Blog

‘Classes’ is a feature of QuickBooks Plus in which transactions can be tracked by departments, product lines, customers, or any other segment of your business you’d like to keep track of. This is a useful feature for those businesses that would like to keep an eye on expense, income, and profit of certain segments of…Read More

As you might have seen, HMRC has now ended their deferral of VAT payments and as such, you may now wish to reinstate your direct debit payments. Unfortunately, HMRC has removed the ability for us to set this up on your behalf, however, it is relatively straightforward for you to do now. Firstly, you will…Read More

File CIS returns The accounting industry has been evolving for the last 20 years, adapting to the new digital age. Cloud accounting is the practice of using accounting systems that are accessed online; this has been implemented for a variety of accounting purposes, giving us business owners easy access, better time efficiency, relevant reports and…Read More

The Coronavirus Job Retention Scheme – The End of Furlough? On the 29th of May, the chancellor announced some major new updates to the Coronavirus Job Retention Scheme to help get businesses back on their feet and employees back to work. Here we outline the latest changes and highlight what you need to know. Deadline…Read More

Replacement of business asset relief Rollover relief (ROR) allows the gain arising on the disposal of a qualifying business asset to be rolled over (i.e deferred) when the sale proceeds are reinvested in a qualifying replacement asset within a qualifying time period. This relief is both available to individuals and companies. For individuals   The…Read More

The numbers behind the covid-19 pandemic The Coronavirus has pushed the world into a downward financial spiral and plagued global societies with financial uncertainty, loss and great sadness. Many international governments and health organisations are doing all they can to not only stop the spread but to also provide support and stability to those also…Read More

Look after your cash flow and it will look after your business More so now than ever, cash is extremely important to the success of your business. As we slowly come out of COVID 19, it will be vital to make sure you are making the most of your cash reserves, support loans and managing…Read More

Open banking regulations came into impact on March 14th 2020.  Since then, most people with bank connections to QuickBooks will have noticed a difference to the way that their accounts are connected, whether that be that the connection now runs uninterrupted for 90 days without security needed, or that the bank feed is no longer…Read More

The HMRC Job Retention Scheme Portal has been live for nearly two weeks now and the first applicants have started receiving payments. But with furloughing being such a new concept and the many updates to the guidance from the government, it can be difficult to understand. Here we look at the most important points. What…Read More

How to complete a stock transfer form and get it processed, including new measures put in place because of Coronavirus (COVID-19). Due to measures put in place to stop the spread of coronavirus (COVID-19) HMRC have temporarily changed the way they deal with Stamp Duty. You should not post stock transfer forms to HMRC –…Read More

Potentially a tax-free way to make the most out of your unused land For those of you with a sizable garden, you may have thought at some point that you may not be using this space to its full potential. Maybe you were planning to grow some vegetables and then realised, you don’t have the…Read More

The government have introduced changes to the way that Capital Gains Tax for residential properties is reported and paid with effect from 6th April 2020. These changes mean that when you sell a residential property in the UK that results in a Capital Gains Tax liability you will have 30 days from completion of the…Read More

A PAYE Settlement Agreement (PSA) allows you, as an employer, to make an annual payment to cover all the tax and National Insurance due on minor, irregular or impracticable expenses or benefits for your employees. Class 1B national insurance is due on PSA’s which means that the expense or benefit does not need to be…Read More

Small-business owner-managers Do you want to know how to draw £50,000 from your company and pay just £2,663 in tax and NI whilst saving £1,726 in corporate tax? Or even better, do you want to know how to draw £50,000 from your company and pay just £3,023 in tax and NI whilst saving £2,375 in…Read More

Who can get the Self-Employed grant? Sole traders or partners in a trading partnership, but not director/owners of limited company businesses. What will you get? A taxable grant representing up to 80% of your average profits if you meet the following criteria: you submitted your tax return for 2018/19 ( year ended 5th April 2019…Read More