HMRC outlines changes to late payment penalty regime

HMRC has published a policy paper outlining the forthcoming changes to the penalties for late payment and interest harmonisation for taxpayers. The government intends to reform sanctions for late submission and late payments to make them 'fairer and more consistent across taxes'. Initially the changes will apply to VAT and Income Tax Self Assessment (ITSA).  … Continue reading HMRC outlines changes to late payment penalty regime

Fifth SEISS grant will be open to claims from late July

HMRC has confirmed that the fifth Self-employment Income Support Scheme (SEISS) grant covering the period May 2021 to September 2021 will open to claims from late July. To be eligible for the grant, an individual must be self-employed or a member of a partnership. They must have traded in the tax year 2019/20 and submitted… Continue reading Fifth SEISS grant will be open to claims from late July

Forms P11D – reporting employee benefits

The forms P11D which report details of benefits and some expenses provided to employees and directors for the year ended 5 April 2021, are due for submission to HMRC by 6 July 2021. The process of gathering the necessary information and completing the forms can take some time, so it is important that this process… Continue reading Forms P11D – reporting employee benefits

Help When You Need It

It’s that time of year again. Please get in touch if you would like to discuss this further.

Torr Waterfield - Accountants & Business Advisors

Help When You Need It

For the times when you need a second opinion, simply don’t know the answer, or it’s outside of your business remit, you can contact our dedicated Employment Law, Health & Safety and Commercial Legal Advice lines.

Because we have partnered with Croner Taxwise you’ll receive access to the UK’s leading Employment Law firm, free of charge.

Croner Taxwise specialists will offer you advice on all Employment Law related issues, acting as an external HR team for you.

Employment Law Advice Line

The specialist team will provide you with commercially sound advice on matters relating to looking after your employees and their welfare.

From managing absenteeism to calculating holiday entitlements, the Employment Law team is here to help.

Health & Safety Advice Line

The key with Health & Safety in the workplace is to proactively manage your obligations and not, as many do, wait until something…

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National Living/Minimum Wage Changes from 1 April 2021

From 1 April 2021 the National Living/Minimum Wage rates will increase as follows:  • £8.91 an hour for workers aged 23 and over - previously £8.72 The National Living wage now applies to workers who are 23 years of age or older (previously 25). • £8.36 an hour for workers aged 21 to 22 – previously £8.20 • £6.56 an hour… Continue reading National Living/Minimum Wage Changes from 1 April 2021

Spring Budget 2021

Yesterday, Chancellor Rishi Sunak presented his Budget, which as expected focussed a lot on continuing short-term measures to help support both individuals and businesses through the next few months, but also included some longer-term plans in the government’s attempt to try and reduce the national borrowing. Here is a summary of some of the key… Continue reading Spring Budget 2021

VAT reverse charge for construction services

After three false starts the VAT reverse charge will now come into effect on 1st March 2021. The reverse charge represents part of a government clampdown on VAT fraud. Large amounts of VAT are lost through 'missing trader' fraud. As part of this type of fraud, VAT is charged by a supplier, who then disappears,… Continue reading VAT reverse charge for construction services

The Spark Arts for Children – Our Charity of the year.

Each year at Torr Waterfield we choose a charity, local or national, to represent and raise money for.  This year we have chosen to support The Sparks Arts for Children. The Spark Arts for Children is a busy children’s art organisation based in the LCB Depot (Leicester City Council managed workspace for creative industries), in… Continue reading The Spark Arts for Children – Our Charity of the year.

Postponed VAT Accounting

A faster way to recover VAT on goods imported to the UK. These changes will affect your business from 1 January 2021 if you import goods into the UK. Import VAT is now charged on all goods entering the UK (including goods from EU countries). Previously import VAT was charged on non-EU imports only.  You… Continue reading Postponed VAT Accounting

Covid-19 And Your Mental Wellbeing

During the COVID-19 pandemic, there has been a lot of information about the virus and its effects on mental health. Bereavement, isolation, loss of income and fear to name a few are triggering mental health conditions or aggravating existing ones. Many people may be facing increased levels of alcohol and drug use, insomnia, and anxiety.… Continue reading Covid-19 And Your Mental Wellbeing