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What have we learnt from 2020?
To answer this question, we should take a look at a few adjectives that have been used to describe COVID-19’s effects on our personal and business lives. For example, unexpected, unprecedented,...
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Possible crackdown on unfair employment clauses
The following update is copied from a government press release recently issued by the Department for Business, Energy & Industrial Strategy. New proposed measures to allow workers’ greater freedom...
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Looks like we are heading for a no-deal exit from the EU
If the following criteria apply, this is what our government recommend that you do from 1 January 2021: You:• Are British• Live and work in the UK• Travel to the EU for business reasons• Have no plans...
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Accounting for import VAT on your VAT return
From 1 January 2021, if your business is registered for VAT in the UK, you will need to consider how to treat VAT added to imports from the EU. Accounting for import VAT on your VAT Return means you...
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Parting shot from the Chancellor
For a man that has admitted he has concerns about the level of government funding committed to the support of businesses during the last nine months, Rishi Sunak’s disclosure last week that he is...
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Concerned about tax payments due 31 January 2021?
UK taxpayers that file a tax return will need to pay a variety of self-assessment tax and NIC liabilities that will fall due at the end of January 2021. They include: • The second payment on account...
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Best wishes for 2021
The turning of the old year into the potential for the new year has usually generated the Happy New Year salutation. And indeed, we do wish our readers all the very best for 2021. What challenges do...
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Is your 2019-20 tax return filed?
Readers who have not yet filed their 2019-20 self-assessment tax return for 2019-20 have less than one month to do so. The online filing deadline is 31 January 2021. Could clients reading this...
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Business lockdown summary January 2021
We have prepared the following lists from information published on the GOV.UK website. It sets out which businesses are required to close, and which can remain open during the current COVID lock-down....
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Why go digital?
There is a major advantage to recording business transactions digitally; once the basic data has been entered it can be interrogated and represented in endless types of reports. During the present...
View ArticleHMRC discloses shocking employer explanations for not paying legal minimum wage
‘She only makes the tea’ and ‘my employees are on standby’ are just a few excuses used by businesses who have paid workers under the National Minimum Wage, the UK tax office has revealed. Every...
View ArticleMore UK businesses join vaccine uptake drive
In a recent press release the government announced that more of the country’s leading businesses from a variety of industries have pledged support for the UK’s world-leading COVID-19 vaccination...
View ArticleNIC and Levy high jinks
The Prime Minister’s recent announcement of a 1.25% increase in NIC Class 1 and Class 4 rates from April 2022 was widely predicted. Effectively, this is a tax increase on earnings (employed or...
View ArticleGovernment backs UK entrepreneurs with £600 million of Start Up loans
The UK Government’s Start Up Loans scheme has now provided £600 million in loans to small businesses outside London, providing extensive support for entrepreneurs across the UK. The initiative (run by...
View ArticleWhat is round the corner?
Having glimpsed the light at the end of the COVID tunnel, many of us will have everything crossed that progress towards normality will continue. The winter months are not a brilliant time for...
View ArticleHundreds of business names dismissed by Companies House during pandemic
Over the last two years, Companies House has disallowed more than 800 business names for being ‘too offensive’. Building That Fought Hitler Limited, Cambridge Cannabis Club Limited, Fancy a Bomb Ltd...
View ArticleBetter late than never…
A recent HMRC press release confirmed that sole traders and buy-to-let property businesses (but not incorporated businesses) will have an extra year to prepare for the digitalisation of Income Tax....
View ArticleBudget planning opportunities
It was difficult to find any changes proposed in the budget last week that gave rise to great optimism or that swept away the nagging feeling that we are not out of the woods just yet. We have...
View ArticleTax year end – all change?
At present, self-employed traders (sole traders and partnerships) are taxed for each tax year on profits for the accounting period ending in that tax year. Therefore, if a trader’s accounting year end...
View ArticleWhat is cabotage?
Although it sounds like a culinary dish – a cabotage is defined as the transport of goods or passengers between two places in the same country by a transport operator from another country. Its present...
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