Client Portal

Build Your Business, and Keep More of Your Money

Chartered Accountants & Business Advisors

Call Us Today!

COVID19

Insolvency Service Continues To Tackle Covid Loan Abuse

The recently released Insolvency Service’s 2023-24 Annual Report and Accounts provides some interesting information on how the Service is doing in tackling Covid loan abuse. The report identifies that 831 directors have been disqualified for abusing Covid loans. 22 criminal prosecutions have been carried out, and efforts have been made towards recovering nearly £3 million […]

Read more August 19th, 2024

Working From Home Allowance Rules Reverted

During the COVID pandemic, the Government relaxed the conditions to enable those working from home to be paid £6 a week tax-free by their employer, or, where that was not paid by the employer, they could claim relief for £6 a week against their employment income for a tax refund from HMRC. Those relaxed rules […]

Read more October 16th, 2023

Can We Still Be Paid For Working From Home?

During the COVID pandemic the Government relaxed the conditions to enable those working from home to be paid £6 a week tax free by their employer, or, where that was not paid by the employer, they could claim relief for £6 a week against their employment income for a tax refund from HMRC. Those relaxed […]

Read more July 6th, 2023

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

Changes To Hospitality VAT Rates April 2022

Many in the hospitality sector were hoping that the Chancellor would extend the 12.5% reduced VAT rate that has applied since 1 October 2021 but, as scheduled, the rate has reverted to 20% from 1 April 2022. The increase applies to hospitality, visitor attractions and catering services (including restaurants and takeaways). This has a consequential […]

Read more May 6th, 2022

Trading Losses – Carry Back Or Forward?

In the March 2021 Budget, it was announced that the normal one year carry back for trading losses would be extended to three years. That 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 earlier three-year period. This enhanced carry […]

Read more May 6th, 2022

VAT Rates for hospitality sector due to increase from 1 April

Early in the COVID-19 pandemic, the Chancellor reduced the rates of VAT for the leisure and hospitality sector to just 5%. That reduced rate applied from 15 July 2020 until 30 September 2021 when the rate was increased to the current 12.5%. However, the rate is scheduled to revert to the normal 20% rate from […]

Read more March 4th, 2022

Statutory Sick Pay Rebate Scheme

The Government has reintroduced the Statutory Sick Pay Rebate Scheme (SSPRS). This is a temporary scheme to support employers facing heightened levels of sickness absence due to COVID-19. The SSPRS will refund small and medium-sized employers’ COVID-related SSP costs for up to two weeks per employee. To qualify for the scheme employers must have less […]

Read more January 21st, 2022

Reporting CJRS Furlough Grants

The latest version of the CT600 Corporation Tax Return requires companies to report CJRS furlough grant payments received and the amounts that the company was entitled to during the period. Where any overpayments have already been disclosed to HMRC that amount should be reported. The total amount overclaimed should then be entered in box 526. […]

Read more December 6th, 2021

Budget Summary Autumn 2021

Chancellor Rishi Sunak presented his Autumn Statement on Wednesday 27 October 2021. In his speech he set out the plans to “build back better” with ambitions to level up and reduce regional inequality. Our summary focuses on the tax measures which may affect you, your family and your business. To help you decipher what was […]

Read more October 28th, 2021

5% VAT On Tourism And Hospitality Ends 30 September

The reduced VAT rate of 5% has been extended until 30 September 2021. Following this, an interim rate of 12.5% will be in place for a further six months with the standard rate of 20% returning in April 2022. If you are a VAT registered business, check if you can temporarily reduce the rate of […]

Read more September 20th, 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

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

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