Since 2019, the vast majority of VAT-registered businesses with a taxable turnover above the VAT threshold (£85,000) have been mandated to keep digital VAT records and send returns using Making Tax Digital (MTD)-compatible software. From April 2022 … Continue reading MTD For VAT To Be Extended To ALL VAT Registered Businesses In 2022
The calculation of Coronavirus Job Retention Scheme grants has proven to be complex, particularly as HMRC frequently changed the rules and the method of computation. Consequently, many errors have arisen and need to be corrected. The latest Finance … Continue reading HMRC Must Be Notified Of Furlough Overclaims Within 90 Days
A wide variety of grants or subsidies are available to businesses and can be received in addition to the ordinary business income. It is important to identify these and to establish whether they are capital or revenue in nature so that they are dealt … Continue reading Business Grants – Do You Know The Tax Position?
...You could be entitled to new funding. New grant support was announced 9 September that offers businesses in areas subject to a local lockdown a measure of financial support. Businesses in England required to close due to local … Continue reading Has Your Business Been Hampered By Local Lockdown?
The Eat Out to Help Out scheme to encourage the struggling restaurant sector was announced as part of the Chancellor’s Summer Economic announcements. The scheme was designed to help restaurants recover from the effects of the lockdown and has been a … Continue reading Did You Benefit From The ‘Eat Out To Help Out’ Scheme?
Temporary changes to EMI working time arrangements will ensure that individuals who are furloughed or who have their working hours reduced below the current statutory working time requirement for EMI as a result of coronavirus (COVID-19) … Continue reading Changes To The EMI Working Time Arrangements Announced
The new £2 billion Kickstart scheme that was announced as part of the Summer Economic update by the Chancellor, Rishi Sunak was officially launched by the government on 2 September 2020. The scheme is intended to create hundreds of thousands of … Continue reading Government Launch Kickstart Scheme
The government has announced the launch of a new trial scheme that will pay people on low incomes who need to self-isolate and are unable to work from home. The trial scheme started on Tuesday, 1 September 2020 in Blackburn, Darwen, Pendle, and … Continue reading Self Isolating Payment Scheme Launched
HMRC has updated its guidance on the VAT partial exemption treatment relevant to businesses who supply goods by way of hire purchase agreements. A policy paper entitled Revenue and Customs Brief 8 (2020): change to partial exemption VAT treatment was … Continue reading Changes To The VAT Partial Exemption
Your unique taxpayer reference (UTR) is the primary identifier for tax purposes. The number is also sometimes known as your taxpayer number or tax reference number and should be used whenever you contact HMRC or when you file your tax returns. The … Continue reading Have You Lost Your Tax Reference Number?
Advisory fuel rates are intended to reflect actual average fuel costs and are updated quarterly. The rates can be used by employers who reimburse employees for business travel in their company cars or where employees are required to repay the cost of … Continue reading Latest Advisory Fuel Rates
There are late filing penalties which are designed to encourage companies to file their accounts and reports on time. All companies, private and public, large or small, trading or non-trading must send their accounts to Companies House. The late … Continue reading Companies House Confirm Leniency If Submissions Were Late Due To Coronavirus