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Diversity And Inclusion – Best Practice

The benefits of a more diverse and inclusive organisation are clear, but how do you actually go about implementing a diversity and inclusion strategy? Businesses are more focused on diversity and inclusion (D&I) than ever before. A McKinsey research report from 2018 shows that greater diversity in the workforces results in more profitable organisations. Here […]

Read more April 27th, 2021

Consultations Issued On “Tax Day” By Treasury

The Treasury normally issue a bundle of tax consultation documents on Budget Day. This year however they chose to delay the publication until 3 weeks after the Budget. We were expecting the consultation documents to include major changes to CGT and IHT, but it would appear that these have yet again been delayed. The Treasury […]

Read more April 13th, 2021

New Personal Service Company Rules Start This Month

The “off-payroll” working rules that apply to certain workers supplying their services to clients via their own personal service companies start from 6 April 2021. Under this new regime end user businesses will be required to determine whether that individual would have been treated as an employee or not if directly engaged. This will be […]

Read more April 13th, 2021

New Enhanced Loss Relief Rules May Result In Extra Tax Refunds

In the March Budget it was announced that the normal one year carryback for trading losses would be extended to three years. This means that many businesses that have made losses during the COVID-19 pandemic may be able to obtain a repayment of tax paid in that three-year period. This enhanced carryback applies to unincorporated […]

Read more April 13th, 2021

More Details On The New Super-Deduction For Equipment

In the Budget on 3rd March the Chancellor announced a new 130% tax relief for expenditure on new plant and machinery incurred between 1 April 2021 and 31 March 2023. It turns out that this new tax relief is only available to limited companies and the latest Finance Bill reveals a nasty sting in the […]

Read more April 12th, 2021

VAT Domestic Reverse Charge for the CIS Update

From 1st March 2021, the Domestic Reverse Charge must be used for most supplies of building and construction services. The new rules apply to:- Services reported under the Construction Industry Scheme Individuals and businesses that are VAT registered in the UK and where VAT is chargeable at 20% or 5% The reverse charge does not […]

Read more March 24th, 2021

What Can Businesses Learn From Jeff Bezos?

As Jeff Bezos steps down as CEO of Amazon, his legacy continues to inspire business leaders across the world. Jeff Bezos started Amazon as a loss-making online book store and has built it into one of the largest and most successful businesses in the world. Amazon is a business that is known for having high […]

Read more March 24th, 2021

Podcasts As A Marketing Tool

Businesses can use podcasts as an effective digital marketing tool. Podcasts are recordings of an audio discussion on a specific topic or theme such as business, travel or current affairs. They tend to consist of a series of episodes that listeners can download and listen to via a smartphone or computer. Podcasts are effective marketing […]

Read more March 24th, 2021

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