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Accounting For Import VAT On Your VAT Return

HMRC have recently updated their guidance on accounting for VAT on goods imported from outside the UK which, since Brexit, includes the European Union. Businesses registered for VAT in the UK can account for import VAT on their VAT Return for goods imported into: Great Britain (England, Scotland and Wales) from anywhere outside the UK […]

Read more September 10th, 2021

Big Tax Bills For Self-Employed In 2022/23

In August we mentioned that draft legislation has been published to change the basis periods for the assessment of self-employed profits to coincide with the tax year. The proposed new rules provide that from 2023/24 onwards profits or losses will be apportioned to tax years where the period of account does not coincide with the […]

Read more September 10th, 2021

Final Month For CJRS “Furlough” Grants

The Government are pulling the plug on support to employers for furloughed staff at the end of September as they anticipate that the economy will be back to normal by October. The grant claims for employees furloughed in the month of September are 60% of the employee’s usual pay up to a maximum cap of […]

Read more September 10th, 2021

National Insurance Rise

The Government has announced that the rates of national insurance are to be increased by 1.25% with effect from 1 April 2022. The same national insurance rise will also be applied to dividend income. The purpose of the increase is to fund NHS and social care reform. The increase will affect those people over the […]

Read more September 9th, 2021

COVID-19 Commercial Rent Arrears

The Government has issued the following statement with regard to ring-fencing commercial rent arrears arising as a result of the impact of COVID-19: ‘The Government has announced that it intends to put in place through legislation a scheme to ring-fence outstanding rent arrears relating to periods when a business’s ability to trade has been impacted […]

Read more September 8th, 2021

Strategic Challenges In The New Normal

As we move towards a post-pandemic recovery and the economy begins to stabilise in the next few months, businesses face new challenges and will have to adapt to a new normal. Supply chain issues Supply chains were disrupted as producers and manufacturers shut down during the pandemic. Some businesses are now facing difficulties in obtaining […]

Read more August 27th, 2021

MTD Coming Soon For Income Tax

VAT registered businesses making taxable supplies above the £85,000 registration threshold have been grappling with Making Tax Digital (MTD) since April 2019. The next roll-out will be the introduction of MTD for income tax which was originally scheduled to start in April 2023. However, delays to MTD means it will be starting on 6 April […]

Read more August 13th, 2021

Off-Payroll Working – Will HMRC Accept Result?

Since 6 April 2021 large and medium-sized organisations have had to determine whether or not a worker supplying their services via their own personal service company would be treated as an employee if directly engaged. HMRC suggest organisations use their Check Employment Status for Tax (CEST) tool on their website to check the worker’s status, […]

Read more August 10th, 2021

Guidance On SEISS Turnover Test Issued By HMRC

The fifth (and final) Self-Employed Income Support Scheme (SEISS) grant has been available for the self-employed to claim since the end of July. HMRC has contacted those traders that may be eligible with their claim date. The eligibility criteria remain broadly the same as the fourth grant. Self-employed profits in 2019/20 must not exceed £50,000 […]

Read more August 9th, 2021

Company Loss Relief Can Be Claimed Early

Where a company makes a trading loss of no more than £200,000 in an accounting period it is now possible to claim relief for that loss even though the corporation tax return CT600 has not been submitted. This will enable the company to carry back the loss to earlier years and obtain a repayment of […]

Read more August 2nd, 2021

Can Crowdfunding Help Your Business?

What is crowdfunding and how does it actually work? Crowdfunding is a way of raising money for a business venture, personal endeavour, or charitable cause, where a large number of people invest in or donate money to the cause. Crowdfunding is becoming more popular with startup and early-stage businesses which can often struggle to secure […]

Read more July 19th, 2021

Closing The Deal

Closing a deal is arguably the most important part of the sales cycle. Your company might have a database full of potential leads, your products and services could be the best in your market sector but if you can’t close a sales deal, then your business development and marketing efforts will be wasted. The key […]

Read more July 19th, 2021

Protecting Your Business Against Fraud

Instances of fraud have increased during the pandemic – what can you do to help mitigate the risks? Throughout the Covid-19 pandemic, businesses have experienced an increase in the level of fraudulent activity. Many companies have moved their business activities online and with more employees now working from home, there are increased opportunities for fraudsters […]

Read more July 16th, 2021

Developing The Next Generation Of Business Leaders

Businesses need to invest in nurturing the next generation of talent. Regardless of the industry that you work in, how you and your management team nurture the next generation of talent in the first decade of their careers can have a huge impact on their prospects for the future. Given that the world of business […]

Read more July 16th, 2021

HMRC Warning Not To Use Unfunded Pension Arrangements

HMRC are currently attacking a marketed tax avoidance scheme using unfunded pension arrangements to avoid Corporation Tax, Income Tax and National Insurance contributions. HMRC strongly believes these arrangements do not work and will seek to challenge anyone promoting or using these arrangements and make sure the correct tax is paid. Users of these arrangements may […]

Read more July 13th, 2021