Inflationary pressures with added tax
November 22, 2022
Well the autumn statement made for depressing reading for all of us. We are pleased that Jeremy Hunt confirmed what we have been saying for
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Autumn Budget Summary 2022
November 18, 2022
On the back of the recent Autumn Statement for 2022, we have put together a helpful summary which covers the key tax changes announced by
Considering the impact of rising interest rates
November 9, 2022
The biggest single base rate rise since 1989 might be welcome news for savers but will bring more worry for those with loans and mortgages.
The Plastic Packaging Tax – what you need to know
November 4, 2022
The Plastic Packaging Tax came into effect in April this year, and if your business deals with any kind of plastic packaging in relation to
How to protect your business in a recession
November 3, 2022
The UK’s GDP fell by 0.3% in August according to official figures, and if GDP falls for two quarters in a row, that is the
Lower gas price to improve UK outlook
November 2, 2022
I appreciate that we have been taking a very negative view on the economy for several months now. Some say that is because as IP’s
What does the market volatility mean for you?
November 2, 2022
The market volatility resulting from the ill-fated mini-Budget on September 23 has created real concern for investors. Most of the measures announced that day were
Retail sales have fallen 2% in three months
November 1, 2022
Another week and more bad news for the economy in the form of poor retail sales figures and record levels of Government borrowing – something
U-turns and changes – what happened to the mini-budget announcements?
November 1, 2022
The majority of measures in former Chancellor Kwasi Kwarteng’s mini-Budget have been scrapped after new Chancellor Jeremy Hunt tried to settle markets and politicians across
SKS Business Services receives £48m financing package from Kartesia
October 24, 2022
SKS Business Services, one of the UK’s fastest growing mid-sized accountancy and tax firms, is pleased to announce it has just received a £48 million
Government Energy Relief Scheme extended… For now
October 19, 2022
We are pleased to see that the Government has acted to support businesses by extending the Energy Bill Relief Scheme to include all fixed price
Supply squeeze means global gas markets will remain tight next year
October 18, 2022
Gas demand continues to fall in Europe in response to energy saving measures and soaring high prices. Natural gas markets worldwide have been tightening since
Moody’s mining sector outlook – reduced demand will negatively impact companies’ earnings
October 18, 2022
Economic slowdown continues to soften the metals and mining industry, the reduced demand for metals and mining commodities will impact companies’ earnings, says Moody’s senior
The importance of having a Business Exit Strategy in 2022
October 14, 2022
What is a Business Exit Strategy? Simply put, a business exit strategy is a plan for what will happen when you make the decision to
Changes made to Corporation Tax filing in September – what you need to know
October 11, 2022
HMRC made some changes to the way Corporation Tax needs to be filed online in September, and companies need to be aware of what they
Business insolvencies up in August – is your business vulnerable?
October 10, 2022
Registered company insolvencies in England and Wales rose by 43% in August this year compared to the same period in 2021, and they were 42%
Have we really dodged going into recession?
October 7, 2022
It was good news that the ONS revised the GDP figures for Q2 to + 0.2% from – 0.1% suggesting that, so far, we have
Act now to maximise your pension contributions
October 7, 2022
The changes to income tax rates are going to benefit all taxpayers from April next year as they get to keep more of the money
Mini-Budget wreaks havoc on markets and the pound – but will you benefit?
October 4, 2022
New chancellor Kwasi Kwarteng delivered his first mini-Budget, officially labelled ‘The Growth Plan 2022’, on September 23, and while it largely consisted of tax giveaways,
Emergency Budget 2022 Breakdown
September 24, 2022
With the latest budget announcement now live, we have grouped together all of the important information into one place for you. Click here to view
CFO roles need to be more strategic
September 13, 2022
Over the last decade, the role of the CFO has shifted immensely. The historical tasks of a CFO – looking after books and records, financial
Energy bill help from the Government
September 13, 2022
We are pleased to see that Liz Truss has been reading our recent commentary about the dire state of household and business finances due to
VAT and COVID – what you need to know if you still have delayed payments outstanding
September 12, 2022
All deferred VAT payments should have been dealt with by now, but HMRC has flagged in its latest bulletin for August that if your business
End of the summer holidays – are you claiming all the benefits available for your children
September 9, 2022
The end of the summer holidays is upon us and not only does this mean the children going back to school, but also a return
Self-Assessment – it’s getting to that time again
September 8, 2022
Self-assessment is an annual event, and it is always towards the back end of the year that you need to start thinking about it. Many
PAYE round-up – what’s new and what you need to know
September 7, 2022
Dealing with PAYE is one of the main roles of any accounts department, and HMRC has been busy in this area over the past month,
The hospitality sector is struggling
September 5, 2022
We have been seeing a number of hospitality and leisure businesses in recent weeks that are looking for assistance to keep their businesses going during
Bank inflation – raising interest rates makes things worse
August 26, 2022
Working on the ‘coal face’ as we do, we are seeing an alarming increase in the number of businesses contacting us for advice because they
The Property Sector is forever changing, let us assist you with your needs
August 18, 2022
Whilst we have witnessed a boom in house prices, both the residential and commercial property sectors are looking at an uncertain future. The recent interest
What is happening with the economy?
August 9, 2022
As expected the Bank of England has increased base rates to 1.75%, the highest they have been since 2008 and the biggest single rise for
Payroll a pain heading into summer?
August 8, 2022
We have all been there. The rising number of employees off over the summer months – especially now the kids have finished school until September
How your business can fight inflation
August 5, 2022
Inflation is a word on many of our lips at the moment as the cost-of-living crisis continues unabated. While the headline rate of inflation –
Business borrowing – how to access money if you are not eligible for grants
August 4, 2022
If your business does not qualify for a grant but you still need to get some capital to boost your business, then you may want
Business grants – do you know what your business is entitled to?
August 3, 2022
Many businesses benefited from grants during the pandemic, but how many realise there are other grants they may be able to access at any time
Company directors liable to debt recovery
August 2, 2022
As expected, the number of corporate insolvencies has risen sharply over the past twelve months and, given the current cost of living crisis and the
Strategies when cashflow turns cashslow
August 1, 2022
We first starting writing about the impending economic doom back towards the end of last year and, whilst it is satisfying in one respect to
During financial pressures, seeking advice early will lead to a more favourable outcome
July 13, 2022
You will be seeing increasing costs in every area of your expenditure. If it is not already happening, there will be calls for wage increases
Last chance to make sure your business is ready for MTD
July 7, 2022
Companies and sole traders who have not yet finalised their plans to comply with Making Tax Digital are in the last chance saloon this month,
Can your business claim a super deduction?
July 6, 2022
If your business has spent money on plant and machinery and it is subject to corporation tax, then it may qualify for a super deduction
Are you claiming all you are entitled to from the taxman?
July 5, 2022
Tax is something that is a certainty in life, as former US President Benjamin Franklin said, but there are lots of ways you can reduce
Change in National Insurance contribution levels in July
July 5, 2022
A change in National Insurance contribution (NICs) levels comes into force at the beginning of July, which should save around 30m people £330 each, according
Nearly 2,000 businesses derailed
June 22, 2022
The latest figures from The Insolvency Service show an increase in registered company insolvencies in England & Wales of 79% to 1,817 in May compared
Will a four day week empty city centres?
June 10, 2022
It is interesting to read about the four-day working week trial that has launched here in the UK. If you have not seen the news,
EV remains the best value
June 7, 2022
When fuel prices first rocketed back in March there must have been a lot of drivers of electric vehicles (EV) very happy with their purchase
End of bulk appeals for tax fines in May
June 3, 2022
If you are unlucky enough to be fined for a late filing, then the way in which any appeal can be made changed as of
Currency exchange – why it can pay to not rely on your bank
June 2, 2022
International trading is something many businesses are involved in, whether it’s because you are selling your good or services abroad or buying raw materials in
Where is the best place to hold your tax money?
June 1, 2022
Putting aside the tax money due each time you have an invoice paid is sensible planning, but is that money working as hard for you
Deal with your tax return early and help with cashflow
May 31, 2022
There is a tendency for many of us to leave our tax returns until the last minute. It’s human nature to want to delay dealing
Retail Springs Back
May 24, 2022
The latest figures for retail sales have shown a surprising increase of 1.4% in April reversing the drop in March although the 3 month figure
5 Benefits of Finance Function Outsourcing
May 24, 2022
5 Benefits of Finance Function Outsourcing Running a business requires time, energy, focus and a strong finance function. As a business owner you want to
Are you a small or medium business?
May 16, 2022
If you are a small or medium business (SME), we wanted to let you know about government support you can access now, to help you
Get a business health check at the start of the tax year
May 5, 2022
Using up personal allowances is not the only reason you should see your accountant at the start of the tax year, it is also the
Payments on account due July 31
May 4, 2022
Some taxpayers must pay a tax more than once a year, and if this is you then you are facing a second tax bill before
Use up your tax allowances early in the tax year
May 3, 2022
If you are one of those people who is always racing to use up your tax allowances, such as Individual Savings Accounts (ISAs) at the
Basis Period Reform – what it is and how it could affect you
May 2, 2022
Unincorporated businesses – including sole traders, trusts and those businesses working as partnerships, and anyone else that pays tax on trading income – face a
MTD D-Day has arrived – here’s how to make sure you comply
May 1, 2022
Anyone filing VAT returns from April 1, 2022 onwards now has to file their return digitally as HMRC’s Making Tax Digital reaches its next phase.
Updated code of practice weighted against commercial landlords
April 27, 2022
In March this year the Commercial Rent (Coronavirus) Act 2022 received royal ascent and is intended to enable commercial landlords and tenants to resolve the
Retail sales fall as rising cost of living bites
April 26, 2022
The latest figures from the ONS show that retail sales fell in March by 1.4% and February figures were revised downwards, suggesting that people are
Fragile UK Economy Faces High Inflation and Slower Growth
April 21, 2022
In January we announced that SKS Business Services and sister Business Advisory firm SKSi joined forces with Primary Finance Group (PFG) to create a one-stop
CMA frees leaseholders from rising ground rents
April 12, 2022
Intervention by the Competition and Markets Authority (CMA) has freed more leaseholders from increasing ground rent terms that saw them trapped in homes they struggled
Student loan repayments for new borrowers to start at £25,000
April 12, 2022
The level at which students begin to pay back their loans will be lowered from £27,295 to £25,000 for new borrowers. From September 2023, the interest rate
UK economic growth to halve this year, warns BCC
April 12, 2022
UK economic growth is expected to halve this year amid soaring inflation, major tax rises, and global shocks including Russia’s invasion of Ukraine, warns the
Bank of England raises interest rates for third time in a row
April 12, 2022
The Bank of England has raised interest rates for the third consecutive time. The Bank also warned that the Ukraine conflict could see under-pressure households
MTD for VAT brings in up to an extra £195 million in tax
April 12, 2022
Estimates show that up to £195 million in extra tax revenue has been collected via Making Tax Digital for VAT (MTD for VAT), according to
OBR updates economic picture
April 12, 2022
In his Spring Statement speech, Chancellor Rishi Sunak responded to the latest forecasts as published by the Office for Budget Responsibility (OBR). The OBR forecasts
Business groups give mixed response to Spring Statement
April 12, 2022
The UK’s business groups gave a mixed response to Chancellor Rishi Sunak’s Spring Statement speech. Shevaun Haviland, Director General of the British Chambers of Commerce
Chancellor cuts fuel duty in Spring Statement
April 12, 2022
Chancellor Rishi Sunak announced a 5p per litre cut in fuel duty for petrol and diesel in the 2022 Spring Statement. The government says it is the largest ever
Bank of England base rate rises to 0.75%
April 7, 2022
The Bank of England (BoE) base rate rose to 0.75% in March in response to Consumer Prices Index (CPI) inflation rising to 5.5% – almost
Strong Customer Authentication (SCA) rules – what do they mean?
April 6, 2022
You may have already noticed when you are buying things online that you are now being asked to confirm your purchase in more than one
Spring Statement round-up
April 5, 2022
The Chancellor’s Spring Statement on March 23 was limited on giveaways, but there were some measures designed to help people struggling with the highest rates
End of year tax planning
April 4, 2022
The new tax year on April 6 is accelerating quickly towards us, and now is the time to make sure that any last-minute allowances you
Country under pressure – Has Sunak done enough?
April 1, 2022
Inflation now running at 6.2% and forecast to possibly peak as high as 9% this year, depending on what happens with global energy prices, was
Hospitality facing VAT blow
April 1, 2022
April 1 sees a reversal of the reduced 12.5% Vat back to the standard rate of 20% which is no joke for those running hospitality
Reclaim Married Couple’s Allowance
April 1, 2022
Married Couple’s Allowance can be transferred between spouses and civil partners, and while 2m couples have claimed this since it was introduced back in 2015,
Post-Covid Removal of Temporary Support Measures
March 22, 2022
As we still hear varying views as to whether the pandemic is over or not, it can be confusing for businesses trying to plan for
Advisory fuel rates for company cars
March 13, 2022
New company car advisory fuel rates have been published and took effect from 1 March 2022. The guidance states: ‘you can use the previous rates
Over a million take advantage of extra time to file self assessment returns
March 13, 2022
HMRC has revealed that more than one million taxpayers filed their late tax returns in February – taking advantage of the extra time to complete
MPs call for road pricing to replace motoring taxes
March 13, 2022
The government must overhaul motoring taxes as it phases out new diesel and petrol vehicles, according to MPs. MPs on the Transport Committee say the
HMRC raises late payment interest rate to 3%
March 13, 2022
Following the decision by the Bank of England to increase the base rate, HMRC has confirmed that the late payment interest rate rose a quarter of
Two freeports planned for Scotland
March 13, 2022
A partnership agreement to establish two green freeports in Scotland has been reached between the Scottish and UK governments. The locations for the freeports have not
Businesses urged to apply for remaining COVID-19 support grants
March 13, 2022
Businesses are being encouraged to apply for remaining coronavirus (COVID-19) grant funding from local authorities. Hospitality, leisure and accommodation businesses can still apply for one-off
Coronavirus SSP Rebate Scheme set to close on 17 March
March 13, 2022
The Statutory Sick Pay Rebate Scheme (SSPRS) will close on 17 March 2022. The SSPRS was reintroduced by the government on 21 December 2021 for employers with fewer
Spring Statement is the time to act, says CBI
March 13, 2022
The Chancellor must act at the Spring Statement or risk the UK economy drifting backwards to low growth, warns the Confederation of British Industry (CBI).
Recovery of Commercial Rent Arrears
March 8, 2022
At the start of the pandemic the Government imposed a moratorium preventing landlords from using forfeiture or insolvency measures to recover commercial rent arrears. This
Bounce Back Loan Repayments
March 8, 2022
We are in no doubt that many businesses are struggling to manage their cashflow and meetobligations due to the challenging economic environment we are all
Stamp Duty Land Tax – why this will increase as house prices rise and what you can do to reduce it
March 7, 2022
Stamp Duty Land Tax (SDLT) receipts were somewhat skewed in the last year as the SDLT holiday for properties worth up to £500,000 was phased
IHT receipts up by £700m – but why you should see this as a ‘voluntary’ tax
March 4, 2022
Inheritance tax (IHT) is one of the most hated taxes there is, mainly because for many people their estate faces a 40% tax rate which
NI to increase by 1.25% from April to fund the Health and Care Levy – what you can do about it
March 3, 2022
The Government is set to increase National Insurance Contributions (NICs) by 1.25% from April to fund the Health and Social Care Levy, and while this
Bounce-back loans – where are we now?
March 2, 2022
The bounce-back loans, CBILS and CLBILS for larger companies were some of the most generous schemes available to businesses suffering from the impact of lockdowns
Electric cars and the rising energy costs
February 23, 2022
Much has been written about the crippling rise in energy costs which are having a devasting impact on families but also businesses who will not
Construction on the increase
February 18, 2022
It has taken some time trawling several news outlets, but we are pleased to have found a positive story to lighten the current news agenda.
BCC calls for ‘urgent action’ to improve UK-EU trade
February 8, 2022
The British Chambers of Commerce (BCC) has called for urgent action to help improve trade with the EU. A survey carried out by the BCC
Scam HMRC call reports drop by 97%
February 8, 2022
Reports of scam HMRC phone calls have fallen by 97% over the last 12 months, according to the latest figures from the tax authority. According to HMRC,
No ‘convincing case’ for digital UK currency, says House of Lords committee
February 8, 2022
Creating an official digital currency in the UK could pose significant risks to the financial stability of banks, a House of Lords committee has warned. The
National insurance rise ‘set to squeeze budgets’, warns CBI
February 8, 2022
The Confederation of British Industry (CBI) has warned the government that the planned rise in national insurance will squeeze budgets and affect economic growth. The
Consumer group urges taxpayers to avoid using refund firms to claim tax rebates
February 8, 2022
Consumer group Which? has urged taxpayers to avoid using so-called ‘refund firms’ to claim tax rebates. Which? stated that people are losing hundreds of pounds
Claims portal re-opens for SSP Rebate Scheme
February 8, 2022
HMRC has reopened a claims portal for small employers to again claim refunds for coronavirus (COVID-19)-related sick pay. The reopening follows the announcement of the
Government scheme gives discounts of up to £5,000 on accounting software
February 8, 2022
The government’s Help to Grow: Digital scheme – designed to support smaller businesses in adopting digital technologies – is now open for applications. Under the scheme,
Tough Times Ahead
February 7, 2022
Despite our best efforts to start the year with a positive mindset, the reality is that we are in for a tough year. Travel is
Businesses must prepare as wider creditor action protections end in March
February 2, 2022
Companies with debts outside of their rental arrears face the removal of protection against creditor actions from March 31, 2022. Other debts outside rental arrears
Landlords and tenants face legally binding arbitration over rent arrear disputes
February 2, 2022
Companies forced to close due to Coronavirus restrictions are currently protected from eviction by landlords until March 25, but a Government Bill currently before Parliament
Taxpayers get extension to self-assessment filing dates
February 2, 2022
Millions of taxpayers who are yet to submit their completed Self-Assessment tax return which is due before January 31 are being given a grace period
Businesses helped by COVID-19 support could face unexpected tax bills
February 2, 2022
Businesses and self-assessment taxpayers are being reminded they need to include all grants paid as part of the COVID-19 support payments in their tax returns,
Restructuring & finance advice for your company
January 24, 2022
SKS Group and sister Business Advisory firm SKSi have joined forces with Primary Finance Group (PFG) to create a one-stop approach for growth companies or
Could 2022 be the turnaround?
January 12, 2022
Most people start the new year with a positive outlook and despite the real concerns over rising costs we are seeing some positive news emerging.
Over 440,000 small firms at risk due to late payment crisis
January 12, 2022
More than 440,000 small firms could be forced out of business by the late payment crisis, according to the Federation of Small Businesses (FSB). An FSB study
HMRC latest guidance for employers
January 12, 2022
HMRC has published the latest edition of the Employer Bulletin. This guidance for employers, and their agents, includes articles on: reporting PAYE information in real
FCA to introduce new consumer duty
January 12, 2022
The Financial Conduct Authority (FCA) is set to introduce a new consumer duty to better protect users of financial services. The new rules will help
Welsh government delivers Budget
January 12, 2022
On 20 December 2021, the Welsh government outlined a Budget to ‘build a stronger, fairer and greener Wales‘. The Welsh government unveiled a £116 million package
Scottish Budget 2022
January 12, 2022
Finance Secretary Kate Forbes delivered the 2022/23 Scottish Budget on 9 December 2021, setting out the Scottish Government’s financial and tax plans. The Budget outlined
HMRC waives self assessment penalties for one month to ease COVID-19 pressures
January 12, 2022
HMRC is waiving late filing and late payment penalties for self assessment taxpayers for one month. The measure will give those taxpayers affected by the
Self assessment taxpayers must declare COVID grants on tax returns
January 12, 2022
HMRC has reminded self assessment taxpayers to declare any COVID-19 grant payments on their 2020/21 tax return. According to HMRC, more than 2.7 million customers
Chancellor announces £1 billion fund for businesses
January 12, 2022
On 21 December 2021, Chancellor of the Exchequer, Rishi Sunak, unveiled a £1 billion COVID-19 fund, including cash grants of up to £6,000 per premises for each eligible firm.
ITSA registration
January 12, 2022
HMRC have published a call for evidence on the case for reforming the rules for registering for Income Tax Self Assessment (ITSA). The call for
SSP changes
January 12, 2022
To help employers affected by the spread of the Omicron variant of COVID-19, the Statutory Sick Pay (SSP) rebate scheme for small employers is being
Help if you are struggling to pay your tax bill
January 12, 2022
Financially, 2021 has been a difficult year for many, and you may be struggling to pay your January tax bill in full. Any tax and
Payments on account
January 12, 2022
Payments on account are advance payments towards your tax and, where relevant, your Class 4 National Insurance bill. You may need to make them if
File your 2020/21 tax return by 31 January 2022
January 12, 2022
If you need to file a self-assessment tax return for the year to 5 April 2021, you have until midnight on 31 January 2022 to
Review of the year and looking ahead to 2022
December 16, 2021
Well, this year has certainly been another memorable one – but not for the reasons we had hoped back in January. This has obviously been
What is happening to retail property valuations?
December 16, 2021
We read with interest news reports that Hammerson have sold the Silverburn shopping centre in Glasgow to a London based private equity firm for circa
What does Plan B mean for Hospitality and Retail businesses?
December 14, 2021
The latest announcement from the Government to work from home where possible has brought new worries to business owners across the retail and hospitality industries
Rising costs of charging electric vehicles
December 8, 2021
We recently reflected on the likely cost impact of the moves to a cleaner environment and whilst those of us that have already made the
Costs ‘weighing on businesses’ sustainability intentions’, FSB finds
December 8, 2021
A report published by the Federation of Small Businesses (FSB) has revealed that the costs associated with going green have impacted small firms’ plans for
Advisory fuel rates for company cars
December 8, 2021
New company car advisory fuel rates have been published and took effect from 1 December 2021. The guidance states: ‘you can use the previous rates
Services sector continues to recover despite rising costs
December 8, 2021
Optimism improved for firms across the services sector in the three months to November, according to the latest Service Sector Survey from the Confederation of
New law introduced to help protect pension savers from scammers
December 8, 2021
New rules to help protect pension savers from scammers have become law. Under the regulations, pension trustees and scheme managers will be given the power
HMRC issues warning on self assessment scams
December 8, 2021
HMRC has warned taxpayers completing their 2020/21 tax returns to ‘be on their guard’ and stay vigilant in regard to tax-related scams. Nearly 800,000 tax
Three-day wait for Statutory Sick Pay to return next year
December 8, 2021
The standard three-day waiting time for Statutory Sick Pay (SSP) will be reinstated for coronavirus (COVID-19)-related claims from 25 March 2022, unless the government intervenes.
Government sets out tax details on TAM Day
December 8, 2021
The UK government marked the inaugural Tax Administration and Maintenance (TAM) Day with the publication of 30 papers covering a wide range of tax issues.
HMRC’s tax take falls by billions due to pandemic
December 8, 2021
HMRC saw a drop of almost £30 billion in tax revenues in the latest financial year because of the pandemic, according to its annual accounts.
Company car and van taxable amounts
December 5, 2021
A tax charge may arise if an employee is able to use a company car or van for private use. A further charge will arise
Seasonal gifts to employees
December 5, 2021
Christmas is a time of giving, and you may wish to give your employees a small token of your appreciation for their work during the
Keeping the Christmas party tax-free
December 5, 2021
If you are holding a Christmas party for staff this year, you may want to take advantage of the tax exemption for annual parties and
New MTD timetable
December 5, 2021
Making Tax Digital (MTD) is a Government initiative that aims to provide the UK with one of the most digitally advanced tax administrations in the
Paying employees early at Christmas
December 5, 2021
Under Real Time Information (RTI), you must report payments made to employees and associated deductions to HMRC on a Full Payment Submission (FPS) at or
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
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
