Autumn Budget 2021

Universal Credit claimants to keep more wages Many employed and self-employed people claim Universal Credit as they have low or unpredictable levels of income. It provides a much needed top-up to their earnings but the benefit is reduced as the worker earns more due to the Universal Credit taper rate. Currently the taper rate is […]

September 2021 Newsletter

Going digital in advance of MTD From 6 April 2023 all unincorporated businesses will have to keep their business records in a digital format and submit quarterly reports derived from those records to HMRC using MTD-compatible software. These are the basic obligations under making tax digital for income tax self assessment (MTD ITSA). The start […]

Will the Government delay the new rules for the self-employed?

From 6th April 2023 the self-employed, and certain landlords, will need to start reporting their income to HMRC on a quarterly basis.  The Office for tax simplification is also looking to have all partnerships and sole traders change their accounting date to 31st March or 5th April if their current accounting date is different to […]

Self-Employed – claiming the fifth grant

HMRC has published a policy paper covering the fifth SEISS grant; more detailed guidance will soon be available but the amount ( to cover the period May 2021 to September 2021) will be determined by how much turnover has been reduced in the 2020/21 year: Turnover Reduction Rate Applicable Maximum Grant  30% or more reduction […]

Are you considering a mortgage and are self-employed or an owner/director of your own company?

This year we have seen an increase in business people contacting us regarding obtaining a mortgage.  So far so good, however the problem is that they have been using an unqualified accountant.   This has only been discovered when the mortgage company rejected their accounts on the basis they had not been prepared by an accountant […]

Extension of the loss carry back rules

Following the recent budget, it appeared that owners of furnished holiday lets (FHL) would be able to use the new extended loss carry back provisions.  This would have allowed losses to be carried back three years during a specific time period.  Unfortunately, the Finance Bill 2021 has been tweaked and does not allow FHL businesses […]