VAT Deferred Period – HMRC VAT Direct Debits

1 min readThe VAT payment deferral period, which was introduced as a measure to ease financial pressure on businesses during the COVID-19 pandemic, ends on 30 June 2020.  Any liabilities that fall due on or after 1 July 2020 should be paid in full by the due date, unless there is a time to pay arrangement in …

COVID-19 Business Support Measures Update

2 min readThe Government have recently issued further guidance on two of the support packages available to businesses affected by COVID-19. Coronavirus Job Retention Scheme (“CJRS”) The updated guidance on the CJRS sets out the procedures following the changes that come into force on 1 July 2020.  The major change on 1 July will be that employers …

A welcome delay to the introduction of the VAT Domestic Reverse Charge

1 min readHMRC have announced a five month delay to the introduction of the VAT Domestic Reverse Charge.  The significant changes to how VAT is applied to services in the construction industry will now not come into force until 1 March 2021.  The delay will no doubt be a relief for many construction businesses who are already …

Covid-19: The tax implications of working from home

2 min readEmployees who work from home due to measures to control the coronavirus pandemic are covered by home-working expenses rules, HMRC has confirmed. Many of us are now working from home as offices are closed during the COVID-19 pandemic. This can mean additional expenditure for both employers and employees. What tax reliefs are available? Employer Reimbursed …

Why Consider a Bounce Bank Loan

2 min readIn an attempt to help businesses that were unable to access funds through the Coronavirus Business Interruption Loans (CBILS), the treasury recently announced the Bounce Back Loan Scheme (BBLS). The terms of these loans have now been confirmed as follows: Loans range from £2,000 up to 25% of a business’ turnover to a maximum of …

Self Employment Income Support Scheme

1 min readHM Revenue & Customs have today released a guide detailing how it will assess eligibility for the Self Employment Income Support Scheme for sole trader businesses that have been affected by COVID-19. The guide sets out how the profits will be calculated, on which the grant will be based.  There are no real surprises, although …

Information Commissioner’s Office (ICO)

2 min readThousands of small-business owners and landlords say they are confused by Information Commissioners Office (ICO) letters demanding a fee to ensure the protection of their customers’ and tenants’ personal information. The Information Commissioner’s Office (ICO) upholds information rights in the public interest, promoting openness by public bodies and data privacy for individuals. ICO is an …

Directors and Furlough

1 min readHM Revenue & Customs have updated their guidance on the Coronavirus Job Retention scheme on 4 April 2020. The new guidance confirms directors are able to be furloughed and where this decision is made it should be formally recorded in the company’s record and the director notified in writing. With regards to what a furloughed …

Supporting businesses impacted by COVID-19

3 min readIn an interconnected global economy, the new coronavirus (also known as COVID-19) is affecting UK businesses and their operations. It has resulted in restrictions on travel and public gatherings, as well as supply chain disruptions and market uncertainty. We share some practical steps you can take to help manage the impact of COVID-19 on your …

Budget Highlights

2 min readChancellor Rishi Sunak unveiled his first budget on 11 March 2020. Our summary focuses on the range of tax and financial measures which may affect you. Entrepreneurs’ relief lifetime allowance reduced to £1m It had been widely reported that the chancellor would abolish the generous relief where gains on certain qualifying shares and business assets …

Should I buy an electric car?

3 min readThe electric car market is growing quickly, with almost 265,000 models on UK roads (December 2019). If you are thinking of making a change to your car, you now have more choice than you would have last time you went car shopping. Options such as petrol and diesel have been expanded to include hybrid and …

Capital Gains Tax

2 min readPreviously, disposals of UK residential properties are reported and any capital gains tax (CGT) calculated through your Self-assessment Tax Return.  The tax is therefore due for payment on the 31st January following the tax year of disposal. What is changing? This will all change for disposals of UK residential property after 6th April 2020 (the …