Trivial Benefits
  • Trivial Benefits

A Father’s Day tax exemption  With Father’s Day fast approaching, the trivial benefits exemption could be a tax-efficient way to treat your dad if he is an employee or director of your company.  Expenses or gifts, provided by employers, to employees or directors may not need reporting to HMRC if they meet all these requirements:  Does not exceed £50   Is…Read More

Posted in: Allowance | Benefits | Helpful Tips

VAT Retail Schemes
  • VAT Retail Schemes

VAT retail schemes can help make calculating your VAT easier by calculating your VAT once with each VAT return rather than for each sale you make. For goods sold that are inclusive of VAT, you deduct the VAT you must record. Whereas for goods that are sold exclusive of VAT you must add the VAT…Read More

Posted in: Helpful Tips | Tax | VAT

Paying your deferred VAT
  • Paying your deferred VAT

If you took the opportunity to defer your vat payment between March and June 2020, then you must act before 21st June 2021 to either pay in full or set up a payment plan with HMRC otherwise you will incur 5% penalty. Last year at the start of the covid pandemic, the government allowed businesses…Read More

Posted in: COVID-19 | HMRC | VAT

Reconciling an Account in QuickBooks Online
  • Reconciling an Account in QuickBooks Online

When handling your accounts in QuickBooks, it is important that all information kept is entirely accurate and up to date. To ensure this, QuickBooks has a reconciliation feature that allows you to match the end balance of your bank accounts against the balance shown in bank statements. To keep on top of your accounts it…Read More

Posted in: Companies | Helpful Tips | QuickBooks

VAT margin schemes
  • VAT margin schemes

The VAT Margin scheme is when you charge your customers VAT on your sales, without incurringunfair VAT liabilities on the sales that are eligible for a margin scheme. This is because HMRC hasintroduced a fairer way to declare the VAT on sales for businesses that do not incur VAT on theirpurchases. How it works Usually,…Read More

Posted in: Companies | Helpful Tips | HMRC | Tax | VAT

CIBLS Loan Deadline
  • CIBLS Loan Deadline

Act now: Why you should secure a CBILS before it’s too late The deadline to apply for the Coronavirus Business Interruption Loan Scheme (CBILS), is approaching once more – and this time it seems to be final. Businesses have until 31 March 2021 to start their application. 2021 is still looking extremely challenging for businesses,…Read More

Posted in: Companies | COVID-19 | Helpful Tips | Loans

New Temporary Tax Reliefs on Capital Asset Investments
  • New Temporary Tax Reliefs on Capital Asset Investments

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

Posted in: Allowance | Benefits | COVID-19 | Helpful Tips | HMRC | News | Tax

SEISS the Fourth Grant
  • SEISS the Fourth Grant

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

Posted in: COVID-19 | Helpful Tips | News

Bounce Back Loans (BBL) – 2.0
  • Bounce Back Loans (BBL) – 2.0

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

Posted in: Companies | COVID-19 | Loans

Who needs to declare Capital Gains Tax?
  • Who needs to declare Capital Gains Tax?

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

Posted in: Helpful Tips | HMRC | Tax

  • The Budget 2021

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% forecasted in November. However,…Read More

Posted in: Allowance | COVID-19 | HMRC | Pension | Tax | VAT

Which QuickBooks is right for me?
  • Which QuickBooks is right for me?

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

Posted in: Helpful Tips | QuickBooks

Approval automation for QuickBooks Online
  • Approval automation for QuickBooks Online

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

Posted in: Approval Automation | Guest | QuickBooks

Self-Assessment Deadline extension!
  • Self-Assessment Deadline extension!

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 return finalised and submitted. “We recognise the immense pressure that many people are facing in these unprecedented times and it has become increasingly clear that…Read More

Posted in: COVID-19 | HMRC | News | Tax

International Services-Brexit
  • International Services-Brexit

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

Posted in: Brexit | Companies | Helpful Tips | HMRC | QuickBooks | Tax | VAT


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