23-03-2022
Two years ago, the UK entered its first lockdown. On Wednesday 23 March, our eyes were firmly fixed on the Chancellor of the Exchequer, Rishi Sunak, as he rose to deliver his Spring Statement. Yet again, Mr Sunak found himself addressing MPs against a background of the crisis, with the residual impact of COVID, the
Find out more
18-03-2022
On 24 February 2022, the Charities Bill received Royal Assent to become the Charities Act 2022. The Commission has worked extensively with charities and their representative bodies, the Department for Digital, Culture, Media & Sport (DCMS) and the Law Commission to bring these changes forward. What are the changes? It will be more straightforward for
Find out more
18-03-2022
With the new tax year approaching on 6 April, what are the forthcoming tax rate changes in the 2022-23 tax year. National Insurance threshold and rate changes On 6 April, National Insurance (NI) rates will increase by 1.25%. The government is introducing a health and social care levy, where working people contribute to funding the
Find out more
07-03-2022
Following a surge in enquiries due to the pandemic, HM Revenue & Customs (HMRC) has announced it must prioritise its essential services by temporarily closing telephone hotlines. HMRC will focus on stabilising phone and tax credits/child benefits services, taking extra steps to meet targets and supporting at-risk customers. During December, the tax authority ran tests
Find out more
07-03-2022
Taxpayers who received Coronavirus business support must remember that COVID-19 grants or payments are taxable and must get declared on company tax returns. HM Revenue & Customs (HMRC) has issued a reminder that the filing deadline for company tax returns (CT600) is 12 months after the end of the accounting period it covers. The deadline
Find out more
07-03-2022
Over the past two years, thousands of taxpayers benefited from the Self-Employment Income Support Scheme (SEISS) before closing in September 2021. The scheme, involving five grant payments, was set up by the Government to support the self-employed, for example, sole traders, who met specific eligibility criteria. As HM Revenue & Customers (HMRC) looks to claw
Find out more
07-03-2022
The cloud is king in the accounting world. For businesses owners, there is a vast range of software and applications to choose from. The beauty of cloud accounting software is that it can be accessed anywhere with an internet connection across all your devices. Good accounting software can be critical for business leaders. It makes
Find out more
07-03-2022
Your cash flow statement provides data about all the money inflows your company receives from operations and is a fundamental part of the financial statements. Alongside your balance sheets and income statements, it is vital for managing your small business accounting. It keeps you abreast of how much cash is entering or leaving your business
Find out more
07-03-2022
While the national job vacancy boom is good news for job seekers, it is a potential nightmare for businesses keen on retaining high-quality staff. While a pay rise is always welcome by many, it is not always the most tax-efficient approach for business owners. Other benefits, such as salary sacrifice schemes, are equally effective in
Find out more
07-03-2022
Many UK businesses are already benefitting from the temporary tax relief offered by the super-deduction. However, many more could still be missing out on this vital support. The super-deduction tax relief scheme was introduced on 1 April 2021 and runs until 31 March 2023. It allows firms investing in qualifying plant and machinery assets to
Find out more
02-03-2022
Are you processing Statutory Maternity Pay (SMP) payments correctly? Congratulations! One of your employees has announced their pregnancy. Are you confident about the appropriate considerations to cover their role as they embark on maternity leave? From an HR perspective, you’re likely aware that you must: Have a maternity policy in place Write to the employee
Find out more
18-02-2022
Why do you need to start thinking about MTD? Her Majesty Revenue & Customs (HMRC) is currently rolling out a new digital scheme on all aspects for taxes, such as VAT and Income Tax, to make filing easy for businesses. It will see all UK business taxes move online and handled digitally, and paper returns
Find out more
