Articles

Fifth Self-Employment Income Support Scheme (SEISS) Grant

August 2nd, 2021 | Categories: coronavirus support, Tax

If you think that you may be eligible for the fifth Self-Employment Income Support Scheme (SEISS) grant, it’s now time to apply. If HMRC thinks that you may be eligible then they should already have written to you with your personal claim date. However, if you haven’t had any correspondence then you can check the eligibility criteria here. If you do wish to make a claim you must do this on or before the 30th of September 2021. Important Information About The Fifth Self-Employment Income Support Scheme You Must Make The Claim Yourself You cannot ask an accountant or tax […]

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Electric Car Tax Benefits

July 20th, 2021 | Categories: Tax, Tips

As well as the well known environmental benefits, there are also lots of electric car tax benefits.  From government grants to benefit in kind allowances, there are reasons to lease or buy an electric car via the company and make it available for private use to an employee/director. In this blog, we will go through the grants available and the benefit in kind implications of buying an electric car through your business. Benefit-In-Kind Implications One of the key electric car tax benefits is a very low benefit in kind (BiK) rate. This makes it a highly tax-efficient option for individuals and […]

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New Process To Speed Up Furlough Claims

June 22nd, 2021 | Categories: coronavirus support, Payroll

HMRC has introduced a time-saving template that streamlines the process of making furlough claims.  The new template can be used to claim the coronavirus job retention scheme (CJRS) for companies with between 16 to 99 employees.  Both payroll agents and internal payroll teams have spent the past 12 months manually inputting CJRS information. However, companies with up to 99 employees will now be able to upload the details with a single template for their claim. The template which launched on the 27th of May 21 allows employers to upload details of claims of 16 to 99 employees at the same […]

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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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