Expenditure disallowed
When deciding whether an expense is allowed or disallowed for tax purposes it is important to bear in mind that the expenditure must be incurred wholly and exclusively for the purposes of your trade or employment. Under the legislation any expenditure not incurred wholly and exclusively for the purposes of the trade, profession or vocation […]
Changing accounting date
There are special rules in place which limit the ability to change a company’s year end date. A company’s year-end date is also known as its ‘accounting reference date’ and is historically set by reference to the date the company was incorporated. Under certain circumstances it is possible to make a change to the year […]
Reminder of eight-step export routine
Following the end of the Brexit transition period, the process for exporting goods to the EU mirrors the process for all other international destinations. Businesses, especially those that only trade with EU should by now be aware of the rules and be working accordingly. Businesses can make customs declarations themselves or hire a third party […]
Passports – expensive items
Many families will be organising UK holidays this year and so passports may be left in draws for 2021. But when the market for overseas holidays opens up, better check that your passports still meet that important “6 months before they expire” condition if you don’t want to be turned back when you check in […]
COVID – beating the bug
Although it cannot be understated, that COVID has resulted in widespread personal tragedies and business hardships, there are stories circulating of businesses that have managed to buck the downward trend. Very often this is due to being in the right sector to take advantage of growth opportunities opening-up, more often, it is down to careful […]
New mortgage guarantee scheme
One of the measures announced as part of the March 2021 Budget was the introduction of a new mortgage guarantee scheme to help home buyers purchase a property. The new scheme is designed for prospective home buyers who only have a small deposit and are therefore unable to qualify for a mortgage. Under the new scheme, lenders will […]
Temporary carry back of losses
A new temporary extension to the eligible carry back period for trading losses has been announced. This will allow trading losses to be carried back for three years (rather than one). The extension to the relief applies to both incorporated and unincorporated businesses and is subject to a £2,000,000 cap. The relief will apply for company accounting […]
Reminder of year end payroll chores
It is not long until the current 2020-21 tax year comes to an end and there are a number of year end payroll chores that must be completed. This includes sending a final PAYE submission for the tax year. The last Full Payment Submission (FPS) needs to be submitted no later than the last payday […]
VAT deferral scheme open for business
Businesses that took the option to defer the payment of their VAT liabilities between 20 March 2020 and 30 June 2020 need to decide what course of action they will take. There are two options available for repaying this VAT. The first option is to pay the deferred VAT in full on or before 31 […]
Off-payroll working rules from 6 April 2021
The rules for individuals providing services to the public sector via an intermediary such as a personal service company (PSC) changed from April 2017. The new rules shifted the responsibility for deciding whether the intermediaries’ legislation applies, known as IR35, from the intermediary itself to the public sector receiving the service. During 2017, the government […]
