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Feed Forward Rather Than Feedback

People can respond negatively to constructive feedback – so feed forward instead. When we provide feedback to an employee, we share information in terms of how they are currently performing. When negative feedback is given, the individual can respond defensively. Even constructive feedback can be taken the wrong way. The idea of feed forward is […]

Read more March 23rd, 2021

Budget 2021 Company Tax Updates

Following on from the announcements in the Budget concerning the taxation of companies going forward, we have been looking at the practical impact of this and the options available. Tax Rate With effect from 1 April 2023, for trading companies with taxable profits of less than £50,000, the rate will remain at 19%. For those […]

Read more March 15th, 2021

Domestic Reverse Charge For CIS VAT Codes For QuickBooks Users

Following HMRC’s introduction of the new rules from 1 March 2021, QuickBooks have now updated their processes so you only need to have VAT activated on QuickBooks to be able to access the new VAT codes. You do not need CIS Tax activated as well. You will need to activate the new VAT codes as […]

Read more March 12th, 2021

Don’t Lose Your 2020/21 Personal Allowance

For every £2 that your adjusted net income exceeds £100,000 the £12,500 personal allowance is reduced by £1. Pension contributions and Gift Aid can help to reduce adjusted net income and save tax at an effective rate of 60%. The restriction applies between £100,000 and £125,000 adjusted net income. Another way that you could avoid […]

Read more March 12th, 2021

Get Ready For “Off-Payroll” Working Rules

Where large or medium-sized organisations are paying workers via personal service companies (PSC) or agencies they will need to operate new procedures from 6 April 2021. The new “off-payroll” rules will apply to partnerships, LLPs and larger charities as well as limited companies. Only those organisations that would be classed as “small” under the Companies […]

Read more March 12th, 2021

Advisory Fuel Rates For Company Cars March 2021

These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 March 2021. Where there has been a change the previous rate is shown in brackets. For wholly electric cars there is a 4p advisory rate. However, for hybrid cars use the equivalent petrol or diesel rate. Note that for […]

Read more March 11th, 2021

Budget Summary Spring 2021

Chancellor Rishi Sunak presented his much-anticipated second Budget on Wednesday 3 March 2021. There were many rumours of changes that would be implemented, but much of the content concerned maintaining the current position for up to five years causing a fiscal drag to boost tax revenues.  In his speech, he stated his Budget ‘meets the […]

Read more March 4th, 2021

Domestic Reverse Charge For The Construction Industry Scheme VAT Codes To Use

The new VAT rules for HMRC’s Domestic Reverse Charge for the Construction Industry Scheme comes into effect on 1 March 2021. If you are using software to prepare your bookkeeping, you will need to use new VAT codes to account for these transactions. The new VAT codes can be found as follows:- Sage Line 50 […]

Read more February 24th, 2021

Post Brexit New VAT Rates To Use For Bookkeeping

Following the BREXIT transition period coming to an end on 31 December 2020, from 1 January 2021, new VAT codes have become available to use for bookkeeping. Please see below details for how to access the new rates on Sage 50, Sage Cloud, QuickBooks and Xero and how to activate Postponed VAT Accounting if you […]

Read more February 23rd, 2021

Arranging Payment Of Deferred VAT To HMRC

If you opted to defer VAT payments due to HMRC between 20 March and 30 June 2020 and the deferred amounts have not been paid in full yet, you will need to take one of the following actions. You may be charged interest or penalties if you do not use one of the 3 methods […]

Read more February 23rd, 2021

Reinvigorate Your Business Development

Top tips for driving your Business Development efforts this year. Business Development is often misunderstood. Some might say that it’s all about relationships, some will say it’s all about sales and others will talk about marketing. They are all right, in a way. Business Development is the creation of long-term value for a company, through […]

Read more February 19th, 2021

Delivering Remote Training, Effectively

Providing training for your team when they are working remotely can be challenging. Delivering a training session to a room full of people can be difficult enough. Engaging with your audience remotely presents a whole new challenge. The first thing to think about is the delivery method. Your company may already have a webinar or […]

Read more February 17th, 2021

What Trends To Watch In 2021

The challenges faced by businesses in 2020 have driven businesses across the world to develop, adapt and innovate. Here are some of the key business trends to watch in 2021. Remote working technology Working from home is here to stay. Now that staff have adapted to remote working, they will expect to continue to be […]

Read more February 16th, 2021

Budget Day On 3 March

There has been a lot of speculation on what will be in Rishi Sunak’s second Budget in early March and whether there is any tax planning that you should consider before then. The government will have to start paying down the massive £2 trillion of borrowings at some stage. Increasing tax rates would send the […]

Read more February 11th, 2021

Possible Changes To Capital Taxes

The Office of Tax Simplification (OTS) has been asked by the Treasury to review both Inheritance Tax (IHT) and Capital Gains Tax (CGT) recently which again suggests there could be changes to those taxes that may require pre-emptive planning action. Will CGT rates go up? The OTS report highlighted the mismatch between CGT and income […]

Read more February 10th, 2021