Latest News
HMRC Time To Pay arrangements
If January’s tax return payment deadline is worrying you, it could be time to speak to HMRC about their Time To Pay arrangements. As you have heard many times this year, the current situation is unprecedented. Many business owners who normally manage payments easily,...
VAT reverse warning to construction firms
Contractors and subcontractors in the building and construction industry need to know about new VAT reverse changes. This starts next March but you need to be prepared before that. Failing to correctly implement the new regime could mean business owners facing...
Working from home tax relief tool launched
People working from home during the pandemic can claim tax relief by using a new online tool from the government. The online portal allows employees to claim expenses. Items you are allowed to claim for include expenses for working from home include: Repairing or...
Coronavirus business support schemes revised
As England enters a second lockdown, the government has announced changes to the coronavirus business support schemes. Coronavirus Job Retention Scheme One of the first coronavirus business support schemes introduced during the first lockdown is the Coronavirus Job...
Furlough scheme deadline for incorrect claims
Employers have just days to ensure that they correctly calculated their furlough scheme claims or face an investigation from HMRC. The deadline to correct mistakes is Tuesday, 20 October and failing to make checks could result in penalties. The tax authority claims...
How we helped client claim Covid grant
The continuing discussions over Covid business support reminds me of a client in the early days of the pandemic. He couldn’t understand that while some businesses were receiving the Retail, Hospitality and Leisure Grant he was unable to! It was a reasonable query! So...
Invoice discounting: the pitfalls
Invoice discounting can seem like an ideal solution if you are facing cash flow issues in your business. If you have not heard the term before, let me explain what it is. You effectively ‘sell’ unpaid invoices to a lender so they give you a cash advance that is a...
Claim working from home expenses
Working from home (or WFH) is becoming more common due to coronavirus – and with it comes expenses! Whether you are self-employed or a limited company director, you are eligible to make claims. Both sole traders and directors are offered different ways to calculate...
Making Tax Digital: Why you need QuickBooks training
All businesses and those filing self-assessment returns need to join Making Tax Digital (MTD) by April 2023. The government announced in early summer that after delays, MTD will be implemented. This means that all your tax records will need filing using HMRC...
Self-assessment: don’t leave it too long!
Self-assessment tax returns need to be completed and filed by 31st January every year. But too many people leave it until Christmas, or even January, to get their books together.