The Coronavirus Job Retention Scheme (CJRS) has provided a lifeline to millions of employees and their employers during the Covid-19 pandemic. As of 19 July 2020, 9.5 million employees had been furloughed by 1.2 million employers, benefitting from support totaling £29.5 billion. As with all good things, the CJRS must…
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Making Tax Digital: How to comply with UK’s new VAT guidelines The UK Government published an overview of Making Tax Digital just yesterday. We understand it doesn’t sound like a very exciting mission, but these changes are helping in modernizing the way business is managed in the UK. The transition…
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VAT: REDUCED RATE FOR HOSPITALITY, HOLIDAY ACCOMMODATION AND ATTRACTIONS In the Chancellor’s Summer Statement it was announced that a targeted reduced rate of VAT would be introduced aimed at some of the sectors hardest hit by COVID-19 – hospitality and tourism. Such supplies, currently standard rated at 20 percent, will…
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The Flexible Furlough Scheme which began a month earlier than was planned on 1st July 2020. From that date, employees can be flexibly furloughed allowing furloughed employees to return to work part time and be furloughed for their usual hours that they do not work. Conditions From 1 July 2020…
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Everything you need to know about your Tax Code The tax code is fundamental to the operation of the PAYE system. Tax codes are codes used by employers and pension providers to calculate the amount of tax to be taken from an individual’s pay or pension. In the UK, every…
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Annual Investment Allowance The annual investment allowance is a way to claim tax relief on many assets that your business will buy. It’s a kind of capital allowance. You can claim capital allowances when you buy assets that you keep to use in your business, for example: • equipment •…
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XERO Developed in 2006, Xero is web-based accounting software designed for small and medium sized businesses regardless of the industry. Xero connects businesses with their trusted associates and provides business owners with an instant view of their financial position. Xero’s online accounting software helps small businesses save time and grow.…
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HMRC allows grounds to appeal against a penalty if the taxpayer has a ‘reasonable excuse’ for why they filed a return late or paid their tax late. A ‘reasonable excuse’ is an event or happening that prevented a taxpayer from complying with a tax obligation despite the fact that they…
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The Spring Budget 2020 announced a significant restriction on future availability of entrepreneurs’ relief (ER) for individuals who dispose of all or part of their business, individuals who dispose of shares in their personal company, and trustees who dispose of business assets. Broadly, the lifetime limit of £10m is to…
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If you’ve agreed with your employer to work at home voluntarily, or you choose to work at home, HMRC has updated its guide on the expenses you can claim due to the COVID-19 outbreak. This could be a result of the workplace being closed or because of the government’s decision…
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