With the changes to the reverse charge on VAT returns due to the UK leaving the EU from 1 January 2021, I thought I would share a reminder of the default tax codes within Sage from v27.1 onwards: T0 – Zero rated transactions T1 – Standard rated transactions – Currently 20% T2 – Exempt…
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A number of our clients are experiencing long delays in receiving tax refunds from HMRC. HMRC attribute these to the need for them to perform security checks in order to combat fraudulent claims. In some cases, HMRC need more information in order to verify genuine claims. They may issue a verification letter, either…
As we pass the Covid-19’s first anniversary of its impact on our area’s economy, accounts of local SME’s are now starting to show part of the damage they have experienced through the lock-downs and associated restrictive measures. Thankfully, through Government financial help and the nimble footwork of businesses adapting to survive, the overall effect upon…
The government-backed Coronavirus Business Interruption Loan Scheme closed on 31st March to new applicants. Thankfully, the government has put in place further support for businesses, to follow this. The Recovery Loan Scheme – Government backed loans, 3 months – up to 6 years depending on the product – Up to £10m, no cap on…
The proposed new rules apply regarding who determines IR35 status for freelancers hired by medium and large companies are imminent. Our Brief Guide will help find out how this affects you and what you can do: A Brief Guide to Off-Payroll Working Blog entry by: Vanessa Pearson
As you will know by now, in the budget speech of 3rd March 2021, the government announced the extension of the current furlough scheme until September 2021. Further guidance has now been issued as to how the scheme will operate. Firstly, for periods starting after 1st May, you can claim furlough for any employee,…
As chartered accountants, with over 90 years’ experience in the finance industry, outsourcing the payroll, to us, is something all businesses should consider. Running a payroll is very time consuming so let someone else take the burden from you, here are the top 5 great reasons for outsourcing your payroll: COST Time is quite literally…
The current confirmation statement (CS01) filing deadline of six weeks from the ‘made up to date’ (the original 14 day deadline, plus an extension of 28 days) is coming to an end. CS01’s with a filing deadline of 6 April 2021 or later will no longer have the COVID 19 extension. Please see table summary…
HMRC are writing to some individuals who started their sole trade/self-employment in 2019/20 and wish to claim the fourth and fifth self-employment income support scheme grant (SEISS). These individuals will be asked to complete some verification checks to confirm their identity and proof of their self-employment. These individuals should receive a letter from 8th…
It was announced in the budget on 3rd March 2021 that the Coronavirus Job Retention Scheme will be extended to 30th September 2021. Employers can claim 80% of ‘usual salary’ for hours not worked up to a maximum of £2,500 per month. Employers must continue to pay employer National Insurance and employer pension contributions.…
