At the start of the pandemic, HMRC allowed businesses with a VAT liability falling due between 20 March and 30 June 2020 to defer their payment. Over half a million businesses benefitted from the measure, deferring more than £28 billion in VAT payments. Originally, businesses were required to pay the deferred VAT in full…
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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…
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…
Those businesses that have large capital expenditure spends each year, such as manufacturers and farmers, will be aware that there has been a very generous capital allowances tax regime in recent years, currently allowing year 1 tax relief on eligible purchases up to £1m pa. This generosity was scheduled to be reduced wef 1 January…
As 1-Jan-21 draws ever nearer, and no trade deal with the EU has yet been agreed, what definite business process changes should UK SME’s start to now understand and prepare for: Exporting Goods to the EU Apply for an EORI number (which starts with GB). Check whether what you sell is a restricted good that…
Following from October’s announcement that the CJRS would be extended by a further month, the government has today declared a further extension through to 31st March 2021. Full guidance for the extension will be published on 10th November, but as things stand claims to 31st January will be paid at 80% of an employee’s…
The annual investment allowance (AIA) limit is currently due to decrease from £1 million to £200,000 from 1 January 2021. Many businesses will have deferred decisions about purchasing capital equipment this year as a result of the COVID-19 pandemic, leading to a number of professional bodies urging the Chancellor to postpone this decrease. However, it…
The new Job Support Scheme (JSS) replaces the Furlough scheme from November 1st, 2020. Under JSS claims can only be made in arrears and the first claims can only be made after December 8th, 2020. This means that any employers trying to claim for weekly payrolls may have to wait 5 weeks before they receive…
The Office of Tax Simplification (OTS) has been in consultation with individuals, businesses as well as professional advisers – including accountancy bodies – to review the capital gains tax system and see whether there is any scope to simplify the current tax system. The consultation process closes on 9th November 2020. Speculation has been…
HMRC have announced more details on the Job Retention Bonus scheme they set forth in July. The JRS allows an employer to claim a one-off payment of £1000 per employee furloughed and claimed for through the CJRS and kept employed until at least 31st January. This money is to be paid to the employer and…
