Latest News

4th December 2020 Agriculture Act 2020 – Changes to subsidies for agriculture

Following the publication of the Agriculture Act 2020 it is now clearer how subsidies to agriculture are going to change, with the first predominant feature being the running down of the Single Farm Payment regime. For farmers in parts of Norfolk and Suffolk there is opportunity to tender to participate in a £320,000 project to…

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4th December 2020 Have you considered these areas ahead of Brexit?

Whether a trade deal has been reached or not, the UK will leave the EU’s Single Market on the 31st December 2020. In order to reduce the impact of changes SMEs are faced with, there are a few key areas that need to be considered:   Engage with your suppliers Make sure you define customs…

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2nd December 2020 Brexit – EU VAT Refund System – Don’t miss the deadline!

UK businesses can only use the EU VAT Refund System until  11 pm on 31 March 2021.  This means that claims for a refund of VAT incurred in other EU Member States for the year ended 31 December 2020 must be submitted by then.  Prior to Brexit the deadline was 30 September following the end…

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1st December 2020 New Version: KEYPrime Version 9.5

If you use the rural business software KEYPrime from Landmark Systems, look out for the new version of the software 9.5. What are some of the new features?   Batch Entry – A faster way to enter data New and improved – Diary function Store Web links to documentation (View documents saved to Auto-entry, Receipt…

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30th November 2020 Making Tax Digital for Income Tax – The next steps

As HMRC’s ambition to become one of the most digitally advanced tax administrations in the world continues so the way the tax system works to become more effective, more efficient and easier for taxpayers to get their tax right the next steps have been issued by HMRC.   Currently VAT-registered businesses with a taxable turnover…

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26th November 2020 SEISS 3rd Grant– Guidance issued on how trading conditions affect eligibility

To be eligible to claim for the third Self-Employment Income Support Scheme (SEISS) grant you must either:   be trading and impacted by reduced demand due to coronavirus, or have been trading but are temporarily unable to do so due to coronavirus.   To help businesses understand whether they are eligible for the 3rd SEISS…

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25th November 2020 Making Tax Digital for Corporation Tax

Earlier this month HMRC published their consultation and plans for Making Tax Digital for corporation tax (MTD for CT).   HMRC have proposed the main elements of the scheme to be:-   All entities within the charge of corporation tax will need to maintain their records digitally; Those entities should use MTD compliant software to…

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25th November 2020 ‘Tis the season to be Zooming

It seems that HMRC have heard about our disappointment with Christmas parties being cancelled this year…   The Employment Income Manual EIM21690 has been updated to incorporate the news that virtual events can be included when considering the £150 per person benefit in kind exemption for annual functions.   The event should be an annual…

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24th November 2020 Making Tax Digital for VAT – The next steps

As HMRC’s ambition to become one of the most digitally advanced tax administrations in the world continues so the way the tax system works to become more effective, more efficient and easier for taxpayers to get their tax right the next steps have been issued by HMRC.   Currently VAT-registered businesses with a taxable turnover…

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23rd November 2020 Brexit – make sure you’re ready

The Brexit transition period ends on 31 December 2020.   There will be significant changes to the way that Import and Export business is conducted and the documentation needed, even if a Free Trade Agreement is ultimately reached with the EU.   Time is running out to consider the impact of the changes on your…

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