News

Emerging from lockdown

23/02/2021

The Prime Minister has set out the government’s objectives for easing lockdown restrictions. If the planned opening of schools, social interactions and businesses is achieved without significant increases in infection, after 21st June 2021, there will be no legal limits on social contact. Which means, all businesses including hospitality

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What is overtrading?

23/02/2021

A reminder that traders who buy and sell goods - wholesalers or retailers - need to be wary of the financial consequences if, as expected, pent up consumer activity leads to a surge in demand for your products from July 2021 or earlier if you can trade before 21st June 2021. What is overtrading? Let’s assume that the past year’s

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Marriage Allowance tax break

18/02/2021

If you are entitled to the marriage allowance and have not yet applied, then you could receive a payment of up to £1,188 from HMRC. HMRC used the occasion of Valentine’s Day to remind couples to make a claim. The marriage allowance is available to qualifying married couples and those in a civil partnership where a spouse or civil partner

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Added protection for pension savers

18/02/2021

The new Pensions Scheme Act received Royal Assent on 11 February 2021. The Act covers a number of important pensions-related issues and has faced a long journey through parliament, starting in October 2019, that included delays due to both Brexit and the coronavirus pandemic. The Act has been described by government as ‘the biggest

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Simplified export declarations

18/02/2021

Following the end of the Brexit transition period, businesses need to make customs declarations when exporting goods to the EU as well as to the rest of the world. Businesses can make customs declarations themselves or hire a third party such as a courier, freight forwarder or customs agent. Businesses can use simplified export

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Guidance for paying deferred VAT updated

18/02/2021

The coronavirus VAT payment holiday gave businesses the chance to defer the payment of any VAT liabilities between 20 March 2020 and 30 June 2020. The option for businesses to defer their VAT payments ended on 30 June 2020. There are two options available for repaying this VAT. The first option is to pay the deferred VAT in full on or

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Tax breaks working from home

18/02/2021

Employees who are working from home may be able to claim tax relief for any additional costs due to home working. No tax relief will be due if employers reimburse employees for the additional household expenses incurred. The tax relief covers expenses such as business telephone calls or heating and lighting costs. Expenses that are for

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Buying equipment for your job

18/02/2021

Employees who need to buy substantial equipment to use as part of their employment may be able to claim tax relief. In most cases they can claim relief based on the full cost as it usually qualifies for a type of capital allowance called the Annual Investment Allowance. Any tax relief would be reduced if the employer provides a

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Post-Brexit review of workers’ rights cancelled

18/02/2021

In an apparent U-turn, the Business Secretary has confirmed during a television interview that a proposed post-Brexit review of EU-derived workers' rights, due to be carried out by the Department for Business, Energy & Industrial Strategy (BEIS), has been cancelled. The review was expected to consider proposals to amend the Working

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How much do your customers owe you?

17/02/2021

Many business owners are buoyed by turnover; if it’s sold it’s as good as money in the bank, but is it? What are your credit terms? How many days do you allow your customers to keep your money before insisting they pay you? 30 days is probably the most widely used credit term, which in real terms probably means customers pay after 40,

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Financial outcomes for your business

17/02/2021

There are three possible financial outcomes for your business, each with their own challenges: Make a profit Breakeven, or Make a loss Making a profit Clearly, this will be your goal. If you make profits - and taxation will never eat up all your profits - this will generate cash resources that can be accumulated in the business or

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Why keeping adequate accounting records is important

11/02/2021

A recent investigation by the Insolvency Service resulted in the sole director of a Leicester clothing manufacturer being jailed for six months after failing to provide adequate company accounting records. The investigation found that the defendant had not kept adequate accounting records which meant the liquidator could not ascertain

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Accounting for import VAT on your VAT return

11/02/2021

Following the end of the transition period, businesses registered for VAT can account for import VAT on their VAT return, often referred to as postponed VAT accounting. For most businesses, this means that they will declare and recover import VAT on the same VAT return. The normal VAT recovery rules that define what VAT can be reclaimed

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Self-Employment Income Support Scheme

11/02/2021

Claims for the third Self-Employed Income Support Scheme (SEISS) grant closed on 29 January 2021. Under this grant, the self-employed received up to 80% of average trading profits for November and December 2020 and January 2021. This meant that a maximum grant for the three months of £7,500 was made available to those who met the

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Bounce Back Loans scheme changes

11/02/2021

The Bounce Back Loans scheme was launched in May 2020 to provide financial support to businesses across the UK that were losing revenue and disrupted cashflow as a result of the COVID-19 pandemic. The scheme allows qualifying small businesses to borrow between £2,000 and £50,000 with no fees or interest to pay for the first 12 months. In

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VAT and overseas goods sold to customers in the UK

11/02/2021

Following the end of the Brexit transition period, new rules on tax and duty now apply on goods sent to the UK from overseas. These changes are meant to ensure that goods from EU and non-EU countries are treated in the same way and that UK businesses are not disadvantaged by competition from VAT free imports. For goods sold directly to

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Present criteria for claiming via the furlough scheme

11/02/2021

The detailed Furlough Scheme rules were last updated 4 February 2021. People who are unable to work can receive up to 80% of their wages. This payment is subject to a monthly maximum amount of £2,500 per employee (for hours not worked). Employers have the discretion to top-up the payments if they so wish. To use the extended scheme - to

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Can we supply the coming consumer bounce-back?

09/02/2021

Will the Government’s endeavours to nail the COVID virus with the vaccine roll-out have the desired effect of opening up the UK economy, the easing of lock-down and a gradual return to “normality”? Fingers crossed… One thing is for sure, when the pubs can open, when we can start to book a holiday and when High Street

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