3 Mar 2022
HM Revenue & Customs (HMRC) has announced that it is having to prioritise its essential services by temporarily closing some of its telephone hotlines, following a surge in enquiries during and since the pandemic. It has said that it is focusing on stabilising its phone service and tax credits/child benefits service at the start of […]
Read more...3 Mar 2022
Taxpayers are being reminded that COVID-19 support grants or payments should be declared on company tax returns as they are taxable. HM Revenue & Customs (HMRC) has issued a reminder that the filing deadline for company tax returns (CT600) is 12 months after the end of the accounting period it covers. The deadline to pay […]
Read more...3 Mar 2022
Thousands of taxpayers benefited from the Self-Employment Income Support Scheme (SEISS) as the pandemic raged over the last two years, before its closure last year. The scheme, which involved five grant payments, was set up by the Government to provide support for the self-employed, for example sole traders, provided certain eligibility criteria were met. However, […]
Read more...3 Mar 2022
The cloud is king in the world of accounting, with a vast range of software and applications available, designed to be easy to use by businesses and their owners. The beauty of cloud accounting is that the software can be accessed anywhere that has an internet connection on a range of devices. Good accounting software […]
Read more...3 Mar 2022
A cash flow statement provides data about all cash inflows a company receives from its operations and investments. It tells you how much cash is entering and leaving your business in any given period. Along with balance sheets and income statements, it is vital for managing your small business accounting and making sure you have […]
Read more...3 Mar 2022
While the national job vacancy boom is good news for job seekers, it could be a nightmare for businesses keen on retaining high-quality staff. While a pay rise is always welcome it may not always be the most tax or National Insurance efficient approach when compared with other benefits, including salary sacrifice, that could be […]
Read more...3 Mar 2022
Businesses across the UK are already benefitting from the temporary tax relief offered by the super-deduction but many more could still be missing out on this vital support. The super-deduction scheme was introduced on 1 April 2021 and will run until 31 March 2023. It allows firms investing in qualifying plant and machinery assets to […]
Read more...4 Feb 2022
Every year employers across the UK submit an end-of-year report to HM Revenue & Customs (HMRC) outlining the benefits provided to each employee and director, which were not included in their wages. This report is sent using the P11D form, which must be submitted by 6 July following the end of the tax year. […]
Read more...4 Feb 2022
It’s a new year and many people who may have lost their jobs during the pandemic or have decided to take their life in a new direction, will be looking to start up a business. It could be a full-time endeavour or a part-time business looking to make a bit of extra income to cope […]
Read more...4 Feb 2022
It was recently announced that the Government would reform business rates relief for owners of second homes – resulting in some holiday let owners facing additional costs of up to £1,000 a year. The Department for Housing, Communities and Local Government wants to close what it sees as a loophole in the current business rates […]
Read more...4 Feb 2022
According to a new survey from the Federation of Small Business (FSB), more than 440,000 small businesses could fail because of a new late payment crisis. The national small business organisation has called for the Government to step in and take urgent action to improve how companies are paid. According to the FSB study, 30 […]
Read more...4 Feb 2022
Two company directors have been banned for a total of 21 years after they fraudulently claimed £100,000 in bounce back loans. Following an investigation by the Insolvency Service, Aamer Aslam from Huddersfield and Razwan Ashraf from Keighley were disqualified for 11 and 10 years respectively after they fraudulently claimed Bounce Back Loans (BBL). The disqualifications […]
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