The growth and development of your business
Sole Trader & Company Director Tax Deadline Guides 2022/23
Today marks the start of a new tax year and we're pleased to provide two new guides to help you stay on top of your tax affairs throughout the year: Sole Trader Tax Deadline Guide 2022/23 Company Director Tax Deadline Guide 2022/23 Keep a copy to hand as a useful...
Spring Budget 2022 – A Summary for Business Owners
In Rishi Sunak's fourth Budget delivered today, the Chancellor reported forecasted economic growth of 3.8% in 2022, lower than previously predicted, with inflation likely to reach 7.4% later this year. Inflation is forecast to come back under control and economic...
One Month to Go – Making Tax Digital for VAT Business Becomes Mandatory on 1st April
Tomorrow marks one month before the next significant stage in the 'Making Tax Digital' (MTD) initiative comes into force. MTD is a Government initiative, designed to make tax projection and payment more straightforward and efficient for UK taxpayers. It focuses on the...
Update to Statutory Sick Pay Rebate Scheme
The Government has announced dates for final claims for the Statutory Sick Pay Rebate Scheme. The Statutory Sick Pay Rebate Scheme will close on 17 March 2022. You have until 24 March 2022 to submit any new claims for absence periods up to 17 March 2022, or to amend...
Government Help to Grow: Digital Scheme
Yesterday (Thursday 20th January), the Government launched their Help to Grow: Digital scheme. This scheme is designed to support small and medium sized companies find and adopt digital technologies, so they can grow their businesses. Under the scheme, eligible...
4 Essential Numbers You Won’t Find in Your Annual Accounts
The annual accounts you produce don't give you all the numbers you need to run your business. You need numbers that tell you how you’re doing and help you navigate your journey as a business owner. Here are 4 essential numbers you won't find in your accounts: Your...
New Government Support for Businesses
On 21 December, the Government announced £1billion in support for businesses most affected by the Omicron variant of Coronavirus. The announcement outlined that: • Businesses in the hospitality and leisure sectors in England will be eligible for one-off grants of up...
An Update on Government Business Support Schemes
Following the closure of the Coronavirus Job Retention Scheme (CJRS) and the Self-Employment Income Support Scheme (SEISS), here is a summary of the Government support schemes currently available/coming soon. Business Recovery Loan Scheme Currently, businesses of all...
Your 5-minute Business Boost
[5 min] It's easy for business owners to be distracted from their role as leader of the business. Here are 6 ways to free-up more time to work ON your business in 2022. Use software to collect customer payments Reduce the time you spend sending out invoices and...
Autumn Budget 2021 – A Summary for Business Owners
Rishi Sunak announced his third Budget yesterday, following two that were dominated by short term pandemic-related support measures. The Chancellor presented this Budget as a foundation for the stronger economy of the future. While he acknowledged challenging months...
New reduced VAT rate for hospitality businesses
The Government cut the rate of VAT for certain supplies relating to the hospitality industry to a temporary 5% rate in July 2020, to assist those businesses severely affected during lockdown. This reduced rate was extended until 30 September 2021 in this year's...
Preparing for the end of the Coronavirus Job Retention Scheme (CJRS)
The Coronavirus Job Retention Scheme (CJRS), which has seen the Government provide grants covering a proportion of the wages of UK employees since March 2020, comes to an end on 30th September 2021. This month is the last month you can claim under the scheme. The...
Your Guide to Business Entertainment & Employee Subsistence Tax Relief
Use business funds to entertain and motivate your team and customers? Get confused about what qualifies for tax-deductible business entertainment? You are not alone. We are often asked about this so we have compiled an up-to-date guide to enable you to gain a clearer...
Unpacking the new Capital Allowance Super-Deduction & Special Rate Allowance
The March 2021 Budget included two new tax reliefs in the shape of a 'super-deduction' to be given as a capital allowance for purchases of new equipment and the Special Rate (SR) Allowance. Promoted by the Chancellor to encourage businesses to purchase new equipment...
Government support updates for the new tax year
Below you'll find updates on key changes to Government business support and rates for the new tax year. Replacement Government Recovery Loan Scheme (RLS) launched Applications for Coronavirus Bounce Back Loans and Business Interruption Loans closed at the end of...
New options for the payment of deferred VAT
With VAT deferral coming to an end, HMRC have finally released information on bringing this VAT up to date. There are three options, you can choose to either: Pay the deferred VAT in full before 31 March 2021. Join the new VAT deferral payment scheme which is an...
Spring Budget 2021 – Your Summary
Rishi Sunak hailed the ‘swifter and more sustained’ UK economic recovery which is taking place in the UK following the effects of the Coronavirus pandemic during his Budget speech yesterday. He revealed that the UK economy shrank by 10% in 2020 but is expected...
New ‘Pay Less Tax’ Winter Edition – your latest tax news and insights
A new edition of our 'Pay Less Tax' newsletter has just been published. It includes a useful round-up on Making Tax Digital and also potential Brexit-related tax issues. Take a look.
Time to Pay Tax Arrangements
HM Revenue and Customs (HMRC) are being very amenable to individuals who wish to set up an arrangement to pay their tax payments in instalments during the current pandemic. HMRC have advised that they are allowing individuals two months from 31 January 2021 to set up...
Lockdown 3 support from Clear Vision
Lockdown 3 has now been implemented for England and much of the UK. The Clear Vision team remains on hand to support our clients, whether it be to discuss financial strategies for your business, help you secure funding or simply to discuss how you are feeling and...
Updates to Government Business Support Announced
The employee furlough scheme has been extended until the end of April 2021, with the Government continuing to contribute 80% towards employee wages, Chancellor Rishi Sunak confirmed yesterday. The Government will also extend current...
VAT Changes from 1 January 2021
If your business is VAT registered, catch up with the changes to the VAT regime that take effect from 1 January 2021: NOTE: Reverse Charge accounting for VAT is not an EU specific rule – It is how you must account for VAT on services that you buy from businesses who...
HMRC now checking “Eat Out” payments
We understand that HMRC are writing to some businesses that claimed under the "Eat Out to Help Out" scheme in August to check their claims are correct. The scheme allowed businesses to discount their customers' bills by up to 50% per diner, subject to a £10 per head...
Full details of third SEISS grant announced
The Government has now provided full details of the third Self-Employed Income Support Scheme (SEISS) grant. The grant is payable for the three-month period beginning on 1 November 2020. It is equal to 80% of average trading profits, capped at £7,500. Claims can be...
HMRC launches new VAT deferral scheme
HMRC is giving businesses that deferred VAT payments due between 20 March and 30 June 2020 more time to pay. Previously, payment was due in full by 31 March 2021. Under its new scheme, HMRC is enabling businesses to settle what is owed by 31 March 2022. HMRC will...
Updates to Research and Development (R&D) tax relief scheme for 2021
The following changes to the R&D SME tax relief are set to come into effect for accounting periods beginning on, or after, 1 April 2021: A cap on the amount of the payable R&D tax credit will be introduced A company making a small claim for payable...
Annual Investment Allowance extended to £1million for another year
Due to the economic downturn caused by the pandemic, the Government has announced that it is to extend the temporary tax break for businesses investing in equipment. The Annual Investment Allowance (AIA) limit, which was due to revert to £200,000 with effect from 1...
Pass Less Tax Special Edition – your latest tax news and insights
A new edition of our 'Pay Less Tax' newsletter has just been published. It includes a useful round-up on the state of play with Government support for businesses at this time, as well as a review of Brexit. Take a look.
Update on Government Support Initiatives
Extension of Furlough Job Retention Scheme (JRS) to 31 March 2021 Following the announcement of a £150bn injection of crisis support funding and interest rates to remain at 0.1% by the Bank of England yesterday, the Chancellor has extended the Furlough Job Retention...
Furlough Job Retention Scheme (JRS) extended during new month of restrictions
You will have heard Boris Johnson mention 'furlough' when he spoke on Saturday night. Some guidance on the extension was issued straight away. However, that guidance is far from complete, and many questions need answering before we can advise with any level of...
Further Expansion of the Job Support Scheme (JSS)
The Government has announced a further expansion of the JSS, to increase the reach of its winter support schemes to ensure livelihoods and jobs across the UK continue to be protected in the difficult months to come. Under this latest expansion, employers will be...
Self-assessment taxpayers given longer to pay
Self-assessment taxpayers have been given even longer to pay all the taxes due by 31 January 2021 made up of: 2019/2020 Second payment on account due 31 July 2020 2019/2020 Balancing payment 2019/2020 Capital Gains tax 2020/2021 First payment on account If your total...
Expansion to Job Support Scheme (JSS)
The Government has announced an expansion of the JSS, to provide temporary support to businesses whose premises have been legally required to close as a direct result of coronavirus restrictions. Under this expansion, affected businesses will receive grants towards...
Summary of the Government’s Winter Economy Plan
The Chancellor Rishi Sunak has presented his 'Winter Economy Plan' today, outlining how the Government will support jobs and the economy over the coming months. We welcome the additional measures set out to support businesses at this time. Here is a summary of the key...
Could Your Business Benefit from a Research & Development Tax Credit?
Research and development (R&D) tax credits are a valuable Government tax relief that rewards UK companies for investing in innovation. Many businesses aren't aware that they are eligible for R&D tax credits. Could this include yours? Most people imagine...
CJRS – October Update
A reminder that the amount the Government will pay of a furloughed employee's wages is set to go down in October under the ongoing Coronavirus Job Retention Scheme (CJRS). From 1st October 2020, employers will be required to fund 20% of furloughed employees’ usual...
New Local Lockdown Grant to Support Businesses Forced to Close
The Government has announced that new grants worth up to £1,500 will be available every three weeks to businesses required to close due to local lockdowns or targeted restrictions. Affected businesses in England will be able to claim up to £1,500 per property every...
Government Kickstart Scheme
The Government £2billion 'Kickstart Scheme' is helping create fully funded jobs for young people across England, Scotland and Wales. The Scheme provides funding to employers to create new 6-month job placements for individuals aged 16 - 24, who are currently claiming...
Pay Less Tax Summer 2020 – your latest tax news and insights
The Covid-19 situation and the ongoing health, economic and general wellbeing of individuals, families and businesses alike, continue to dominate across the UK and the World. The new edition of our Pay Less Tax publication, shares the latest tax and cashflow planning...
CJRS – September Update
A reminder that the amount the Government will pay of a furloughed employee's wages is set to go down in September under the ongoing Coronavirus Job Retention Scheme (CJRS), with a further reduction scheduled for October. From 1st September 2020, employers will be...
Your Mini-Budget Update
Focus on Job Retention Rishi Sunak delivered a special summer economic statement to MPs yesterday, as he seeks to get the economy back on track after the lockdown prompted by the Coronavirus pandemic. Announcing the ‘second phase’ of the Government’s plan he explained...
Employee Furlough Scheme Reminders
As a reminder, from 1st August, the Employer will need to start contributing more - the table below (from Gov.uk) explains - even if staff remain on furlough, and don't do any work: July August September October Government contribution: employer NICs and pension...
Further Guidance on the Employee Furlough Scheme
The Government has issued further guidance on the new version of the Coronavirus Job Retention Scheme “CJRS” (Furloughed Workers). Here is our summary of these updates: The first point to note is that any employee not furloughed for three weeks prior to 1st July will...
Changes to the Self-Employment Income Support Scheme
On 12th June an update was announced on changes to the Self-Employment Income Support Scheme. Here is our summary of these changes: About the scheme In line with our previous update, the Government is offering a taxable grant to those who are either self-employed or...
Extension of Self-Employed Support
Self-employed to receive second grant worth 70% of earnings The government has announced that the self-employed will receive another grant to cover June, July and August if their business has been affected by coronavirus. Are you eligible? Who can get the grant? If...
New exception to furlough cut-off date
The Chancellor announced today that parents returning to work in the coming months after family-friendly leave will still be eligible for the furlough scheme. What’s the current position? From July, the Coronavirus Job Retention Scheme (CJRS) will only be available if...
Important Update on Employee Furlough Scheme
On Friday evening, the Chancellor announced more details about the extension to the Coronavirus Job Retention Scheme (CJRS). These allow for more flexibility in furloughing employees from 1 July and explain how the Government will slowly taper its grant allowance from...
Workplace safety guidelines published
This week sees employers preparing their workplaces to operate in compliance with Covid-19 restrictions and protect employees, as they arrive back to work. The Government has issued eight guides, covering a range of workplaces, for employers, employees and the...
Employee Furlough Scheme extended to 31st October
The Employee Furlough Scheme, as it is, has been extended by another month to 31st July 2020. From 1st August until the end of October, it will be revised to cover part time work, part time furlough. Details of these revisions will be made available by 31st May and we...
Update on Support for the Self-Employed
HMRC have now started to contact those who are eligible for the self-employed support by email, text or letter. In the meantime you do not need to wait to hear from HMRC, you can check your eligibility on the HMRC website by following this link. This will mean you...