Blog

16 Jun 2021

What you need to know about the new Insolvency Service

New legislation has been introduced to target directors who dissolve their businesses, leaving both staff and taxpayers unpaid.

08 Jun 2021

Plant Machinery Super Deduction - What's covered and who does this affect?

In an effort to help the economy and support businesses through the coming months, Chancellor Rishi Sunak announced new temporary tax reliefs on plant and machinery in his March 2021 budget. This was introduced to entice businesses to invest in plant and machinery by offering a higher level of relief than previously available.

16 Apr 2021

5 benefits of completing an early tax return

Many people do not file their Self-Assessment Tax Return until the end of the year, or even in January which can leave you working to a deadline and under pressure, and little time to prepare yourself to pay your taxes. If you have not filed a tax return before, it takes time to register with HMRC, collate your invoices, P45's, P60's, expenses and bank statements. If you plan early you can get your tax return out of the way and you can enjoy your Christmas without the dread of an upcoming tax payment!

15 Apr 2021

Bounce Back Loan Scheme: what you need to know

Applications for the Government bounce back loan scheme commenced on 4 May 2020 and to date 1.4 million businesses have collectively taken nearly £45 billion through this scheme.

18 Mar 2021

Pre-verification Checks for Fourth SEISS Grant

If you became newly self-employed in 2019/20, you may be eligible for the fourth self-employed income support scheme grant. HMRC will be protecting the scheme from fraud with pre-verification checks. They will be writing to up to 100,000 taxpayers to request that they complete these checks.

18 Mar 2021

National Minimum Wage and National Living Wage Increase

The National Minimum Wage and National Living Wage rates are increasing on 1st April. The age of eligibility for the Living Wage has also decreased, so all workers 23 or over will need to be paid the National Living Wage from 1st April.

05 Mar 2021

An Overview of the March 2021 Budget

On Wednesday 3rd March Chancellor Rishi Sunak presented his second budget. In his speech, he stated his Budget "meets the moment with a three-part plan to protect the jobs and livelihoods of the British people".

05 Feb 2021

Reverse VAT Charge for Construction Services

In an effort to clamp-down on VAT fraud, the government has introduced a reverse VAT charge for building and construction services. This comes into effect on 1st March 2021.

05 Feb 2021

Self-Assessment Tax Return Penalties

If you need to send a tax return, you will get a penalty if you miss the deadline for submissions or paying the bill. The late filing penalty is £100 for tax returns that are up to 3 months late. If the payment is later than 3 months, this penalty will increase and you will be charged interest on late payments.

14 Jan 2021

Trading Changes Following Brexit

On 31st January 2021, the United Kingdom officially left the EU and the 11-month transitional period ended on 1st January 2021.

06 Jan 2021

New Lockdown Grants for Businesses

Chancellor Rishi Sunak has announced that £4.6 billion will be spent on grants to support businesses that have been affected by the lockdown to protect both businesses and jobs.

18 Dec 2020

Preparing for Brexit

Brexit is drawing closer and from 1st January 2021 this will mean new rules for both businesses and individuals. It is important to make sure you are ready for these changes.

18 Dec 2020

Furlough Scheme Extended until April

Chancellor Rishi Sunak has announced that the loan and Furlough Schemes will be extended until the end of April. This has been announced in an effort to help businesses plan for the coming months.

10 Nov 2020

Self-Assessment Tax Returns due 31st January 2021

For those of you who still need to complete their self-assessment tax return, please do not hold onto your records until lockdown re-opens.

22 Oct 2020

Repayment of Government Support Schemes

The year 2020 will forever be known for Coronavirus and the chaos it wrought on our towns, cities and communities. In a plight to help soften the financial impact of the global pandemic, the UK government introduced several schemes, amongst which was the tax deferral and time to pay schemes.

18 Sep 2020

GUEST BLOG - Dividend vs Salary - Has the Balance Shifted

The Coronavirus Job Retention Scheme (CJRS) provided a much-needed financial cushion for vast swathes of furloughed employees and helped numerous businesses over the past few months.

08 Sep 2020

GUEST BLOG - What's next for Retail?

According to the headlines, shoppers flooded back to the high streets of England when non-essential stores reopened on 15 June. In that week, queues stretched around the block for the most popular stores, and footfall was up 45% on the previous week. Is this good news for retail? Not entirely. When compared to the same week in 2019, footfall was down 54%.

12 Aug 2020

New 30 Day Reporting on UK Residential Property

New rules have been put in place for reporting and making payment of Capital Gains Tax for all UK residential property disposals completing since 6th April 2020. This new rule states that the reporting and payment for CGT must be made within 30 days.

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