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10 November 2020

While we wait for the magic-bullets that promise to reduce the impact of COVID – vaccines etc – should we be exploring ways to exchange goods and services with our suppliers and customers?
Barter is defined as: the exchange of goods and services without using money.

Perhaps a decorator could repaint the outside of a local restaurant in exchange for a prepaid voucher for a number...

10 November 2020

One of the great benefits of data stored in an electronic format is that it can be sorted in an endless array of reports. This offers business owners who have invested in accounts software a range of options.

Once you have input basic accounts information, transactions, from your:

  • Bank
  • Payroll
  • Suppliers, and
  • Customers

you can use the...

06 November 2020

If you sell goods or material that can be sold from the internet, have you considered this form of sales platform for your business?

Providing access for your goods on the internet is a sensible strategy. If we have learnt anything from COVID it is the limitations on trade when social distancing – lockdown – is applied to reduce infection.

There are several “shop-type” solutions...

06 November 2020

While politicians and scientists try and figure out the best way to control COVID, we are left to pick up the pieces and try and salvage what we can of our businesses.

Our economy is built on various, level playing field assumptions:

  • Same legal requirements, 
  • Same opportunities to trade, 
  • Access to our customers

COVID uncertainty has broken...

05 November 2020

HMRC has published a news release to remind taxpayers that there is now less than 100 days to file their 2019-20, Self-Assessment tax return. Last year over 11 million taxpayers were required to complete a tax return, but over 958,000 taxpayers missed the deadline. If you are filing online for the first time you should ensure you register to use HMRC’s Self-Assessment online service as soon as...

05 November 2020

The Prime Minister, Boris Johnson speaking at a press conference on Saturday night, 31 October 2020, confirmed widespread expectations of a second national lockdown in England to help stem the growing resurgence of the coronavirus. The Government was faced with significant concerns that if they took no action, the NHS could be overwhelmed with death rates far exceeding those seen in the first...

05 November 2020

A wide variety of grants or subsidies are available to businesses and can be received in addition to their ordinary business income. It is important to identify these contributions and to establish whether they are capital or revenue in nature.

Funding which facilitates capital expenditure, such as new premises or machinery, is normally...

05 November 2020

A Partnership is a relatively simple way for two or more persons (or legal entities) to set up and run a business together with a view to profit. Partnerships can take many forms. Legal persons other than individuals can also be partners in a partnership.

There are two main types of partnership, a conventional one with two or more partners in the business. There is also a limited...

05 November 2020

A capital sum received by an individual in respect of the sale or relinquishment of income derived from their personal activities can sometimes be treated as earned income and chargeable to Income Tax. If this is the case, the amount charged to Income Tax is not also charged to Capital Gains Tax.

The following conditions must all be present before the sale of income legislation can...

05 November 2020

If you are an employer and looking to give a small Christmas bonus to your employees, then your best option is probably to give them a gift. In order to ensure that this is not a taxable gift, it is important to ensure that the trivial benefits in kind (BiK) rules apply.

There is no tax to pay on trivial benefits in kind (BiK) provided to employees where all of the following apply:...

05 November 2020

If you are in business as a self-employed sole trader or as part of a partnership, there may be occasions when you are required to pay Capital Gains Tax (CGT). CGT is normally charged at a flat rate of 20% on the amount of ‘profit’ or ‘gain’.

You will usually be liable to CGT where you sell or dispose of a chargeable business asset for more than the acquisition price. CGT may also apply...

05 November 2020

In today’s precarious business environment many companies are unable to pay their debts. If this happens, your creditors can ultimately apply to the court to get their debts paid. This can be done either by getting a court judgement or making an official request for payment (known as a statutory demand).

If a court judgement has been registered against your business, you must usually...

05 November 2020

As well as filing accounts with Companies House, there is an important requirement to check that the information Companies House has about your company is correct. This is facilitated by the filing of an annual company confirmation statement. The confirmation statement was introduced in June 2016 and replaced the annual return. You could be subject to a fine of up to £5,000 for failing to send...

04 November 2020

HMRC has updated its Coronavirus Statutory Sick Pay Rebate Scheme guidance to clarify the evidence that employers can require from their employees to establish the employer’s eligibility to claim under the scheme.

Eligible employers can use the scheme to claim back up to two weeks of coronavirus-related statutory sick pay (SSP) per employee. HMRC’s guidance has been updated to clarify...

29 October 2020

The Help to Buy equity loans scheme is open to both first-time buyers and home movers on new-build homes in England with a purchase price up to £600,000. The Help to Buy equity loans provide a low-interest loan towards the deposit. The loan is interest free for the first 5 years. New home buyers need a 5% deposit, and the government lends up to 20% of the value of the home (up to 40% for...

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