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

Time To Pay Tax

If coronavirus means you can't pay a tax bill on time, the government is offering Time To Pay (TTP) as a way of easing cash flow problems. It is important to appreciate that TTP cannot be used to reduce tax liability. TTP is just that - it buys time, giving you breathing space and spreading… Continue reading Time To Pay Tax

Business as usual, we are here to help.

We are all homeworking & providing all our usual services.  Areas where we are seeing an increased need for help; 1. Preparation of forecasts & loan applications.  These are needed to assist businesses with cash requirements over the next few months .They are required to support business interruption loan applications which we are assisting with… Continue reading Business as usual, we are here to help.

Budget 2020 – 5 Changes That May Affect Your Business

On 11 March 2020 the new Chancellor, Rishi Sunak, presented his first Budget, just a month into the job.  It was always going to be a challenge for him to prepare for the budget in such a short space of time and this wasn’t made any easier for him with the rapidly changing situation with… Continue reading Budget 2020 – 5 Changes That May Affect Your Business

Dormant companies – obligations

What is a dormant company? A company or association may be ‘dormant’ if it is not trading and doesn’t have any other income - for example from investments. A dormant company has different obligations for corporation tax, annual accounts and returns for Companies House in comparison to a trading company. Dormant companies and corporation tax… Continue reading Dormant companies – obligations

A GUIDE TO ACCOUNTING REFERENCE DATES AND PERIODS

I am sometimes asked, “What date should my company accounts be made up to?”. It’s a very important question because there are deadlines connected to the filing of accounts with both Companies House and HM Revenue and Customs.  Automatic penalties are issued to companies where their accounts have been filed late.  Being aware of your… Continue reading A GUIDE TO ACCOUNTING REFERENCE DATES AND PERIODS

Important changes to HMRC payment methods.

Important changes to HMRC payment methods: HMRC are making the following changes to the way you pay tax.  Paying at the Post Office HMRC are withdrawing this service from 15 December 2017.  Paying by Personal Credit Card HMRC will no longer accept payments of tax by personal credit card from 13 January 2018. Please note… Continue reading Important changes to HMRC payment methods.

Autumn Budget 2017

Yesterday saw a budget that focused, as expected, on housing and a stormy economic forecast. Our full summary is available on our website, but the key tax developments are summarised below. Personal Tax Rates and Allowances The personal allowance is currently £11,500 and will increase to £11,850 in April 2018. The higher rate threshold similarly… Continue reading Autumn Budget 2017

HMRC’s Worldwide Disclosure Facility (WDF)

This is a facility that the Inland Revenue introduced in 2016 which allows the voluntary disclosure of any UK tax liabilities that relate to offshore income or assets, which have not previously been disclosed to the UK tax authorities, to be declared. This includes: Income arising from a source outside the UK Assets situated or… Continue reading HMRC’s Worldwide Disclosure Facility (WDF)

Hot Topic Making Tax Digital for Business

The government have issued information on how Making Tax Digital for Business (MTDfB) is expected to work for VAT once the rules are introduced in April 2019. Under the proposed rules, which have been issued subject to consultation, VAT registered businesses with turnover over the VAT registration threshold will be required to submit their VAT… Continue reading Hot Topic Making Tax Digital for Business