that this remains a very popular option. There are some circumstances where it can be possible to offer employees car benefits that are exempt
Why use the VAT Cash Accounting Scheme
11/08/2020 - More...
Under standard VAT accounting, you pay VAT on your sales regardless of whether your customer has paid you. Under the Cash Accounting Scheme, VAT does not need to be paid over until your customer has paid your invoice. Your business can enter this scheme provided your estimated VAT taxable turnover for the next VAT year is not more than
Tax consequences if income exceeds £100,000
11/08/2020 - More...
If your income is expected to exceed £100,000 for the first time, we would like to remind you of the effect this can have on your personal allowance and marginal tax rate. If you earn over £100,000 in any tax year your personal allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age.
Reporting gains on residential property
11/08/2020 - More...
The Capital Gains Tax (CGT) reporting and payment date for UK residents that sell certain residential property changed from 6 April 2020. This change meant that any CGT due on the sale of a residential property needs to be reported and a payment on account of any CGT due made within 30 days of the completion of the transaction. In
Calculating Adjusted Net Income
11/08/2020 - More...
Calculating the adjusted net income amount is necessary if any of the following apply: A taxpayer is liable to an income-related reduction to the personal allowance when their adjusted net income is over £100,000 (regardless of their date of birth); A taxpayer that is liable to the high income child benefit charge where they have an
Reminder of who can claim SEISS
11/08/2020 - More...
The Self-Employment Income Support Scheme (SEISS) was extended for a second and final three-month period from 1 June to 31 August 2020. The maximum grant available for the three-months is £6,570 (Previous quarter £7,500) paid in a single instalment. The application process for the SEISS extension will open from 17 August. Claims for the
Why make voluntary NIC contributions
11/08/2020 - More...
In many circumstances it can be beneficial for taxpayers to make voluntary Class 2 National Insurance Contributions (NICs) to increase their entitlement to benefits, including the State or New State Pension if they are self-employed. Taxpayers might want to consider making voluntary NICs because: They are close to State Pension age
HMRC credit card fees
11/08/2020 - More...
New credit card fees for paying HMRC are to be introduced from 1 November 2020. These changes will mean that HMRC will be able to charge anyone using a business debit card a fee for making certain payments. The fee for using a business debit card from 1 November 2020 is difficult to calculate but is essentially comprised of three
Job Retention Bonus policy paper published
06/08/2020 - More...
The government has published further guidance on how the forthcoming Job Retention Bonus Scheme will operate. The scheme will enable eligible employers to claim £1,000 for each eligible employee in respect of whom they have previously made a valid claim under the Coronavirus Job Retention Scheme (CJRS) and who remains in continuous
£50m extra funding for Customs Intermediary Grant Scheme
05/08/2020 - More...
Over the past few months, HMRC has unveiled a package of measures to accelerate the growth of the UK's customs intermediary sector. These announcements included £50 million of new funding to support businesses with recruitment, training and supplying IT equipment to handle customs declarations as the transition period comes to an end on
£20m in new grants for small businesses
05/08/2020 - More...
£20 million worth of new government grants have been released to help small and medium sized businesses across England recover from the effects of the Coronavirus pandemic. These grants will provide businesses between £1,000 and £5,000 to help them access new technology and other equipment as well as professional, legal, financial or
Advice for early years sector
05/08/2020 - More...
The Competition and Markets Authority (CMA) launched a COVID-19 taskforce back in March 2020 to identify any commercial practices that adversely affect consumers and to consider appropriate responses to help businesses comply with the law and protect consumers' rights. One of the areas where the CMA received reports of unfair practices
Renewing your MOT
05/08/2020 - More...
Vehicle owners with a MOT expiry date between 30 March 2020 and 31 July 2020 were given a 6 month extension. This measure was designed to help motorists as the Coronavirus pandemic began to take hold. Mandatory MOT tests for car, motorcycle and van owners in England, Scotland and Wales were reintroduced from 1 August 2020. This means that
Government u-turn on lockdown changes
05/08/2020 - More...
Lockdown changes - in England - that were due to come into effect on 1 August 2020, have been delayed until at least 15 August. The last-minute announcement by the Prime Minister, Boris Johnson, followed worries of a rise in COVID cases and means that casinos, bowling alleys and ice skating rinks will remain closed in England for the time
State Aid rules relaxed for CBILS loans
05/08/2020 - More...
The government has announced that more small businesses will benefit from the Coronavirus Business Interruption Loan Scheme (CBILS). Under the scheme, borrowers can apply for up to £5 million in finance in the form of loans, overdrafts, invoice finance, and/or asset finance. The government will guarantee lenders 80% of the loan value, as
Intellectual Property Office service update
05/08/2020 - More...
The Intellectual Property Office (IPO) has ended its 'interrupted days' provisions and is now working to its usual deadlines. The IPO introduced extended deadlines, known as interrupted days, on 24 March 2020 as a result of the Coronavirus outbreak. An 'interrupted day' is defined as a day in which the normal course of business at the IPO
More support for film and other creative industries
05/08/2020 - More...
A new £500 million scheme to kickstart film and television production struggling to secure insurance for COVID-related costs has been launched. This scheme will help TV and film productions that have been halted or delayed by a lack of insurance to get back up and running. The funding will be available to all productions made by companies
Breaking even
05/08/2020 - More...
There are businesses that have benefitted from the current COVID disruption. Particularly, those that can deliver goods and services online. There are far more that have not benefitted. Before COVID-19 reared its disruptive head businesses were exhorted to make profits. This was the way most firms created surplus cash-flow and value in