Latest News

Keep up to date with our newsletter here

17 February 2021

There are three possible financial outcomes for your business, each with their own challenges:

  1. Make a profit
  2. Breakeven, or
  3. Make a loss

Making a profit

Clearly, this will be your goal. If you make profits – and taxation will never eat up all your profits – this will generate cash resources that can be accumulated in the business...

17 February 2021

Many business owners are buoyed by turnover; if it’s sold it’s as good as money in the bank, but is it?

What are your credit terms? How many days do you allow your customers to keep your money before insisting they pay you?

30 days is probably the most widely used credit term, which in real terms probably means customers pay after 40, 60 days or more.

This topic has real...

11 February 2021

The detailed Furlough Scheme rules were last updated 4 February 2021.

People who are unable to work can receive up to 80% of their wages. This payment is subject to a monthly maximum amount of £2,500 per employee (for hours not worked). Employers have the discretion to top-up the payments if they so wish.

To use the extended scheme – to 30 April 2021 – the steps that are required...

11 February 2021

Following the end of the Brexit transition period, new rules on tax and duty now apply on goods sent to the UK from overseas. These changes are meant to ensure that goods from EU and non-EU countries are treated in the same way and that UK businesses are not disadvantaged by competition from VAT free imports. 

For goods sold directly to customers in the UK from overseas with a value of...

11 February 2021

The Bounce Back Loans scheme was launched in May 2020 to provide financial support to businesses across the UK that were losing revenue and disrupted cashflow as a result of the COVID-19 pandemic. The scheme allows qualifying small businesses to borrow between £2,000 and £50,000 with no fees or interest to pay for the first 12 months. In most cases businesses receive the cash within 24 hours...

11 February 2021

Claims for the third Self-Employed Income Support Scheme (SEISS) grant closed on 29 January 2021. Under this grant, the self-employed received up to 80% of average trading profits for November and December 2020 and January 2021. This meant that a maximum grant for the three months of £7,500 was made available to those who met the eligibility requirements.  

It had previously been...

11 February 2021

Following the end of the transition period, businesses registered for VAT can account for import VAT on their VAT return, often referred to as postponed VAT accounting. For most businesses, this means that they will declare and recover import VAT on the same VAT return. The normal VAT recovery rules that define what VAT can be reclaimed as input tax will still apply. 

These new rules ...

11 February 2021

A recent investigation by the Insolvency Service resulted in the sole director of a Leicester clothing manufacturer being jailed for six months after failing to provide adequate company accounting records.

The investigation found that the defendant had not kept adequate accounting records which meant the liquidator could not ascertain where cheque and debit card withdrawals totalling...

09 February 2021

Business owners in vulnerable sectors: predominantly retailers, leisure and entertainment trades, will have seen their hard-won capital all but exhausted by the needs to meet fixed costs when income generation has been restricted or eliminated by lock-down directives.

And this is in spite of the valiant attempts by Rishi Sunak and his team at the Treasury to provide financial support to...

09 February 2021

Will the Government’s endeavours to nail the COVID virus with the vaccine roll-out have the desired effect of opening up the UK economy, the easing of lock-down and a gradual return to “normality”?

Fingers crossed…

One thing is for sure, when the pubs can open, when we can start to book a holiday and when High Street restaurants, cafes and stores open for business, get ready for...

04 February 2021

The P9X form is used to notify employers which tax codes to use for employees. The latest version of the form has just been published and shows the tax codes to use from 6 April 2021. The forms states that the basic personal allowance for the tax year starting 6 April 2021 will be £12,570 (£12,500 in 2020-21) and this means that the tax code for emergency use will be 1257L.

The basic...

04 February 2021

Self-Assessment taxpayers are usually required to pay their Income Tax liabilities in three instalments each year. The first two payments are due on:

  • 31 January during the tax year e.g., for 2020-21 the first payment on account was due on 31 January 2021.
  • 31 July following the tax year e.g., for 2020-21 the second payment on account is due on 31 July 2021.

...

04 February 2021

Companies House has announced that they have once again temporarily paused the voluntary and compulsory strike off processes. The hiatus is set to be in place for one month from 21 January until 21 February 2021. When a company is struck off, the company's legal existence is removed from the Companies House register. The strike off can be voluntary or compulsory. 

Companies House will...

04 February 2021

An updated Treasury Direction under sections 71 and 76 of the Coronavirus Act 2020 concerning the extended Coronavirus Job Retention Scheme (CJRS) was published on 25 January 2021. The new direction formally extends the CJRS until 30 April 2021.

There were no changes to the amounts that employers can claim for the period from 1 February to 30 April 2021. This means that employers can...

04 February 2021

Scotland’s Finance Secretary, Kate Forbes delivered her second Budget statement to the Scottish parliament on 28 January 2021. The date was selected to allow the Scottish Government time to deliver their Budget and have it approved before the start of the next tax year. This is the second time that Scotland has held a Budget before the rest of the UK. The UK Budget is scheduled to take place...

Pages

Providing the direction that leads to growth.

"Our company has relied on Sadler Talbot to manage our accounts and payroll for over 14 years.  "
Lorraine B, Civil Engineers, Oxford