News Search


News

Updated HM Treasury instructions re: CJRS

30/06/2020

On 26 June 2020, the Chancellor, Rishi Sunak made a further (third) Treasury Direction under sections 71 and 76 of the Coronavirus Act 2020 concerning the Coronavirus Job Retention Scheme (CJRS). There are a number of important changes to the way

More...

Government support for pubs, cafes and restaurants

30/06/2020

The government has confirmed a further easing of lockdown as pubs, cafes, restaurants, hotels, hairdressers and cinemas have been given permission to reopen in England from 4 July. The launch date has been dubbed as Super Saturday. These changes will

More...

Financial help for debt advisers

30/06/2020

The government has announced that an extra £37.8 million will be made available to support debt advice providers during 2020-21. The distribution of the money will be overseen by the Money and Pensions Service (MaPS). MaPS will set out the

More...

Reporting Capital Gains on residential property

30/06/2020

The Capital Gains Tax (CGT) reporting and payment date for UK residents that sell a residential property changed from 6 April 2020. This change means that any CGT due on the sale of a residential property needs to be reported and a payment on account

More...

Vehicle MOT dates

30/06/2020

The government has announced that mandatory MOT tests for car, motorcycle and van owners in England, Scotland and Wales are to be reintroduced from 1 August 2020. This means that all drivers whose vehicle is due for an MOT test from 1 August will be

More...

Trusts and CGT

30/06/2020

A trust is an obligation that binds a trustee, an individual or a company to deal with the assets such as land, money and shares which form part of the trust. The person who places assets into a trust is known as a settlor and the trust benefits one

More...

IHT exemption for gifts out of income

30/06/2020

It is possible for wealthier taxpayers to take advantage of the IHT exemption for gifts and payments that are paid as normal expenditure out of income. This is a very flexible exemption from IHT as there are no specific requirements, for example,

More...

Stock valued at net realisable value

30/06/2020

One of the acceptable methods to value stock is at the lower of cost and net realisable value (NRV). NRV is broadly defined as the estimated selling price of an asset less any disposal costs. HMRC provides the following guidance in their Business

More...

Shielding measures to be relaxed in England from 1 August 2020

29/06/2020

From 1 August 2020 onwards, it is intended that the shielding programme will be paused in England so clinically extremely vulnerable people will no longer be advised to shield. From an employment perspective, this means that, if they cannot work from

More...

What are debits and credits?

29/06/2020

You may have come across the terms debit and credit and perhaps wondered exactly what do they mean? Certainly, if you are a bookkeeper or accountant you will or should understand their significance. The first book on the subject was written by

More...

Depreciation

29/06/2020

Literally, the word depreciation means a reduction in the value of an asset over time. It recognises the fact that if you buy assets for your business – cars, plant, computers etc – as time marches on the value of those assets will

More...

Tax Diary July/August 2020

24/06/2020

1 July 2020 - Due date for Corporation Tax due for the year ended 30 September 2019. 6 July 2020 - Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs. 19 July 2020 - Pay Class 1A NICs (by the 22 July

More...

SEISS extended to new parents

23/06/2020

The government has announced that the scope of the Self-employment Income Support Scheme (SEISS) will be extended to help new parents. The newly announced measures are designed to help new parents whose trading profits dipped in 2018-19 because they

More...

Drawings, profits and tax

23/06/2020

If you are self-employed – this article does not apply to the directors and shareholders of limited companies – there is often a mis-match between the amount you draw from your business and your tax bill. When times are good profits may

More...

Option to defer VAT payments ends 30 June 2020

23/06/2020

The option to defer your VAT payments ends on 30 June 2020. 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. Businesses that took advantage of

More...

Why footfall is important

23/06/2020

All businesses have customers, According to HMRC, even they have customers… Sales are the amount of goods and services that you provide your customers and there are three main features that affect your annual turnover: Number of

More...

New guidance for shop owners

23/06/2020

The HM Government guidance titled Working safely during COVID-19 in shops and branches has been updated. The updates relate to managing product handling and returns, the test and trace service, safer travel and managing security risks. The guidance

More...

Time to revisit VAT Flat Rate Scheme?

23/06/2020

The VAT Flat Rate scheme is intended to simplify the way a business accounts for VAT and reduce the administration costs of complying with the VAT legislation. There can also be a decent VAT saving for those using the scheme. The scheme is only open

More...

Basis periods if accounting date is changed

23/06/2020

The assessment of self-employed or partnerships profits is usually relatively straight-forward if the accounting date, to which annual accounts are prepared, falls between 31 March and 5 April. However, overlap profits can arise where a business year

More...

When the cash basis scheme may not be suitable

23/06/2020

The cash basis scheme helps many sole traders and other unincorporated businesses who benefit from a simpler way of managing their financial affairs. The scheme is not open to limited companies and limited liability partnerships. The scheme allows

More...

Sick-pay if self-isolating

16/06/2020

If you are an employee, you must tell your employer as soon as possible if you are showing signs of Coronavirus or someone you live with has symptoms of the disease. Your employer will be able to inform you if you are covered by their sick leave

More...

Parents returning to work after maternity/paternity leave

16/06/2020

The Coronavirus Job Retention Scheme (CJRS) also known as the furlough scheme has been extended until 31 October 2020. There are a number of important changes to the way the scheme works starting from 1 July 2020, when employers can bring back

More...

No extension to Brexit Withdrawal Agreement

16/06/2020

The UK has confirmed that it will neither accept nor seek any extension to the Brexit transition period which expires on 31 December 2020. The EU has formally accepted this position. With just over six months to go before the end of the transition

More...

Corporation Tax – carrying back losses

16/06/2020

Corporation Tax relief may be available where a company or organisation makes a trading loss. The loss may be used to claim relief from Corporation Tax by offsetting the loss against other gains or profits of the business in the same or accounting

More...

Self-employed – setting off losses

16/06/2020

There are a number of tax reliefs available for self-employed taxpayers that make a loss carrying on their trade, profession or vocation (collectively referred to as a ‘trade’) and for their share of trading losses in any partnerships. For the

More...

Agent update June 2020

16/06/2020

HMRC has released the latest bi-monthly issue of the 'Agent Update' publication which includes summaries of recent changes and updates that have been announced. The document which is aimed at taxation and accountancy practitioners includes

More...

Retain or let go?

15/06/2020

Last week, we considered one of the issues that employers will likely need to consider in the coming weeks and months: productivity. This week we have listed other factors that you may need to consider if you presently have staff furloughed under

More...

Saving for taxes

15/06/2020

While our businesses have been able to maintain or increase profits there has been an unwritten acceptance that we will pay for current taxes out of future cash resources. For example, if you are self-employed, payments on account for

More...

CJRS changes announced 12 June 2020

13/06/2020

We reported late last month on the extension of the Coronavirus Job Retention Scheme to 31 October 2020 following the announcement by the Chancellor, Rishi Sunak. At the time, the Chancellor confirmed that further guidance on the workings of the

More...

Furlough Scheme over-claims

09/06/2020

HMRC’s guidance makes it clear that any business that makes an error in making a Coronavirus Job Retention Scheme (CJRS) claim must pay back any amount over-claimed. Any claims based on inaccurate information can be recovered by HMRC. The CJRS

More...