Ian Piper (Ely)

As 1-Jan-21 draws ever nearer what changes should your SME business prepare to adopt ready for Brexit: Exporting Goods to the EU  Despatches are renamed exports. Apply for an EORI number (which will look something like: GB123456789123). Check whether what you sell is a restricted good that requires an export licence. Check whether there are…

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After many years of perceived abuse, the Government has announced that they are soon to introduce new laws to require stricter, independent, scrutiny (by an ‘Evaluator’) where connected parties purchase a failed business out of  administration (a Pre-pack). In announcing the move, the government said that while pre-pack administration sales are widely considered to be…

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Companies with 31 December 2019 year ends will be due to pay their corporation tax on 1 October 2020. If that company is expecting to suffer a loss during the 2020 financial year, perhaps due to COVID-19 related reasons, it should be possible to carry that loss back one year and claim a refund of…

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As UK GDP growth for the first two quarters of 2020 turns negative, COVID-19 has officially tipped us back into recession. As expected. SME’s were already struggling to find growth, mainly due to Brexit, so business owners will now be wondering what their own growth will look like: Source Data The answer is complicated. Some…

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As we all slowly unwind from Coronavirus lock-down and the end of furlough support rapidly approaches, Chancellor Rishi Sunak has taken the unusual step of making fiscal announcements in the Summer, to try and head off a recession. New initiatives, of interest to SME’s, include:   Job Retention Bonus – £1,000 bonus paid per employee…

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Like many Government departments, Companies House have relaxed various compliance requirements to support businesses to get through this Covid-19 period. In their latest announcement, they are making the following temporary changes to their strike off policies:   Voluntary (Form DS01 submitted) Strike Off Applications – Process halted after notice published in London Gazette. Automatic Dissolutions…

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As part of it`s support package for UK businesses during COVID-19, the Government have now launched, through the British Business Bank, a new initiative: Future Fund. This is aimed at helping businesses that regularly finance their operations through successive equity funding rounds (ie start-up TechCo`s).   Eligibility criteria: UK based businesses which have been operating…

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As a consequence of the Covid-19 lock down, most employees who are able to work from home, and who have not been furloughed, are now working from their private study, spare bedroom, dining room table, etc. So what home expenses can these employees reclaim, tax free, from their employer:   Supply of a mobile phone…

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It is fairly well publicised now that as part of the Government’s financial support package for businesses during this Coronavirus outbreak, these businesses can, if they wish, defer their next VAT payment(s) (those due between 20 March and 30 June 2020). Interest and penalties will not be charged on such a deferral. What was not…

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As Chancellor Rishi Sunak sits down after presenting his first Budget to the Commons, the headlines will all relate to tackling Coronavirus and increased spending on our public services. Reading the small print, however, which is released by HMRC straight after the Budget, announcements that will be of interest to clients running technology companies include:…

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