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Take Control Of Your Business!

We were finally getting over the financial crisis when Covid struck. Then, in the trough of the worst economic downturn in 300 years, we discovered that recovery was driving the Financial Times Stock Exchange (FTSE) to new heights and the job market into a frenzy. In the wake of that, it became clear that the recovery […]

Read more July 21st, 2022

Tax Credits Claimants Have Until 31 July To Renew Their Claims.

Thousands of claimants are yet to renew their tax credits ahead of the deadline, with HMRC reminding them to do so by 31 July or their payments will stop. Tax credits help working families with targeted financial support, so claimants must renew before the deadline to ensure they don’t miss out on the money they […]

Read more July 19th, 2022

Diversity And Inclusion – How To Get It Right

Some guidelines for building a diverse and inclusive business. The first step is to understand where you are in terms of workplace diversity and inclusion. Depending on the size of your business, it may be helpful to run an anonymous staff survey. This will help you to gain some insights into how diverse and inclusive […]

Read more July 18th, 2022

The Fourth Industrial Revolution

The pandemic has accelerated a tech-driven industrial revolution. The fourth industrial revolution is being driven by technology such as high-speed mobile internet, artificial intelligence, automation, cloud technology and big data analytics. The pandemic necessitated a shift to remote working. This has changed the way we use technology to interact and has seen the workplace evolve […]

Read more July 15th, 2022

The 4 Day Working Week – The Future?

Could the UK embrace a 4 day working week? In June this year, 70 UK companies and over 3,000 workers began working a four-day week, with no reduction in pay. This is the biggest four-day working week pilot ever undertaken. The participating businesses are trialling a four-day working week for a period of 6 months. […]

Read more July 12th, 2022

Childcare Accounts Can Subsidise Summer Camps

If you have children under 12 who attend a nursery, after-school club, play scheme, childminder or you are considering sending them to a summer camp, you should think about setting up a tax-free childcare account. The government adds 25% to the amounts that you save in the account, contributing up to £2,000 for each child […]

Read more July 8th, 2022

MTD For VAT – New Guidance On Penalties

HMRC have also issued new guidance on the penalties that they impose for non-compliance with the Making Tax Digital (MTD) for VAT rules. In particular, there is a penalty of up to £400 for every VAT return a business files without using ‘functional compatible software’. Functional compatible software means a software program, or set of […]

Read more July 7th, 2022

R&D Tax Credit Repayments Delayed

The Research & Development (R&D) tax credit scheme for small and medium sized enterprise companies is particularly generous as there is currently 230% relief for qualifying expenditure and, where the company is loss making, this results in a 14.5% repayable credit. This means that the company receives a £33,350 refund for every £100,000 spent on […]

Read more July 5th, 2022

Penalties For Overclaiming SEISS Grants

HMRC are reminding sole traders and partners who have received Self-Employed Income Support Scheme (SEISS) grants that there are potential penalties of up to 100% of amounts overclaimed in certain circumstances. HMRC may apply the penalty where they believe that the trader knew that they were not entitled to the grant and did not tell […]

Read more July 4th, 2022