Articles

HMRC Enquiries on the Increase as New Task Force Announced

June 4th, 2021 | Categories: Tax

HMRC enquiries into individuals and businesses are carried out each year in order to ensure that they have paid the right amount of tax.  Since 2010 HMRC have strengthened their approach and we have observed a general trend which has displayed a year-on-year increase in the number of tax enquiries opened. COVID 19 & HMRC Enquiries The pandemic in 2020 was unprecedented in so many ways for both individuals and businesses.  When the first lockdown hit in March 2020, along with the majority of the country HMRC found themselves adapting to working from home. With operatives unable to undertake face […]

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The Effects Of Brexit On VAT For Businesses

April 26th, 2021 | Categories: Tax

Over the past year or so, it’s fair to say that many businesses have had lots of things to consider. One thing that seems to have slipped off the radar is the effects of Brexit on businesses. At the time of writing (April 2021), polls by YouGov show that less than 30% of respondents consider Britain leaving the EU to be an important issue facing the country. However, the effects of Brexit on businesses remain profound.  Furthermore, as new legislation and cooperative technologies are introduced over the coming months and years, it’s likely to be an ongoing concern for many. […]

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Budget 2021

March 4th, 2021 | Categories: News, Tax, Tips

In this highly anticipated Budget announcement, there was a real focus on support for businesses and individuals whilst the lockdown is still in place and plans to help the economy recover once restrictions are lifted. The Chancellor opened by stating that he wants to be honest about the government’s plans for fixing the public finances and set out plans for the future. Making it clear that he would do… “whatever it takes” during the pandemic, and that he has done and will continue to do so, he added that “It’s going to take this country, and the whole world, a […]

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Domestic Reverse Charge – Important Changes For Builders

February 3rd, 2021 | Categories: Tax

The new VAT Domestic Reverse Charge which was originally due to start in October 2019 has been the subject of a renewed commitment by the government. A spokesperson confirmed that after a number of postponements: “The government is committed to implementing the reverse charge on the 1st of March” The reverse charge is intended to reduce VAT fraud for companies that buy or sell construction services. How The Reverse Charge Will Work The reverse charge heps to reduce VAT fraud by ensuring that companies who provide an onward supply of services (e.g. typical subcontractors) are unable to bypass paying VAT […]

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New Lockdown Grants To Support Businesses

January 8th, 2021 | Categories: coronavirus support

£4.6 billion in new lockdown grants to support businesses and protect jobs have been announced Following the Prime Minister’s announcement of a nationwide lockdown on Monday night, the chancellor has announced new lockdown grants to support businesses in the retail, hospitality and leisure sectors. These one-off grants worth up to £9,000 per property are intended to help businesses through to the Spring. In addition, a £594 million discretionary fund has also been made available to support other impacted businesses. The new lockdown grants are in addition to the £1.1 billion further discretionary grant funding for Local Authorities, Local Restriction Support […]

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Changes To Eligibility For The Third SEISS Grant 

December 8th, 2020 | Categories: coronavirus support

The claims portal for the third SEISS grant opened on the 30th of November.  However, there have been changes to the eligibility criteria and taxpayers must declare that their trade has been impacted by reduced demand before they claim the third grant. “HMRC expects you to make an honest assessment about whether you reasonably believe your business will have a significant reduction in profits.” To make a claim for the third SEISS grant, your business must have had a “new or continuing impact from coronavirus between the 1st of November 2020 and the 29th of January 2021, which you reasonably […]

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COVID-19 Vat Payment Deferral Scheme Extended To March 2022

December 1st, 2020 | Categories: coronavirus support, Tax

For those businesses that opted into the government’s COVID-19 VAT payment deferral scheme, the new guidance that outlines the further extension of deferral has been released by HMRC. The scheme which allowed for VAT payments falling due between 20 March 2020 and 30 June 2020 to be deferred until 31 March 2021 is to be extended for organisations that still have deferred VAT payments to make. Opt In To The VAT Payment Deferral Scheme By opting in to the new VAT payment deferral scheme when it launches in 2021, the option to pay in instalments instead of one bulk payment […]

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Self Assessment Time To Pay

December 1st, 2020 | Categories: coronavirus support, Tax

It’s that time of year again as we start the process of preparing self-assessment tax returns for our clients. This year however things are a little different, due to changes to the Self Assessment Time To Pay service. Al self-assessment tax returns must be submitted and the 31st of January, however, it is best not to wait until the deadline because not only does the tax return need to be filed you also need to arrange payment for any personal tax due by the payment deadline. Time To Pay Online Service Self Assessment taxpayers can apply online for additional support […]

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Furlough Scheme Is Extended – CJRS.2

November 10th, 2020 | Categories: coronavirus support, Payroll, Tax

Furlough scheme is extended to March For those businesses affected by the increased restrictions necessary to curb the coronavirus pandemic, additional economic support has been announced by the Chancellor. The Coronavirus Job Retention Scheme (CJRS) otherwise known as furlough was originally due to end on the 31st of October. However, the Government has announced that the furlough scheme is extended to March. This means that the CJRS will now be extended by five-months until the end of March with the government paying 80% of wages for the hours that furloughed employees do not work. SEISS Also Extended Similarly, support for […]

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Job Support Scheme – Now Postponed

October 23rd, 2020 | Categories: coronavirus support

Edit – Job Support Scheme Now Postponed The Coronavirus Job Retention Scheme (CJRS), which was due to end on 31 October, will now be extended, with the UK government paying 80% of wages for the hours furloughed employees do not work, up to a cap of £2,500 for periods from 1 November. The new Job Support Scheme, which was due to start on Sunday 1 November, has been postponed. Any employees who have already signed agreements for the Job Support Scheme which was due to start on the 1st of November must be placed back on furlough leave wherever applicable. […]

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