News
VAT Deferral New Payment Scheme goes live
24 February 2021
HM Revenue & Customs (HMRC) has announced that its online VAT Deferral New Payment Scheme is now open for applications to help businesses arrange smaller monthly repayments of deferred VAT. Under the New Payment Scheme, you can repay VAT deferred between 20 March and 30 June 2020 in up to 11 instalments from March 2021...
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Self-Assessment late payment penalties relaxed but interest still accrues
22 February 2021
Following HM Revenue & Customs’ (HMRC) announcement that it is waiving late filing penalties for Self-Assessment taxpayers who file by 28 February, it has now announced that it is waiving the five per cent late payment penalty that usually applies from 3 March for taxpayers who pay or set up a payment plan by 1 April 2021.
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The SME Brexit Support Fund: how do I apply and how much could I get?
19 February 2021
The SME Brexit Support Fund will open to applications imminently. To help your business secure vital support, here’s everything you need to know. What is the SME Brexit Support Fund? Announced this month, the £20 million fund is designed to help small and medium-sized enterprises with changes to trade rules with the EU...
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Basic rate taxpayers could face ‘high income’ child benefit charge
18 February 2021
Due to a mismatch of earnings thresholds, basic rate taxpayers may unexpectedly come under the scope of the High Income Child Benefit Charge in April. The Low Incomes Tax Reform Group (LITRG) has issued a warning to families that they may be subject to a tax charge when claiming Child Benefit due to a discrepancy between two earnings...
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The VAT Reverse Charge for the Construction Industry Scheme – Are you ready?
18 February 2021
From 1 March 2021, businesses within the Construction Industry Scheme (CIS) must record, report and pay VAT under the new VAT domestic reverse charge rules. This change affects both contractors and subcontractors and the supply of certain kinds of construction services in the UK. Under the new rules, VAT registered subcontractors...
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Large and medium-sized businesses need to be ready for IR35
18 February 2021
Large and medium-sized businesses now just have a couple of months left to prepare for the changes to the off-payroll working rules (IR35). From 6 April 2021, in most cases, the engager (employer) will be responsible for deciding whether to deduct tax and National Insurance Contribution (NICs) from freelancers and contractors...
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Don’t forget to claim home working tax relief
18 February 2021
Due to the ongoing restrictions of the Government’s Coronavirus response, millions of UK workers continue to work from home. Many may not be aware that they can claim tax relief for additional household costs if they are required to work from home regularly, either for all or part of the week. This tax relief is not available to those...
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Voluntary and compulsory strike-off processes paused in response to national lockdown
18 February 2021
Companies House will pause both the voluntary and compulsory strike-off processes for one month from 21 January until 21 February to support businesses affected by COVID-19, it has been announced. The extended measure comes in response to delays to the system caused by the third national lockdown.
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Consultations on future of Companies House could see filing deadlines slashed
18 February 2021
A set of consultations on the future of Companies House published in December 2020, include proposals for mandatory digital filing, requirements to tag accountants digitally with IXBRL and shortening filing deadlines to three months for public companies and six months for private companies.
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The advantages of electric vehicle salary sacrifice schemes
18 February 2021
Businesses looking to reward and retain staff members may wish to consider offering an electric vehicle (EV) salary sacrifice scheme. Not only are many EVs better for the environment, but they could also offer businesses considerable savings. Businesses can use employee salary sacrifice – similar to schemes offered for pension...
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Case Studies
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Customer care is top of the list for packaging business
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A shared passion for architecture and a head for numbers
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Cut above the rest in personal management style
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Child's play with proactive accounts management
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Smiles all round for dental practice
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A taste for growth, a thirst for knowledge
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Sometimes a business does exactly as it says on the tin
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Taxing demands with old school charm
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A modern approach required for music moguls