If your business has managed to negotiate the pandemic thus far without shedding staff you have probably made good use of the furlough scheme. Unfortunately, in recent months the Government’s contribution to furloughed costs has been reducing, and at the end of October the Coronavirus Job Retention Scheme (loosely referred to as the
More...We have all been in situations where we have received bad service. For example, you place an order in a busy restaurant and notice that folks who had arrived after you were receiving their order before you. Time passes. Still no sign of your dinner. Stretched to its limit, your patience expires, and you call over the waiter who marches
More...The Chancellor, Rishi Sunak, has today delivered a statement to the House of Commons outlining plans to help protect jobs across the UK whilst the country faces a resurgence of coronavirus and a winter of uncertainty. The Chancellor was facing mounting pressure to reveal future changes as many of the schemes and reliefs previously
More...It has become a requirement for premises and venues across England to have a system in place to record contact details of their customers, visitors and staff. This move is intended to help trace people should a venue be linked to a coronavirus outbreak. The government has said that further guidance and, where necessary, regulations will
More...The government has published the new rules for duty free and tax free shopping that will come into effect from 1 January 2021. The changes are wide ranging. For anyone who smokes or drinks there will be no duty charged on alcohol or tobacco products from January 2021. This will apply irrespective of whether you are travelling to an EU or
More...Employees who need to buy equipment to use as part of their employment may be able to claim tax relief based on the cost of the equipment acquired. In most cases you can claim tax relief on the full cost of this type of equipment as it usually qualifies for a type of Capital Allowance called annual investment allowance. Any tax relief
More...Company directors and other eligible people such as company secretaries, people with significant control (PSC) and LLP members can apply to remove their personal addresses from the UK’s official company register on Companies House. Company directors and others are still required to provide an alternative correspondence address if they
More...A Partnership is a relatively simple way for two or more legal persons to set up and run a business together with a view to profit. Partnerships can take many forms. Legal persons other than individuals can also be partners in a partnership. For example, companies may form partnerships with other legal persons including individuals, other
More...The majority of gifts made during a person's life are not subject to tax at the time of the gift. These lifetime transfers are known as 'potentially exempt transfers' or 'PETs'. These gifts or transfers achieve their potential of becoming exempt from Inheritance Tax if the taxpayer survives for more than seven years after making the gift.
More...The cash basis scheme helps landlords, sole traders and other unincorporated businesses to benefit from a simpler way of managing their financial affairs. The scheme is not open to limited companies and limited liability partnerships. The entry threshold for the cash basis scheme is £150,000 and qualifying businesses can stay in the
More...Mothballing as used in a business sense is usually defined as to stop using a piece of equipment or process, and then storing and preserving mothballed assets for later use. Many business owners are now faced with marshalling their resources in this way. There is a temptation to sell off assets that are under-utilised due to the present
More...It is really difficult to maintain a sense of equilibrium and optimism in these difficult times. Even if you can embrace the notion that everything changes, and they do, the present restrictions on our daily business and home lives seem all consuming and never ending. Where is the silver lining, the light at the end of the tunnel? An
More...1 October 2020 - Due date for Corporation Tax due for the year ended 31 December 2019. 19 October 2020 - PAYE and NIC deductions due for month ended 5 October 2020. (If you pay your tax electronically the due date is 22 October 2020.) 19 October 2020 - Filing deadline for the CIS300 monthly return for the month ended 5 October 2020.
More...As our readers will no doubt be aware, the Coronavirus Job Retention Scheme (CJRS) is closing on 31 October 2020. The scheme moved to a more flexible working arrangement from 1 July 2020 to allow employees to resume part-time working and to begin to ease employers away from their reliance on the scheme. These changes continued with
More...For companies with taxable profits of up to £1.5 million the payment of any Corporation Tax is due 9 months and 1 day after the end of your accounting period. The accounting period is usually the financial year of your business but can be different especially in the first year of business. This deadline means that companies with the
More...If you do not receive compensation from your employer you can still claim tax relief for some expenses that result from home working. HMRC will usually allow you to claim tax relief if you use your own money for things that you must buy for your job and you only use these items for work. You must make a claim within 4 years of the end of
More...The Ministry of Justice (MoJ) has confirmed that video witnessed wills in England and Wales will be made legal during the coronavirus pandemic. The change in law to introduce this measure is due to come into force later this month - the reforms will be backdated to 31 January 2020 - the date of the first confirmed coronavirus case in the
More...HMRC has published a new Revenue and Customs Brief on the VAT treatment of early termination fees and similar compensation payments following recent judgments of the Court of Justice of the European Union (CJEU). HMRC has said that this will impact anyone who charges their customers to withdraw from agreements to supply goods or
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