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Emerging from lockdown
22/02/2021 - More...
The Prime Minister has set out the government’s objectives for easing lockdown restrictions. If the planned opening of schools, social interactions and businesses is achieved without significant increases in infection, after 21st June 2021, there will be no legal limits on social contact. Which means, all businesses including hospitality

What is overtrading?
22/02/2021 - More...
A reminder that traders who buy and sell goods - wholesalers or retailers - need to be wary of the financial consequences if, as expected, pent up consumer activity leads to a surge in demand for your products from July 2021 or earlier if you can trade before 21st June 2021. What is overtrading? Let’s assume that the past year’s

Marriage Allowance tax break
17/02/2021 - More...
If you are entitled to the marriage allowance and have not yet applied, then you could receive a payment of up to £1,188 from HMRC. HMRC used the occasion of Valentine’s Day to remind couples to make a claim. The marriage allowance is available to qualifying married couples and those in a civil partnership where a spouse or civil partner

Added protection for pension savers
17/02/2021 - More...
The new Pensions Scheme Act received Royal Assent on 11 February 2021. The Act covers a number of important pensions-related issues and has faced a long journey through parliament, starting in October 2019, that included delays due to both Brexit and the coronavirus pandemic. The Act has been described by government as ‘the biggest

Simplified export declarations
17/02/2021 - More...
Following the end of the Brexit transition period, businesses need to make customs declarations when exporting goods to the EU as well as to the rest of the world. Businesses can make customs declarations themselves or hire a third party such as a courier, freight forwarder or customs agent. Businesses can use simplified export

Guidance for paying deferred VAT updated
17/02/2021 - More...
The coronavirus VAT payment holiday gave businesses the chance to defer the payment of any VAT liabilities between 20 March 2020 and 30 June 2020. The option for businesses to defer their VAT payments ended on 30 June 2020. There are two options available for repaying this VAT. The first option is to pay the deferred VAT in full on or

Tax breaks working from home
17/02/2021 - More...
Employees who are working from home may be able to claim tax relief for any additional costs due to home working. No tax relief will be due if employers reimburse employees for the additional household expenses incurred. The tax relief covers expenses such as business telephone calls or heating and lighting costs. Expenses that are for

Buying equipment for your job
17/02/2021 - More...
Employees who need to buy substantial equipment to use as part of their employment may be able to claim tax relief. In most cases they can claim relief based on the full cost as it usually qualifies for a type of capital allowance called the Annual Investment Allowance. Any tax relief would be reduced if the employer provides a

Post-Brexit review of workers’ rights cancelled
17/02/2021 - More...
In an apparent U-turn, the Business Secretary has confirmed during a television interview that a proposed post-Brexit review of EU-derived workers' rights, due to be carried out by the Department for Business, Energy & Industrial Strategy (BEIS), has been cancelled. The review was expected to consider proposals to amend the Working

How much do your customers owe you?
16/02/2021 - More...
Many business owners are buoyed by turnover; if it’s sold it’s as good as money in the bank, but is it? What are your credit terms? How many days do you allow your customers to keep your money before insisting they pay you? 30 days is probably the most widely used credit term, which in real terms probably means customers pay after 40,

Financial outcomes for your business
16/02/2021 - More...
There are three possible financial outcomes for your business, each with their own challenges: Make a profit Breakeven, or Make a loss Making a profit Clearly, this will be your goal. If you make profits - and taxation will never eat up all your profits - this will generate cash resources that can be accumulated in the business or

Why keeping adequate accounting records is important
10/02/2021 - More...
A recent investigation by the Insolvency Service resulted in the sole director of a Leicester clothing manufacturer being jailed for six months after failing to provide adequate company accounting records. The investigation found that the defendant had not kept adequate accounting records which meant the liquidator could not ascertain

Accounting for import VAT on your VAT return
10/02/2021 - More...
Following the end of the transition period, businesses registered for VAT can account for import VAT on their VAT return, often referred to as postponed VAT accounting. For most businesses, this means that they will declare and recover import VAT on the same VAT return. The normal VAT recovery rules that define what VAT can be reclaimed

Self-Employment Income Support Scheme
10/02/2021 - More...
Claims for the third Self-Employed Income Support Scheme (SEISS) grant closed on 29 January 2021. Under this grant, the self-employed received up to 80% of average trading profits for November and December 2020 and January 2021. This meant that a maximum grant for the three months of £7,500 was made available to those who met the

Bounce Back Loans scheme changes
10/02/2021 - More...
The Bounce Back Loans scheme was launched in May 2020 to provide financial support to businesses across the UK that were losing revenue and disrupted cashflow as a result of the COVID-19 pandemic. The scheme allows qualifying small businesses to borrow between £2,000 and £50,000 with no fees or interest to pay for the first 12 months. In

VAT and overseas goods sold to customers in the UK
10/02/2021 - More...
Following the end of the Brexit transition period, new rules on tax and duty now apply on goods sent to the UK from overseas. These changes are meant to ensure that goods from EU and non-EU countries are treated in the same way and that UK businesses are not disadvantaged by competition from VAT free imports. For goods sold directly to

Present criteria for claiming via the furlough scheme
10/02/2021 - More...
The detailed Furlough Scheme rules were last updated 4 February 2021. People who are unable to work can receive up to 80% of their wages. This payment is subject to a monthly maximum amount of £2,500 per employee (for hours not worked). Employers have the discretion to top-up the payments if they so wish. To use the extended scheme - to

Can we supply the coming consumer bounce-back?
08/02/2021 - More...
Will the Government’s endeavours to nail the COVID virus with the vaccine roll-out have the desired effect of opening up the UK economy, the easing of lock-down and a gradual return to “normality”? Fingers crossed… One thing is for sure, when the pubs can open, when we can start to book a holiday and when High Street

Protecting your capital
08/02/2021 - More...
Business owners in vulnerable sectors: predominantly retailers, leisure and entertainment trades, will have seen their hard-won capital all but exhausted by the needs to meet fixed costs when income generation has been restricted or eliminated by lock-down directives. And this is in spite of the valiant attempts by Rishi Sunak and his

New funding boost for young people
03/02/2021 - More...
The government has announced a new £1,000 cash bonus to encourage employers to take on new trainees. The traineeship scheme supports young people to gain the skills and experience they need from the very start, helping them to get a job, an apprenticeship, or pursue further study. The traineeship programme has helped nearly 120,000

Accounts and tax for companies
03/02/2021 - More...
If you have recently setup a new limited company or are thinking of doing so then one of the areas that you need to be aware is the accounts and tax filing regime for companies. After the end of its financial year, a private limited company must prepare full annual accounts and a company tax return. The deadline for filing the first set

Keeping pay and tax records
03/02/2021 - More...
Following the 31 January 2021 deadline for submission of Self-Assessment tax returns for 2019-20, it can be a useful exercise to review the rules for keeping your pay and tax records. There are no set rules for how to keep your records, but you must usually hold them on paper, digitally or as part of a software program. If you are

Did you miss the Self-Assessment deadline?
03/02/2021 - More...
HMRC has announced that more than 10.7 million people submitted their 2019-20 Self-Assessment tax returns by the 31 January deadline. This leaves over 1.8 million taxpayers that have missed the deadline and are yet to file. Are you among those that missed the 31 January 2021 filing deadline for your 2019-20 Self-Assessment returns? HMRC

Scottish Budget Statement 2021-22
03/02/2021 - More...
Scotland’s Finance Secretary, Kate Forbes delivered her second Budget statement to the Scottish parliament on 28 January 2021. The date was selected to allow the Scottish Government time to deliver their Budget and have it approved before the start of the next tax year. This is the second time that Scotland has held a Budget before the

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Emerging from lockdown
22/02/2021 - More...
The Prime Minister has set out

What is overtrading?
22/02/2021 - More...
A reminder that traders who

Marriage Allowance tax break
17/02/2021 - More...
If you are entitled to the

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