Heat pump grants worth £5,000 will help replace gas boilers
November 9, 2021
Homeowners in England and Wales will be offered subsidies of £5,000 from next April to help them to replace old gas boilers with low carbon
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Pensions experts say a minimum of £10,900 a year needed to retire
November 9, 2021
A single person will need post-tax annual income of £10,900 for a minimum standard of living in retirement, according to the Pensions and Lifetime Savings
Applications now open for freeports
November 9, 2021
Businesses that are planning to operate in the UK’s new freeports can now apply to HMRC. The tax authority has published the application forms to
FSB warns tax rises ‘threaten recovery from pandemic’
November 9, 2021
The Federation of Small Businesses (FSB) has warned that tax rises could threaten the UK’s ongoing recovery from the Covid-19 pandemic. According to the FSB,
Payment period on residential CGT is doubled
November 9, 2021
The government has doubled the period for filing and payment of capital gains tax (CGT) on residential property from 30 days to 60 days. The
IFS predicts millions to be worse off next year due to tax rises
November 9, 2021
The Institute for Fiscal Studies (IFS) has predicted that millions of people will be worse off in 2022 as a result of spiralling costs and
Business groups give mixed response to Budget
November 9, 2021
Business groups gave a mixed response to Chancellor Rishi Sunak’s 2021 Autumn Budget speech. Responding to the speech, the Confederation of British Industry (CBI) said
Chancellor delivers Budget to lay foundation for a strong economy
November 9, 2021
On 27 October, Chancellor Rishi Sunak delivered a Budget to ensure the UK economy bounces back following the coronavirus (Covid-19) pandemic. The Chancellor announced that
File your tax return by 30 December 2021 to have underpayments coded out
November 8, 2021
The deadline for filing your 2020/21 self-assessment tax return is midnight on 31 January 2022. However, if you have underpaid tax and you are employed
Tax checks for licence renewal applications
November 8, 2021
From 4 April 2022, applicants applying to renew certain licences will need to pass a tax check before their licence application can be considered. Initially,
New VAT rate for hospitality and leisure
November 8, 2021
To help the hospitality and leisure industries recover from the impact of the COVID-19 pandemic and associated lockdowns, a reduced rate of VAT of 5%
AIA transitional limit extended
November 8, 2021
The Annual Investment Allowance (AIA) is a capital allowance that enables you to claim an immediate deduction against your profits for qualifying capital expenditure up
Budget highlights
November 8, 2021
The Chancellor presented his Autumn Budget and Spending Review on 27 October 2021. Some of the highlights are discussed below. Income tax rates and thresholds
British Business Bank provided £80.5 billion of COVID-19 support
October 19, 2021
COVID-19 emergency finance schemes offered £80.5 billion of finance to almost 1.7 million businesses through the British Business Bank (BBB) during the last financial year.
Government announces plans to make requesting flexible working a day one right
October 19, 2021
UK workers could get more choice over when and where they work under new proposals to make the right to request flexible working a day
Chancellor warned of redundancies as furlough scheme ends
October 19, 2021
The government’s Coronavirus Job Retention Scheme (CJRS) ended on 30 September after supporting millions of workers during the pandemic. The government said the wages of
£800 million Reinsurance Scheme opens for live events
October 19, 2021
The government has opened a £800 million Reinsurance Scheme to cover live events against cancellations stemming from the COVID-19 pandemic. The live events sector is
Chancellor to deliver Autumn 2021 Budget on 27 October
October 19, 2021
HM Treasury has announced that Chancellor Rishi Sunak will deliver the Autumn 2021 Budget on Wednesday 27 October. On 7 September the Chancellor launched Spending
Paying tax and National Insurance due under your PSA
October 6, 2021
If you agreed a PAYE Settlement Agreement (PSA) with HMRC for 2020/21, you will need to pay the tax and Class 1B National Insurance that
Extension of Making Tax Digital for VAT
October 6, 2021
Making Tax Digital (MTD) for VAT is currently only compulsory for VAT-registered businesses whose turnover for VAT is above the VAT registration limit of £85,000.
End of the CJRS
October 6, 2021
The Coronavirus Job Retention Scheme (CJRS) came to an end on 30 September 2021. The scheme has provided financial help to employers and employees during
Plan ahead for increases in the dividend tax rates
October 6, 2021
As part of the Government’s funding strategy for health and social care, the dividend tax rates are to be increased from April 2022, alongside the
National Insurance rises and the Health and Social Care Levy
October 6, 2021
On 8 September 2021, the Prime Minister outlined the Government’s plans for health and social care, including a new funding strategy designed to meet social
Ticking timebomb as temporary pandemic business support draws to a close
September 27, 2021
The end of September could signal the end of the road for many UK businesses, as on October 1 temporary measures introduced by the Corporate
Significant Changes To Covid-19 Insolvency Measures
September 15, 2021
Temporary insolvency restrictions protections are being lifted and new targeted measures to support small business and commercial tenants introduced. The UK Government has announced that
Check you are paying the NMW
September 8, 2021
The Government have recently named and shamed well-known employers who have fallen foul of the National Minimum Wage legislation. They have also published a list
Kickstart Scheme
September 8, 2021
You may be able to benefit from funding under the Kickstart Scheme if you are looking to create new jobs for young people. Information on
Contactless Limit to Increase to £100 from 15 October
September 8, 2021
The national roll-out of the new £100 spending limit for contactless card payments will begin from 15 October 2021, banking trade body UK Finance has
Get ready for the plastic packaging tax
September 8, 2021
The plastic packaging tax is a new tax which is being introduced from 1 April 2022. The tax aims to provide a financial incentive to
CIOT Warns Over Stamp Duty Refund Claims
September 8, 2021
The CIOT has warned that some claims being made by firms offering help with Stamp Duty Land Tax (SDLT) refunds are too good to be
HMRC Outlines Changes to Late Payment Penalty Regime
September 8, 2021
HMRC has published a policy paper outlining the forthcoming changes to the penalties for late payment and interest harmonisation for taxpayers. The government intends to
Employers ‘Named and Shamed’ for Paying Less Than Minimum Wage
September 8, 2021
The government has ‘named and shamed’ 191 companies that have broken National Minimum Wage (NMW) laws. Following investigations by HMRC, the named firms have been
Advisory Fuel Rates for Company Cars
September 8, 2021
New company car advisory fuel rates have been published and took effect from 1 September 2021. The guidance states: ‘you can use the previous rates
BCC Calls for Government to Extend Skills Training
September 8, 2021
The BCC has urged the government to extend skills training in light of the publication of research which showed that one in five companies are
HMRC Urges Taxpayers to Stay Alert to Digital Scams
September 8, 2021
HMRC has urged taxpayers to stay alert to the threat of digital scams and scammers claiming to represent HMRC. Research published by HMRC revealed that
Digital Marketplaces to Report Sellers’ Incomes from 2023
September 8, 2021
HMRC has published a consultation that outlines plans to implement reporting rules for digital platforms first put forward by the Organisation for Economic Co-operation and
Reclaiming SSP for periods of self-isolation
September 6, 2021
The recent ‘pingdemic’ has resulted in large numbers of employees self-isolating. Where an employee meets the qualifying conditions, you must pay them SSP while they
Basis period reform
September 3, 2021
HMRC have been consulting on the reform of the basis period rules in preparation for the introduction of Making Tax Digital for Income Tax Self-Assessment
NMW reminder for summer staff
August 18, 2021
If you take on temporary staff over the summer, you will need to pay them at least the National Living or Minimum Wage appropriate to
Back to the Office
August 16, 2021
Now that the ‘work from home if you can’ guidance has been lifted, employees are returning to the office. If, following their return, you allow
EU e-commerce package for VAT
August 11, 2021
The EU e-commerce package came into effect on 1 July 2021. It introduced reforms in respect of the movement of goods from Northern Ireland to
HMRC updates Salary Sacrifice Guidance
August 9, 2021
HMRC has updated the guidance on salary sacrifice. HMRC has removed the guidance on ‘Salary sacrifice arrangements set up before 6 April 2017’ as the
Claiming the fifth self-employed Income Support Scheme (SEISS) grant
August 5, 2021
HMRC has issued guidance on claiming the fifth and final self-employed Income Support Scheme (SEISS) grant. Unlike previous SEISS grants the amount of the fifth
Tips for cash flow management
July 29, 2021
1. Ensure you have good financial reporting The first step to good cash flow management services is to understand the ebb and flow of money
Paying CJRS grants back
July 27, 2021
As the Coronavirus Job Retention Scheme (CJRS) enters its final months, now is the time to review grants that you have claimed under the scheme,
440,000 tax credit claimants still to renew their claims
July 26, 2021
HMRC is reminding tax credit claimants that they have until 31 July 2021 to renew their claims. According to HMRC, 440,000 claimants have yet to
Making Tax Digital rollout under the spotlight
July 21, 2021
The rollout of Making Tax Digital may have slowed due to the pandemic but there is low awareness about the next stage covering landlords, small
HMRC reveals a drop in buy-to-let tax disclosures
July 19, 2021
Thousands of landlords have failed to come clean about the tax they owed to HMRC as 42% fewer property investors voluntarily disclosed unpaid tax to
Two-thirds of listed businesses predict a rise in audit fees
July 16, 2021
Listed businesses are highly sceptical about what the government’s proposed reforms to audit and corporate governance will achieve without a more proportionate approach, according to
Manser: is the time right for managed shared audit?
July 14, 2021
As the consultation on the future of audit closes, Peter Manser, head of audit and assurance at Kreston Reeves LLP, argues that managed shared audit
Protecting your business from financial failure
July 12, 2021
As businesses embark on the road to recovery, what challenges do company financial directors need to be most aware of and how can they best
SEISS Grant 5
July 5, 2021
Claims for the fifth grant under the Self-Employment Income Support Scheme (SEISS) will open from late July. If, based on your tax returns, HMRC think
The Future Of Car Retail
July 1, 2021
The way cars are bought is changing! The emergence of online retailers and manufacturers starting to sell direct to the public. What does this herald
Changes to the Coronavirus Job Retention Scheme from July 2021
June 22, 2021
The Coronavirus Job Retention Scheme has been extended until 30 September 2021 and the level of grant available to employers under the scheme will stay
Voluntary Class 2 NICs where 2019/20 tax return filed after 31 January 2021
June 21, 2021
If you are self-employed, you will pay Class 2 and Class 4 National Insurance contributions if your profits exceed the relevant thresholds. Class 2 National
Claim relief for shares of negligible value
June 18, 2021
If you have some shares that have become worthless, you can make a negligible value claim. This will allow you to set the associated loss
Amending a PSA for COVID-19 benefits
June 15, 2021
You can use a PAYE Settlement Agreement (PSA) if you wish to settle the tax liability arising on the provision of a benefit-in-kind or an
HMRC’s VAT Deferral New Payment Scheme to close this month
June 11, 2021
Businesses that deferred VAT payments last year have less than a month left to join online and pay in monthly instalments under the VAT Deferral
Fifth SEISS grant will be open to claims from late July
June 9, 2021
HMRC has confirmed that the fifth Self-employment Income Support Scheme (SEISS) grant covering the period May 2021 to September 2021 will open to claims from
Reporting expenses and benefits for 2020/21
June 3, 2021
If you are an employer and you provided taxable expenses and benefits to your employees during the 2020/21 tax year, you will need to report
Employment Related Securities (‘ERS’)
May 21, 2021
If you are a company that has operated any share plans or in the past tax year have issued shares, share options, or securities to
Family companies and the optimal salary for 2021/22
May 21, 2021
If you run your business as a personal or family company, you will need to decide how best to extract profits for your personal use.
Recovery Loan Scheme opens to businesses
May 20, 2021
On 6 April, the Recovery Loan Scheme (RLS) was introduced to replace the government’s coronavirus lending schemes. The RLS provides financial support to businesses affected
Taxation of company cars in 2021/22
May 20, 2021
If you are an employee with a company car, you will be taxed on the benefit derived from the car being available for your private
New 95% mortgage scheme launched
May 18, 2021
On 19 April, a government-backed mortgage scheme to help people with 5% deposits get on to the housing ladder was made available to lenders. First
Higher residential SDLT threshold extended
May 18, 2021
Stamp duty land tax (SDLT) is payable when you buy a property in England or Northern Ireland. Last year, the SDLT residential threshold was temporarily
Extended carry-back for losses
May 17, 2021
To help businesses that have suffered losses as a result of the COVID-19 pandemic, the period for which certain trading losses can be carried back
New claims required for home working tax relief
May 12, 2021
Employees who are working from home will need to make new claims for tax relief for the 2021/22 tax year, HMRC has stated. From 6
Recent changes to IR35 ‘undermine the self-employed’, says IPSE
May 10, 2021
The Association of Independent Professionals and the Self-Employed (IPSE) has stated that the recent changes to the rules relating to off-payroll workers, commonly known as
Fourth self-employed grant now open for online applications
May 7, 2021
On 21 April, the online service for applications for the fourth Self-employment Income Support Scheme (SEISS) grant was opened for claims, HMRC confirmed. All applications
Tax Benefits of Company Electric Cars
April 15, 2021
It is currently very tax efficient for a company to hire or purchase an electric car for an employee to use. The key current tax
Further grants available under the Self-Employment Income Support Scheme
April 15, 2021
The Self-Employment Income Support Scheme (SEISS) provides grant support to eligible self-employed taxpayers who have been adversely affected by the COVID-19 pandemic. A further two
Coronavirus Job Retention Scheme extended until 30 September 2021
April 14, 2021
The Coronavirus Job Retention Scheme (CJRS) has provided a lifeline for many employers and employees during the COVID-19 pandemic. The scheme was due to come
New capital allowances super deduction
April 12, 2021
Companies within the charge to corporation tax who invest in new plant and machinery in the two years from 1 April 2021 are able to
Thresholds and allowances frozen until April 2026
April 8, 2021
To help meet some of the costs of the COVID-19 pandemic, the Chancellor has opted to freeze various allowances and thresholds until April 2026, rather
Self-assessment late payment penalty
March 23, 2021
HMRC announced in January that they would not charge a late filing penalty if your 2019/20 tax return was not filed by midnight on 31
Updating PAYE codes for 2021/22
March 23, 2021
The 2021/22 tax year starts on 6 April 2021. If you employ staff, you will need to update their tax codes before you pay them
Corporation tax increase from April 2023
April 15, 2021
The main rate of corporation tax is due to increase to 25% for the financial year 2023, starting on 1 April 2023. However, companies with
Business interruption insurance pay-outs
March 22, 2021
Business interruption insurance policies provide cover for losses that arise if a business is severely disrupted or is forced to close. The policy will cover
Off-Payroll Working – What do the changes mean for you?
March 22, 2021
The extension to the off-payroll working rules finally comes into effect from 6 April 2021, having been delayed by a year as a result of
YEAR-END TAX PLANNING GUIDE
March 19, 2021
Traditionally, this is the time at which we recommend you take stock of tax and-finance for you, your family, and your business. A strategic review
BUDGET 3 MARCH 2021 – Key Points
March 4, 2021
With the UK having been adversely affected by the coronavirus (COVID-19) pandemic, Chancellor Rishi Sunak presented the 2021 Budget against a backdrop of ongoing economic
Inheritance Tax Refunds on Portfolio & Property Losses Rise
January 13, 2021
Wealthy families are making more claims for inheritance tax repayments under a little-known rule that allows refunds on share and property losses. Executors are able
Important Financial Dates – 2021
January 1, 2021
To help you get organised for the year ahead we’ve grouped together some of the upcoming important financial dates. January 2021 14th – Income tax due
Tips to Improve Your Budget Forecasting
November 5, 2020
Tips to improve your budget forecasting One of the most important aspects of running your company is budget forecasting. After all, without good forecasting, your
Pay As You Grow: Business Bounce Back Loan
October 1, 2020
The introduction of the Pay as You Grow Loan Scheme is part of the UK governments second phase package of measures to support organisation during
Job Support Scheme
October 1, 2020
Job Support Scheme UK (JSS) is the second phase in the UK government support measure for organisations during the COVID-19 pandemic. It offers grants to
HMRC Improve CGT Reporting Service Functionality
August 25, 2020
HMRC have updated their capital gains tax (CGT) reporting system to allow reports of second and subsequent disposals of UK residential property to be made
5 Top Tips for Managing Your Personal Finances During Coronavirus
August 14, 2020
When it comes to money, coronavirus has split the nation. Financial stress dominates for many of the 9.5 million employees on furlough, potentially facing unemployment as the
Things You Need From Your Accountant When You Are In Hospitality Sector
July 8, 2020
British Prime Minister Boris Johnson announced on July 2 that pubs, restaurants and hotels could reopen in England on July 4, easing the coronavirus lockdown
10 Ways To Improve Your Budgeting & Forecasting
June 24, 2020
Budgeting and forecasting allow a business to plan accurately for its fiscal year. Below are 10 ways to improve these processes to create a strategic
Chancellor Extends Self-Employment Support Scheme
June 2, 2020
The government’s Self-Employment Income Support Scheme will be extended, giving more security to individuals whose livelihoods are adversely affected by coronavirus in the coming months,
5 Reasons It Is Time to Outsource Your Finance Function
May 15, 2020
This is the right time to outsource your finance function in these times when you are busy focusing on your business let us focus there