Latest Blogs

24th September 2020 Corporation Tax due soon: Not necessarily.

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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17th September 2020 Fuel Rates From September 2020

HMRC have updated the latest company car advisory fuel rates. These rates apply from 1 September 2020.   The guidance states that you can use either the previous or current rates, for up to one month from the date the new rules apply.   The new rates per mile are below: Engine size Petrol LPG…

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16th September 2020 Redundancy Pay & Payment in Lieu of Notice (PILON)

HMRC have introduced legislation which ensures employee’s statutory rights, including redundancy pay and payment in lieu on notice (PILON), are based on an employee’s normal pay and not their furlough pay.   Redundancy pay   An employee is entitled to redundancy pay if they have been working for their current employer for 2 years or…

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15th September 2020 Coronavirus Job Retention Scheme and the Job Retention Bonus

We are halfway through September and this month sees one of the biggest changes to the current Coronavirus Job Retention Scheme (CJRS). Employers now pay 10% of furloughed employees’ wages to make up 80% of their total wages up to a cap of £2,500, with the wage cap being proportional to the hours not worked.…

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10th September 2020 Self Assessment Deadlines

Two self assessment deadlines are approaching:   5th October 2020 For those individuals who have not previously completed a tax return you will need to report to HMRC a liability for 2019/20.   31st October 2020 For those individuals who have previously submitted ‘paper’ self assessment tax returns, the deadline for the 2019/20 return is…

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4th September 2020 New charity register

The Charity Commission has launched a new public register for charities – making information more transparent.   Using the below link, anyone can search for details of a charity which includes data such as financials, who the trustees are, and whether the charity fundraises from the public.   The Charity Commission wants members of the…

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28th August 2020 Contactless Payment and VAT – What documentary evidence do you need to reclaim VAT?

When it comes to knowing what paperwork is required to successfully reclaim VAT on expenditure, there can be some confusion, especially in these times of ever increasing electronic and paperless transactions. HMRC’s VAT guidance says you must have the appropriate documentary evidence in order to support a VAT claim. But what is appropriate? In this…

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28th August 2020 Corona Virus Business Interruption Loan Scheme extended by two months to 30th November 2020 to accept an offer from an accredited lender. Businesses still need to make an application by 30th September.

With the Corona Virus Business Interruption Loan Scheme set to end on 30th November, it’s important that, should you wish to access funding, you begin the process as soon as possible.   You may have thought that the scheme was simply offering ‘standard’ term loans however there are actually a number of products available under…

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18th August 2020 SME Growth: where next?

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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10th August 2020 Covid-19 – VAT complexity of Eat Out to Help Out Scheme

  From 3 to 31 August 2020 businesses that offer a discount under the The Eat Out to Help Out Scheme are able to claim the discounted amount back from the Government.   Whilst on the face of it you might expect VAT only to be payable on the discounted amount, in-fact VAT is payable…

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