What has happened? On the 8th July 2020, the UK government announced that it would be introducing a temporary reduction in the rate of VAT for certain supplies of hospitality, holiday & hotel accommodation and admissions to certain attractions. They will be slicing the rate of VAT payable from the normal standard rate of 20%…Read More
Up until now, company directors have been able to furlough themselves and carry on doing their director duties, provided they are doing no income-generating activities. This is still the case, however, with the introduction of a new phase of the furlough scheme, they may wish to consider the option of ‘Flexible Furlough’. Here we explain…Read More
The Self Employed Income Support Scheme (SEISS) was first introduced to assist sole traders and those in a partnership who had been adversely affected by Covid-19. The scheme offered a grant worth 80% of average monthly trading profits for a three month period, paid in a single instalment and capped at a total of £7,500.…Read More
‘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
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
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
The word accounting comes from the word accountability. If you are going to be rich, you need to be accountable for your money.
Robert Kiyosaki
