The flat rate scheme for VAT was introduced by HMRC in 2002 to make life easier for small businesses when accounting for VAT. The scheme's name is often abbreviated to VAT FRS. If you are not using the Flat Rate Scheme, the amount you pay to HMRC each quarter is [...]
Many of the measures announced by the government to help businesses during the Covid-19 (Coronavirus) pandemic involve grant payments to business owners. But how do you account for grant payments, and what taxes are due? It is important to understand the accounting treatment needed, and indeed whether income is actually [...]
Under the Government’s Coronavirus business support measures announced this week, it has been indicated that some Limited Company contractors may be covered by the ‘Job retention scheme’ and therefore can furlough themselves if unable to work due to Covid-19. There is a distinction in law between a director with a [...]
This guide covers all of the business support measures announced by Rishi Sunak in March and is being updated as and when new initiatives are launched or changes are made to existing ones. Please bookmark this page to keep up to date. Last updated 17th June 2020: Changes to the [...]
Dealing with COVID-19 disruption Covid-19 – support for businesses The government have announced in the past 24 hours measures to ease disruption to businesses around the country. The package of temporary measures announced are: A new Bank of England lending facility that extends the business interruption scheme mentioned in the [...]
Sunak delivers Budget to meet ‘challenging times’ Chancellor Rishi Sunak delivered his first Budget, and the first since the UK’s departure from the European Union, against the backdrop of the coronavirus outbreak. The Chancellor announced a £30 billion stimulus package to support the economy through coronavirus contagion and pledged to [...]
There was much eagerness amongst business owners to see the outcome of the first Rishi Sunak budget and how it would impact both their businesses and the finances of themselves and their families. For the last few months, rumours have been circulating the internet including radical changes to Entrepreneurs Relief, [...]
From April 2020, the government will be changing two reliefs that provide relief on rental property (lettings relief) and on gains made in the final period of ownership (principle private residency relief) of your main residence. Lettings relief This useful relief can be claimed by individuals who have let out [...]
On occasion HMRC send out letters to individuals who they believe have received income, gains or assets from overseas. These letters are not blindly sent out, rather HMRC rely on information garnered from the Automatic Exchange of Information (AEOI). These are agreements made between certain countries’ revenue raising authorities. Another [...]
The internet age has given us many things – mostly good – but as with all things it has its dark side and has created some opportunities for the more unscrupulous amongst us. I am sure many of us have examples of receiving phishing emails and dodgy calls from scammers [...]