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10 December 2020

The Prime Minister, Boris Johnson, has announced an additional one-off £1,000 Christmas grant for wet-led pubs in tiers 2 and 3 who will miss out on much needed business during the busy Christmas period. 

A wet-led pub is a bar which doesn’t serve food and relies almost entirely on the sale of drinks for its business. This means that most wet-led pubs will be closed for the festive...

08 December 2020

Most business owners will know the difference between a profit statement and a balance sheet.

Both are created from a process known as double-entry bookkeeping.

If asked to consider two aspects of a £50 purchase from a stationery store, most would say that their cash reserves have dropped by £50 and the store’s cash reserves had increased by the same amount. This is true, but...

07 December 2020

It has been estimated that almost £350,000 of charitable donations last year ended up in the pockets of criminals.

Government recently issued advice to reduce this activity. They said:

The vast majority of fundraising appeals and collections are genuine, however criminals can set up fake charities, or even impersonate well-known charitable organisations, to deceive victims.

...
03 December 2020

The deadline for submitting your 2019-20 Self-Assessment tax returns online is 31 January 2021. You should also be aware that payment of any tax due should also be made by this date. This includes the payment of any balance of Self-Assessment liability for the 2019-20 plus the first payment on account due for the current 2020-21 tax year. You may also need to pay the second payment on account...

03 December 2020

The Chancellor used the recent Spending Review to confirm that increased National Minimum Wage and National Living Wage rates will come into effect on 1 April 2021.

From 1 April 2021, the National Living Wage will increase by 19p to £8.91. This represents an increase of 2.2%. The National Living Wage currently applies to those aged 25 and over but from next April will be extended to 23...

03 December 2020

The coronavirus VAT payment holiday gave businesses the chance to defer the payment of any VAT liabilities between 20 March 2020 and 30 June 2020. The option for businesses to defer their VAT payments ended on 30 June 2020.

There are two options available for repaying this VAT.

The first option is to pay the deferred VAT in full on or before 31 March 2021. No interest or...

03 December 2020

The First-tier Tribunal (FTT) has dismissed a taxpayer’s appeal for having a reasonable excuse. The taxpayer applied out of time for permission to appeal against penalties imposed by HMRC. The appeal was in relation to late payment penalties imposed on the taxpayer for failing to submit annual Self-Assessment returns on time for the tax years 2010-11 and 2012-13. The taxpayer also appealed...

03 December 2020

Advisory fuel rates are intended to reflect actual average fuel costs and are updated quarterly. The rates can be used by employers who reimburse employees for business travel in their company cars or where employees are required to repay the cost of fuel used for private travel. HMRC accepts there is no taxable profit and no Class 1A National Insurance on reimbursed travel expenses where...

03 December 2020

HM Treasury has published a further Treasury Direction made under the Coronavirus Act 2020, ss. 71 and 76, which modifies and extends the effect of the Self-Employment Income Support Scheme (SEISS).The Direction mainly deals with the expansion of the SEISS from 1 November 2020 to 29 January 2021, officially referred to as the SEISS Grant Extension 3 (SEISS 3).

The self-employed...

03 December 2020

The Department for Business, Energy and Industrial Strategy (BEIS) and the Financial Reporting Council (FRC) have jointly published a letter to the accounting and audit sectors setting out the UK’s legal framework for accounting and corporate reporting at the end of the transition period on 31 December 2020.

The information in the letter is particularly relevant for UK incorporated...

03 December 2020

The Secretary of State for Business, Energy and Industrial Strategy, Alok Sharma has written a letter to businesses in the professional services sector. The letter (available in English and Welsh) provides tailored advice on what key actions businesses must take after the transition period ends on 31 December 2020.

The UK government confirmed earlier this year that it would neither...

03 December 2020

The Annual Tax Summary is a document provided by HMRC that provides details on the tax you pay and how this is used by government.

The Annual Tax Summary shows:

  • your taxable income from all sources that HMRC knew about at the time that it was prepared
  • the rates used to calculate your Income Tax and National Insurance contributions
  • a breakdown of how the UK...
02 December 2020

One of the more positive aspects – perhaps the only positive aspect - of COVID disruption has been the movement away from fixed systems to more flexible systems to cope with the changing demands of lock-down.

Who would have predicted a year ago that many of us would grow accustomed to working from home plus having to deal with economic and medical challenges in our attempts to stay...

02 December 2020

It is apparent that our final exit from the EU, 1 January 2021, will disrupt the movement of goods, back and forth, while transport links and customs authorities adjust to the new reality.

Hopefully, readers that are directly affected – with customers or suppliers in the EU – will already be aware of the customs red tape that they will need to comply with in the new year. If not, we...

26 November 2020

HMRC has issued a new consultation to examine how the principles established for Making Tax Digital (MTD) could be implemented for those entities within the charge to Corporation Tax. The consultation is open for comment until 5 March 2021.

The regime MTD started in April 2019 for VAT purposes only. MTD for Income Tax is expected to be introduced from 6 April 2023.

The...

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