Under current rules, businesses draw up annual accounts to the same date each year. The profit/loss for the tax year is usually the profit/loss for the year to the accounting date – called the basis period. Tax is paid on profits earned in the basis period ending in the tax year in question. However,…
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Many taxpayers who are required to file a self-assessment tax return to HM Revenue & Customs should now be preparing for their next tax payment which is due by 31 July. The amount payable is the second payment-on-account for the 2020/21 tax year and is automatically calculated as half of the total tax liability for…
When COVID directly impacted upon the UK in Spring 2020, the Government introduced a range of measures specifically targeted to help businesses survive the expected period of financial strain. Such businesses, that are still here, should now be planning ahead for when this support is gradually unwound: 21-Jun-21 Deadline for arranging with HMRC when to…
The charity annual return service is now available for 2021 and can be found on the link below. https://apps.charitycommission.gov.uk/ Charities need to submit their annual return within 10 months of the financial year end. Dependant on the level of income, the annual return has different requirements; Income under £10,000 It is only the…
In July 2020 the government announced that VAT registered business who operate in the hospitality and tourism industry could use a temporary 5% reduced rate of VAT on certain supplies compared to the standard 20%. The objective of this legislation was to support businesses in this sector during the Coronavirus pandemic and assist with…
Within the last 10 years the cryptocurrency scene has exploded from the first decentralised cryptocurrency, Bitcoin, being created back in 2009 to now more than 4,000 different cryptocurrencies being in existence with a total market cap value of over £1trillion. This has led to the creation of the Cryptoassets Taskforce which was announced back…
Deferred tax is a provision on the balance sheet for timing differences in tax and accounting treatment of certain items, and is measured at the rate of tax that the differences are expected to reverse in the future. In recent years, deferred tax has been measured at the current corporation tax rate of 19%,…
HMRC are in the process of moving VAT records for non-MTD registered traders from their old database to a new one. Due to banking requirements if HMRC does not hold a valid e-mail address for a trader, when the data is transferred to the new database, any existing direct debit mandate will be cancelled.…
With the staycation in full-flow Whitings assisted an existing client in the purchase of a block of bespoke high end holiday cottages. We assisted with the due diligence, projections and structure of the deal and after acquisition the integration of this new venture into the existing business.
There is a new support programme, DRIVE, that can result in grants of up to 40% of total project costs for businesses in Norfolk and Suffolk that wish to undertake projects that primarily create new employment within the rural economy. Grants can be up to 40% of total project costs with a minimum grant…
