Uncertain times often means opportunity for fraudsters to exploit businesses and the public. The value of alleged cybercrime cases reached over £1 billion in UK Courts in 2019, according to research by KPMG. Unfortunately for businesses the main threat may be from within, if employees are facing more financial difficulty, they might take risks, employers […]
The chancellor recently announced a new raft of VAT changes to help businesses navigate COVID-19, here are the main changes: “On 24 September 2020, the Chancellor announced that businesses who deferred VAT due from 20 March to 30 June 2020 will now have the option to pay in smaller payments over a longer period. Instead […]
The government plans to end VAT-free shopping for international visitors to the UK at the end of the year, major retail players like Selfridges, Heathrow and Marks and Spencer have warned the government that the UK could lose billions of pounds in lost income and it could but 70,000 jobs at risk. Under the VAT […]
With COVID-19 infection rates rising it’s debatable if businesses could survive a full-scale lockdown like the one imposed in March, but whatever restrictions they do or don’t put in place, it’s clear that it is going to be a bumpy ride over the next few months. What can you do as a business to ensure […]
Many businesses have not seen a return to the office and employees are still working from home. Your employers should be explaining the tax allowances available to home workers. Essentially there are two allowances: 1. The first is working from home tax relief for bills. For the 2020-2021 tax year, employees can claim up to […]
You can’t run your business effectively without financial scrutiny, predicting cash flow and any potential bumps in the road must be an integral part of your business planning. Xero recently announced two new features which will help you have greater insight, one word of warning though, predictions are only as good as the information entered […]
You have more than likely come across these during your career but might not be familiar with the term. Employment Related Securities (ERS) are away for a limited company to gift shares in the company to employees, including directors. All ERS schemes need to be registered with HMRC, even if they are one-time affairs, you […]
Under ‘Eat Out to Help Out’ the government are funding a 50% discount for diners eating in participating restaurants. It forms part of the economic recovery package now that coronavirus lockdown conditions are beginning to ease. The scheme discounts 50%, up to a maximum discount of £10 per person for children and adults, only available […]
Asset Management – if you don’t understand the term then you are more than likely paying too much tax! Many small businesses fail to maintain a fixed asset register, it’s difficult to trace fixed assets acquired throughout the year without one. Potential capital allowance claims could be missed which results in you paying more in […]
No one can deny the efficiency gains form digital accounting, MTD will continue to be rolled out in due course as HMRC knows it is the most efficient way to track and collect tax due. Keeping manual records or using outdated spreadsheets will be costing you time, manual records are prone to missing information and […]
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