Register for Making Tax Digital for VAT or risk penalties, HMRC warns
May 28, 2021
Businesses who are required to use Making Tax Digital (MTD) for VAT but not registered could face fines of up to £400, it has been warned. It comes after HM Revenue & Customs (HMRC) wrote to 100,000 non-compliant businesses reminding them ...
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Cash basis versus accruals basis
May 25, 2021
If you manage a business and record its expenses and revenue, you need to find a recording system that suits you. While cash basis accounting has its benefits, accrual accounting can be a more powerful tool for operating your business. ...
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Time is running out to join the VAT Deferral Scheme
May 21, 2021
Companies now have less than one month left to join the VAT Deferral New Payment Scheme. The deadline to join the scheme on 21 June has prompted HM Revenue & Customs (HMRC) to issue a fresh warning to businesses that haven’t ...
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Is your business ready for the changes to furlough?
May 21, 2021
Following the Government’s decision to extend the Coronavirus Job Retention Scheme (CJRS) earlier this year, businesses now have the opportunity to rely on this support until the end of September. Introduced more than a year ago, the furlough scheme (as it ...
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Insolvency Service to be given new powers to tackle directors who misused COVID loan schemes
May 21, 2021
Directors of dissolved companies who have benefited from the Government-backed Coronavirus loan schemes, who now do not intend to repay them, could find themselves facing tough sanctions. The Government has announced that the Insolvency Service will be given new powers to ...
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Claim up to 50 per cent off business software under new Help to Grow scheme
May 21, 2021
Small and medium-sized firms could get a discount of up to 50 per cent on the costs of business software under the new Help to Grow scheme, it has been revealed. The news comes after applications to register interest in the ...
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Five reasons to set up a Personal Tax Account
May 17, 2021
Taxpayers are being urged to set up personal accounts to monitor their affairs. The Association of Taxation Technicians (ATT) is encouraging taxpayers to set up a Personal Tax Account (PTA). The call is after HM Revenue & Customs (HMRC), renewed their commitment ...
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Workplace pension re-enrolment – how does it work?
May 14, 2021
Almost all workers should now be enrolled into a workplace pension under the Automatic Enrolment scheme. But as the employer, your legal duties do not end there. Once every three years, workers who have opted out of ...
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New tax surcharges for late payments
May 11, 2021
In the 2021 Spring Budget, the Government announced a new penalty and interest regime to replace the VAT default surcharge. From April 2022, this new penalty regime for late submission of tax returns and late payments will begin across VAT and ...
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Work from home tax relief: what employees need to know
May 07, 2021
It was confirmed this April that employees can continue to claim tax relief on work from home costs not reimbursed by employers, but only if they make a new claim for the 2021/22 tax year. Here’s what you and your staff ...
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