Tag Archives: business finance

  1. New Drop-Off and Collect Facility

    We’ve been doing some work on the offices and have reorganised ourselves. Next time you visit you will find reception has changed significantly.  Most importantly, there is a counter for you to drop stuff in and interact with us. We’ve knocked the place about a bit, changed the flooring, redecorated, and generally had a refresh….

  2. Virtual Christmas Parties Exemption in 2020

    HMRC has confirmed that a virtual Christmas party will fall within the rules for the annual parties exemption in the same way that it would for traditionally held parties.   No – it’s not a joke! To be exempt from taxation the party must: be open to all employees be annual, such as a Christmas…

  3. The Chancellor’s Winter Economic Plan

    Since the onset of the coronavirus pandemic, many businesses and individuals have benefited from a range of schemes, including furlough grants for staff unable to work, grants for the self-employed, deferral of VAT and Income Tax payments and cheap, government-backed business loans. With the second wave of coronavirus infections upon us, the whole of England…

  4. Brexit – The End of Transition is Nigh

    The UK left the EU on 31 January 2020 but all trading arrangements, including VAT, are held in suspension until the end of the transition period on 31 December 2020. Whatever deal is finally agreed between the EU and the UK government, the VAT rules for UK traders will be different from 1 January 2021,…

  5. Government Updates September 2020

    Here is a summary of the latest government updates, dated 24 September. Job Support Scheme The Job Support Scheme (JSS) is designed to give business the ability to retain staff working reduced hours, rather than make them redundant. Employees will only be eligible for the scheme if they are working at least 33% of their…

  6. More Time to Pay Taxes

    The Government has introduced an immediate deferral of upcoming Income Tax and VAT payments but the other business taxes such as PAYE and Corporation Tax remain payable on the due dates. HMRC is willing to enter ‘Time to Pay’ (TTP) arrangements where businesses or individuals are struggling to pay tax bills on their due dates….

  7. New Implementation Dates for Making Tax Digital

    As you may be aware HMRC decided to delay their plans to implement Making Tax Digital (MTD) due to the Covid-19 virus. HMRC has now announced the new implementation dates. Making Tax Digital will now be: Extended to VAT-registered businesses with turnover below the £85,000 VAT threshold from April 2022 (In other words anyone VAT…

  8. Coronavirus: Our Services To You

    Covid-19 Coronavirus With the increasing national concern regarding the COVID-19 coronavirus, we want to assure our clients that we are monitoring the developing situation carefully and have a plan in place to provide a continued service to clients as far as we possibly can. To read more please visit our dedicated pages here

  9. National Living Wage and Minimum Wage Rates Increase

    Some three million workers are set to benefit from increases to the National Living Wage (NLW) and minimum wage rates for younger workers from 1 April 2020. The compulsory NLW is the national rate set for people aged 25 and over. The NLW is enforced by HMRC alongside the national minimum wage (NMW), which they…

  10. December’s General Election and Tax

    Following the General election on 12 December, Prime Minister Boris Johnson has confirmed that Sajid Javid remains as Chancellor of the Exchequer and no other changes at HM Treasury have been announced. The Prime Minister has however, confirmed that a more significant cabinet reshuffle will take place after the UK leaves the EU on 31…

  11. Tax-Free Christmas Parties

    Whilst the tax legislation does not include a specific allowance for an employer providing a Christmas party for employees, HMRC do allow limited tax relief against the cost of holding a social function for employees, providing certain conditions are met. Broadly, a social event – which of course, includes the annual Christmas party – will qualify as…

  12. Salary or Bonus?

    As 31 December approaches, many companies will be getting ready to tie up tax matters for their financial year-end and giving consideration to salaries, bonuses and dividends. Given current tax rates, paying a dividend rather than a salary will often be a more cost-effective way of withdrawing profits from a company. However, if the company is…