What are capital allowances? Capital allowances allow businesses to write off the costs of tangible capital assets, such as plant or machinery, against their taxable income. Whilst most businesses use depreciation to write down the value of an asset over its usable life, this is generally not allowed for tax purposes. Therefore, any depreciation must…Read More
The Self-Employed Income Support Scheme (SEISS) Fourth Grant The Self-Employed Income Support Scheme (SEISS) was introduced to assist sole traders and those in a partnership who had been adversely affected by Covid-19. Will I be able to claim? The SEISS fourth grant will be available to those that are self-employed or members of a partnership.…Read More
For many companies, the bounce back loan has been a saviour, getting them through the tough times of multiple lockdowns with a cheap, currently interest-free loan of up to £50K. If you have been hiding away from the news, preoccupied or are just now thinking that it would be beneficial to have that cash to fall back…Read More
CGT, which is short for Capital Gains Tax, is a tax that is charged on gains arising on “chargeable persons” making a “chargeable disposal” of “chargeable assets”. First, let’s deal with what a “chargeable person” is. A “chargeable person” could be either an individual or a company. This blog is going to cover disposals by individuals, please keep an eye out for a follow-up blog covering disposals by companies. Individuals…Read More
The economy and headline figures The 2021 Budget took place on 3 March 2021. Chancellor Rishi Sunak announced that, as a result of the Covid-19 crisis, GDP shrank by 9.9% in 2020, the largest annual fall in 300 years according to a Bank of England report, albeit lower than the 11.3% forecast in November. However,…Read More
There are plenty of options available when selecting a QuickBooks Online package. Your decision may be based on whether to use QuickBooks Online or QuickBooks self-employed or which QuickBooks Online package to use. This article will hopefully help make your decision a little easier. QuickBooks Online vs QuickBooks self-employed There are vast differences between the…Read More
ApprovalMax ApprovalMax is a tool that extends the online accounting platform QuickBooks Online with approval-driven financial controls. It replaces paper- and email-based approvals with fully automated multi-role and multi-tiered approval workflows, and ensures spend control and regulatory compliance for both internal accounting and financial service outsourcing organisations. Protect your data It is possible to perform…Read More
COVID-19 Since our last update on the self-assessment deadline, HMRC has generously decided to extend the deadline by a further four weeks to allow taxpayers more time to get their returns finalized and submitted. “We recognize the immense pressure that many people are facing in these unprecedented times and it has become increasingly clear that…Read More
Supply of services The two basic rules for services will remain unchanged post-transition: Business-to-business (B2B) services The basic place of supply of B2B services will be where the customer belongs. If the business customer belongs outside the UK, the supply is outside the scope of UK VAT. The UK service provider must include the sale…Read More
Firstly what is a reverse charge? The reverse charge is described by HMRC as an Anti-fraud measure. It is a mechanism that shifts the liability for accounting for the output VAT from the supplier onto the customer. For chains with multiple contractors, this will transfer the liability to the final contractor in the chain who…Read More
Extra funding of up to £9,000 is now available for businesses in the retail, hospitality and leisure sectors via Adur & Worthing Council. Businesses eligible for the latest top-up funding announced by the Chancellor in early January can now register via the councils’ online portals. The funding is part of a range of support available…Read More
With the 31st January self-assessment deadline looming, now might be a good time to finally get around to preparing and submitting to HMRC! Here we will discuss: Who needs to file a tax return What you need to include What happens if you are not registered but need to file Late filings & penalties How to…Read More
International Goods From 1st January 2021 goods entering the UK will be an import and postponed accounting will be introduced for worldwide imports. This will be better for cash flow as it will mean that VAT is not payable by a VAT registered business at the time goods arrive in the UK. This will mean…Read More
International goods From 1st January 2021 all goods leaving the UK will be a zero-rated export. If you use QuickBooks to keep your records, the VAT code to use is 0.00% Z – Zero rate VAT. It is expected that the customer will be the importer of record in the destination country and therefore the…Read More
Use of Cloud Accounting tools for Charities As a charity, the requirements for accounting tools will be different from that of a normal Limited Company or Sole Trader. There may be extra levels of reporting needed, or different needs in the day to day running of the organisation, such as the handling of petty cash.…Read More
In the corporate world, sometimes things aren’t exactly black and white when it comes to accounting procedures.
George W. Bush
