BUDGET 3 MARCH 2021 – Key points

:: in March 4, 2021 :: in Blog, Uncategorized :: Comments Off on BUDGET 3 MARCH 2021 – Key points

Measures to mitigate the impact of Coronavirus Extension of the Coronavirus Job Support Scheme (‘furlough payments’) to September 2021 across the UK, with employer contributions to salary from July Fourth Self Employment Income Support Scheme grant covering February to April 2021 to claim from late April, similar to first three…

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Companies House – a change in what is filed for small and micro companies

:: in February 25, 2021 :: in Blog, Uncategorized :: Comments Off on Companies House – a change in what is filed for small and micro companies

At the moment a small company has nine months to file its accounts with Companies House.  A small company can also file less information at Companies House such as removing the profit and loss account. There is a consultation in progress to change the way small companies file information and…

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Domestic reverse charge (DRC)

:: in February 12, 2021 :: in Blog, Uncategorized :: Comments Off on Domestic reverse charge (DRC)

This will affect contractors and subcontractors in the construction industry and will apply from the 1st March 2021. It will apply if the subcontractor and contractor are VAT registered but will NOT apply if the work you do is zero rated.   Subcontractors You will need to contact the contractor…

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Thinking of giving money or an asset away to a loved one before you die? Consider doing it now

:: in January 29, 2021 :: in Blog, Uncategorized :: Comments Off on Thinking of giving money or an asset away to a loved one before you die? Consider doing it now

There has been much speculation on what the Chancellor may or may not do in this March 2021 budget.  Most of the suggestions consider the necessity to clear the huge debt this country is now burdened with due to the pandemic.  Some tax planning may be too late now such…

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An update on grants

:: in January 12, 2021 :: in Uncategorized :: Comments Off on An update on grants

There are a number of grants available now and it is important that you do not miss out. Business premises These grants will come from your local Council and application needs to be made on their website.  If you haven’t already registered then do this to receive their emails for…

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Are taxes set to rise for the middle-class and above?

:: in December 27, 2020 :: in Blog, Uncategorized :: Comments Off on Are taxes set to rise for the middle-class and above?

With the debt increasing by the hour due to the Governments restrictions on trading businesses resulting from Covid-19, it is becoming very clear that the way the Government tries to balance its books must change.  One such way, suggested by the ‘Wealth Tax Commission’, is to charge a wealth tax…

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Tax relief for loans made to traders

:: in December 4, 2020 :: in Blog, Uncategorized :: Comments Off on Tax relief for loans made to traders

With the continued lock downs of Covid-19 it is unfortunate that some people who lent money to a trader may not be able to recover it.  If the trader goes bankruptcy or into liquidation then there could be some relief by treating the lost money as a capital loss.  This…

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Working from home portal for employed staff

:: in November 21, 2020 :: in Blog, Uncategorized :: Comments Off on Working from home portal for employed staff

HMRC have launched their portal for employees who have to work from home and can claim the £6 per week tax allowance.  For employees to be able to do this, the employer must confirm the employee has to work from home and there is no choice in the venue for…

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Tax Considerations For Employees Working From Home

:: in October 30, 2020 :: in Blog, Uncategorized :: Comments Off on Tax Considerations For Employees Working From Home

Did you send your employee home to work?  If so, HMRC have issued guidance which can be found here https://www.gov.uk/guidance/check-which-expenses-are-taxable-if-your-employee-works-from-home-due-to-coronavirus-covid-19 Generally, where expenses payments are made to, or benefits-in-kind are provided for, an employee they are deemed to have been made or provided by reason of that employment and are…

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Getting Your Tax Relief on Commercial Buildings

:: in October 21, 2020 :: in Blog, Uncategorized :: Comments Off on Getting Your Tax Relief on Commercial Buildings

If you are a company that will buy or construct a commercial property for use in your business then the Government has increased the yearly allowance.  The scheme is known as ‘The Structures and Buildings Allowance (SBA)’, and you can now obtain a flat 3% rate per year thereby obtaining…

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