The growth and development of your business

New options for the payment of deferred VAT

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

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...

Your Business Action Plan

Your Business Action Plan

Matthew Rogers shares a new Wellbeing Wednesday blog for business owners. As we approach the end of the pandemic and continue to immerse ourselves in working to ensure our businesses recover from its effects, allow me to ask: how are you? The effects of the pandemic...

Time to Pay Tax Arrangements

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...

VAT Changes from 1 January 2021

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

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...

HMRC launches new VAT deferral scheme

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...

Update on Government Support Initiatives

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...

“Why do I bother?”

“Why do I bother?”

In low moments, as we deal with the current struggles, obstacles and challenges of being in business, it can be easy to think "why do I bother?" This is typically an off-the-cuff remark we make when we feel particularly under pressure, of course, but is actually one I...

Self-assessment taxpayers given longer to pay

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)

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...

CJRS – October Update

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...

CJRS – September Update

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

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

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

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...

Extension of Self-Employed Support

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

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

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

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...

Update on Support for the Self-Employed

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...

Your Work From Home Tax Relief Guide

Your Work From Home Tax Relief Guide

Since the outbreak of Covid-19, homeworking has become the norm for many millions of people. Here are details of the two options to reimburse your employees and Company Directors for the extra costs they incur while they work at home. We hope it is informative and...

Furlough eligibility date changed

Furlough eligibility date changed

HM Treasury has issued a futher Direction to HMRC clarifying several elements of the Coronavirus Job Retention Scheme (CJRS). We've included some of the most important here: PAYE employees on the payroll who were employed on 19 March 2020 can be furloughed. The...