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Accounting & Compliance COVID-19

End of temporary insolvency measures

Temporary insolvency restrictions protections are being lifted and new targeted measures to support small business and commercial tenants introduced.

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Accounting & Compliance COVID-19

VAT rate reduction for hospitality, holiday accommodation and attractions

The reduced VAT rate of 5% has been extended until 30 September 2021.

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Accounting & Compliance

Plastic packaging tax starts 1 April 2022

If you are a business that manufactures or imports 10 or more tonnes of plastic packaging over a 12-month period you will need to register for the tax.

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Accounting & Compliance

Changes to National Insurance and Dividend Tax from 2022

On 7 September, the government announced an increase in National insurance contributions and dividend tax rates from April 2022.

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Accounting & Compliance

What is a director’s loan?

A director’s loan is created when you as a director get money from your company that is not a salary, dividend or expense repayment.

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Accounting & Compliance

Big tax bills for the self-employed in 2022/23

Draft legislation has been published to change the basis periods for the assessment of self-employed profits to coincide with the tax year.

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Accounting & Compliance Making Tax Digital

Making Tax Digital update – August 2021

VAT registered business making taxable supplies above the £85,000 registration threshold have been grappling with Making Tax Digital (MTD) since April 2019.

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Reducing Tax

Can my limited company pay for my garden office?

The past year has seen a huge increase in the number of people choosing to and being able to work from home due to COVID-19.

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Accounting & Compliance

More details on New Company Loss Carry Back Rules

HMRC have updated their guidance on claiming relief for company trading losses to take account of the extended carry back announced in the Spring Budget and now legislated in the Finance Act 2021.

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Accounting & Compliance

Are you aware of the changes to the off-payroll working rules?

Many businesses would have heard of the original off-payroll working rules which were introduced to ensure that individuals who work like an employee pays similar taxes to other employees.

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COVID-19

HMRC publishes details of the Fifth SEISS grant claim

Full details of the fifth Self-Employed Income Support Scheme (SEISS) grant, including a new turnover test which determines the level of the grant, were published by HMRC on 6th July.

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Accounting & Compliance

What is a “dormant” limited company?

Many business owners have companies in the background to ‘save the name’ or just changed their plans and didn’t ever trade through them.

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Brexit

Postponed VAT accounting – How it works for businesses

As of 1 January 2021 VAT registered businesses that import goods into the UK from anywhere in the world can use a new system called postponed VAT.

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Accounting & Compliance Making Tax Digital

Making Tax Digital update – June 2021

HMRC introduced the first phase of its new digital tax initiative, Making Tax Digital (MTD), on 1 April 2019 and there are still changes to come which will affect the majority of businesses!

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Brexit

Grants for small and medium-businesses new to importing or exporting

The SME Brexit Support Fund could give you up to £2,000 to help with training or professional advice.

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Reducing Tax

Should I get a company car?

Company cars have always been popular and they can be a great incentive to offer to employees or attract the best candidates for your company.

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Accounting & Compliance

Can I recover VAT on electric car charging?

The government are committed to encouraging more and more people to drive electric cars and have reduced or eliminated the income tax benefits of providing electric company cars or charging points for employees.

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COVID-19

June 2021 - Self-Employment Income Support Scheme (SEISS) update

This blog looks at the latest information on the SEISS which is extracted from HMRC, and government updates provided to us.

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COVID-19

May 2021 – Coronavirus Job Retention Scheme (CJRS) update

A roundup of the latest information on the CJRS which is extracted from HMRC updates provided to us.

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Reducing Tax

Should I pay into a personal pension or should my company pay my pension instead?

This question has been asked a few times recently by company directors looking to manage their remuneration in the most tax efficient way.

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COVID-19

What is the Recovery Loan Scheme?

The Recovery Loan Scheme supports access to finance for UK businesses as they grow and recover from the disruption of the COVID-19 pandemic.

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