20-04-2021
Vaccine for your business
There is a poignant similarity between the effects of COVID on us personally and our businesses.
Thankfully, the possible dire consequences of catching the Coronavirus bug are … read more
20-04-2021
A reminder that not all costs are costs…
Costs are defined as something that has to be paid or spent to acquire something. Costs include the acquisition of:
An object, say material required to convert into saleable … read more
15-04-2021
HMRC’s new penalty regime
HMRC’s new points-based penalty regime for late submission and payment will start from 1 April 2022. The changes will apply in the first instance to the submission of VAT returns … read more
15-04-2021
One-off £500 payment for working households receiving tax-credits
As part of the March 2021 Budget, the Chancellor announced that the temporary £20 weekly uplift in Universal Credits would continue for a further six months, until the end of … read more
15-04-2021
Property repossessions from 1 April 2021
There have been a significant number of measures introduced to help those experiencing financial difficulties because of coronavirus. Throughout the course of the pandemic, the … read more
15-04-2021
Repaying overclaimed SEISS grants
Self-employed individuals (including partnerships) who have overclaimed the Self Employed Income Support Scheme (SEISS) must pay back the overpayment to HMRC. The rules for … read more
15-04-2021
Lockdown changes 12 April 2021
Even the unseasonably cold weather does not seem to have stopped people in England getting their first taste of normality for many months as many restrictions were lifted on 12th … read more
15-04-2021
Website development costs
One of the main areas to consider in deciding how to treat a deductible expense is whether the cost is revenue or capital in nature. There is no single, simple test that can be … read more
08-04-2021
Archiving international trade documents
There are important rules that all businesses must follow to keep business and accounting records accessible if requested by HMRC. The exact documentation that must be held and the … read more
08-04-2021
National Minimum and Living Wage increases 1 April 2021
The new National Minimum Wage (NMW) and National Living Wage (NLW) rates came into effect on 1 April 2021. The new rate for the NLW is £8.91 which is a 19p increase over last year. … read more
08-04-2021
Companies can claim super-deduction from 1 April
The new super-deduction tax break, that will allow companies to deduct 130% of the cost of any qualifying investment from their taxable profits, is available on most new plant and … read more
08-04-2021
Exempt beneficial loans
An employee can obtain a benefit when provided with an employment-related cheap or interest-free loan. The benefit is the difference between the interest the employee pays, if any, … read more
08-04-2021
Claims to reduce payments on account
Self-Assessment taxpayers are usually required to pay their Income Tax liabilities in three instalments each year. The first two payments are due on 31 January during the tax year … read more
08-04-2021
Annual party benefits
The cost of a staff party or other annual entertainment is generally allowed as a deduction for tax purposes. If you meet the various criteria outlined below then there is no … read more
01-04-2021
5% late penalties apply from 1 April 2021
Self-Assessment taxpayers that failed to pay their outstanding tax liabilities or set up a payment plan by midnight on 1 April 2021 will be charged a 5% late payment penalty … read more
01-04-2021
New support for High Streets and sea-side towns
As lockdown measures begin to be eased, a new package of support measures to help high streets and coastal areas across England has been announced by the Communities Secretary … read more
01-04-2021
£1.5bn boost for rates relief
A new Business Rates relief fund will provide a £1.5 billion tranche of support to businesses outside the retail, hospitality, and leisure sectors affected by COVID-19.
Retail, … read more
01-04-2021
OTS recommended changes to IHT
The Financial Secretary to the Treasury has written to the Office of Tax Simplification (OTS) to confirm that HM Treasury strongly supports some key recommendations on changes to … read more