Third SEISS grant The online claims portal for the third self-employed income support scheme (SEISS.3) grant opened on 30 November. If you qualify for the grant you should receive a lump sum payment covering the three months from 1 November 2020. You have until 29 January 2021 to submit your claim. The grant is calculated […]
04
Dec
Dec
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 loss can be offset against […]
21
Nov
Nov
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 the employee. To access this […]
30
Oct
Oct
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 regarded as part of the […]
21
Oct
Oct
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 full corporation tax relief over […]
06
Oct
Oct
A Thought from Our Managing Director Most of us agree that taxes will need to go up if the Country’s finances are to be put back in order. The Chancellor has helped traders again by stating if you can’t pay your tax bills by 31st January 2021, you can extend payment by twelve months […]
Blog, Uncategorized
Chancellor announces new Job Support Scheme and package of business support measures
26
Sep
Sep
The Chancellor, Rishi Sunak, has announced a new job protection scheme and a range of new business support measures. Announcing his Winter Economy Plan at a hastily arranged statement in the House of Commons, Mr Sunak said: “Our task now is to move to the next stage of our economic plan, nurturing the recovery by […]
09
Sep
Sep
Due to COVID-19, HMRC introduced a ‘soft landing approach’ and did not issue late penalties for any transactions completed between 6 April 2020 and 30 June 2020, provided the gain was reported and any tax due paid by 31 July 2020. From the 1 July 2020 onwards, a seller has 30 calendar days to report […]
03
Sep
Sep
NEWSLETTER September 2020 Is it a car or a van? Whether your business buys a car or a van can make a big difference to the tax relief given on the cost of the vehicle and to the tax payable by the driver who uses it for private journeys. In both cases the tax position […]
26
Aug
Aug
Last year HMRC imposed a significant number of penalties on taxpayers for failing to get their tax returns correct. The most serious type of penalty is for ‘deliberate errors’ and the fine for this is between 20% to 100% of the tax underpaid. The other type of tax error is a ‘careless error’ and here […]