As a UK accountant, one of the questions we often receive from clients is whether a loss from previous years can be used to offset capital gains tax on a new sale. The short answer is yes, it is possible to use losses from previous years to reduce capital gains tax on a new sale.…Read More
Cryptocurrency is an encrypted digital payment system working through a computer network which isn’t reliant on an authority to verify payments. Different assets include exchange tokens (used as a means of payment or investment), utility tokens (provide access to goods and services), security tokens (provide right or interests in a business) and stablecoins (built to…Read More
As the end of the 2021/22 tax year is quickly approaching, it is time to evaluate what this means for company directors and employees in the upcoming 2022/23 tax year. Director’s Salary The UK government will increase Class 1 National Insurance thresholds from the 6th of April 2022, with the Employer’s National Insurance (ER NI)…Read More
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. The fifth SEISS grant can be claimed if you think that your business profits will be impacted by Covid-19 between 1st May 2021 and 30th September 2021.There are three stages of…Read More
Capital allowances are claimed on assets as a form of tax relief. Full first-year allowance (FYA) is a type of allowance on certain assets that allows you to claim tax relief on the full cost of the asset in the year of purchase. So how does it work? When you purchase an asset that qualifies…Read More
As many of you know, for the meantime, the official guidance remains for employees to work from home where possible. With this expected to change shortly, however, are you and your fellow employees ready for the move back to the office? Or quite possibly, has this changed the way your business works for good? One…Read More
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
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
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
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
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
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
Never call an accountant a credit to his profession; a good accountant is a debit to his profession.
Charles Lyell
