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27 May 2021

Businesses that deferred VAT payments last year have until 21 June 2021 to join the new online payment scheme. This would allow them to spread the cost of repayment over a number of months. The VAT deferral scheme is open to businesses that took the option to defer the payment of their VAT liabilities between 20 March 2020 and 30 June 2020. 

Under the scheme, businesses have the option...

27 May 2021

If you are an employee that needs to buy substantial equipment to use as part of your employment you may be able to claim tax relief. In most cases you can claim tax relief on the full cost of this type of equipment. Tax relief is reduced if your employer provides a contribution towards buying the item.

The way to claim tax relief depends on the amount you are claiming. HMRC provides...

27 May 2021

1 June 2021 - Due date for Corporation Tax due for the year ended 31 August 2020.

19 June 2021 - PAYE and NIC deductions due for month ended 5 June 2021. (If you pay your tax electronically the due date is 22 June 2021)

19 June 2021 - Filing deadline for the CIS300 monthly return for the month ended 5 June 2021.

19...

27 May 2021

The Information Commissioner’s Office (ICO) has published a new blog about free advisory check-ups that it is offering to help small businesses make the best use of their personal data. Small organisations, including small businesses, small groups/clubs and sole traders, can apply for an informal session of up to two hours where they will work with a member of the ICO’s SME team to complete a...

27 May 2021

Acas has published new advice for both employers and workers on the treatment of workers who are suffering from the prolonged effects of a COVID-19 infection, now widely known as long COVID. 

Acas advice is that employers and workers should discuss the impacts of long COVID as early as possible after diagnosis and then work together to find ways to help support workers who are suffering...

26 May 2021

Companies that are still claiming the Coronavirus Job Retention Scheme grants, now known as the furlough scheme, will have hard choices to make come the end of September when the present scheme ends.

Unless business activity picks up between now and September a significant number of those on furlough may find themselves unemployed.

Reaching a decision on who to retain or who to...

20 May 2021

If you have reached the State Pension age and continue to work, in most cases you no longer need to pay employees National Insurance Contributions (NICs).

At State Pension age, the requirement to pay Class 1 and Class 2 NICs ceases. However, you will remain liable to pay any NICs due to be paid to you before reaching the State Pension age. If you continue working, you will need to...

20 May 2021

The Scottish rate of Income Tax (SRIT) is payable on the non-savings and non-dividend income of those defined as Scottish taxpayers.

The definition of a Scottish taxpayer is based on whether the taxpayer has a 'close connection' with Scotland or elsewhere in the UK.  The liability to SRIT is not based on nationalist identity, location of work or the source of a person’s income e.g.,...

20 May 2021

BADR used to be known as Entrepreneurs’ Relief before 6 April 2020. The name change does not affect the operation of the relief. BADR applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. Where this relief is available CGT of 10% is payable in place of the standard rate. There are a number of qualifying conditions that must be met ...

20 May 2021

When a VAT registered business issues an invoice to their customer, they must ensure that they charge the correct rate of VAT. Whilst most businesses in the UK charge VAT at the standard rate of 20% there are a number of different VAT rates and exemptions to be aware of; this includes the reduced VAT rate of 5% and the positive zero rate (0%).

There are two other categories that the...

20 May 2021

There are a number of requirements that must be taken care of when running a limited company. One of the lesser-known requirements concerns the use of signs, stationery and promotional material.

A company is required to display a sign showing the company name at its registered office and at any other premises at which the business operates. The sign must be easy to read and visible at...

20 May 2021

Limited companies are required to hold a wide range of company and accounting records. This includes details of directors, shareholders, company secretaries and the results of any shareholder votes and resolutions.

The company must also keep a register of people with significant control (PSC register). The PSC register is used to identify and record the people who exert significant...

18 May 2021

The next time you receive a request, by phone, text, or email, that requires you to take an action or verbally disclose information about yourself or your finances, alarm bells need to ring.

Criminals now use every means at their disposal to obtain details that will enable them, ultimately, to cause you financial harm. For example, they might:

  • Pretend they are the tax office...
13 May 2021

There are special procedures for importing goods into the UK. Following the end of the Brexit transition period, the process for importing goods from the EU effectively mirrors the process for all other international destinations.

Businesses, especially those that only trade with EU, should be aware of the rules and be working accordingly. Businesses can make customs declarations...

13 May 2021

When VAT registered traders issue an invoice to a customer, they must seek to ensure that the correct rate of VAT is charged. Whilst most businesses in the UK charge VAT at the standard rate of 20% there are a number of different VAT rates and exemptions that need to be observed.  In the UK, there are three separate VAT rates, the standard rate @ 20%, the reduced rate @ 5% and the zero rate @...

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