Archives for Updates

What tax changes are happening in 20/21?

The VAT Reverse Charge Originally happening in October 2019, it was postponed until October 2020 to let businesses concentrate on Brexit, but if you work in construction this is a major change for you and affects any work you complete under the Construction Industry Scheme from 1 March 2021. The charge applies to standard and reduced-rate VAT services: For individuals or businesses who are VAT registered in the UK Reported within CIS HMRC have produced some handy guides that can be found at https://www.gov.uk/guidance/vat-domestic-reverse-charge-for-building-and-construction-services and we would recommend that if this affects you, you should watch the webinar from HMRC. 
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Covid – Did you make the right business decision?

Covid and the change in the business community has brought some things to the fore for many business owners. Choosing who to ask to work from home, who to furlough and who can’t you work without? Can your business survive financially, is there still a market for me and can I, should I change my business model? Our experience from talking to our clients throughout the pandemic is that business owners didn’t really think about it. They panicked and just put everyone on furlough or asked them to work from home. We suspect that this was the wrong decision for
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Tax-efficient Ways to Extract Profit from your business

Part 2 We’re often asked by our clients how they can best extract profits from their company without falling foul of the dreaded Tax Man. Completing company accounts isn’t and should never be just about ticking the compliance box for the company, it should also be about the owner’s aspirations.  That’s why during our regular reviews with our clients we look at where the business is, where the Director/Owner is, what they want to achieve and how we can help them reach those goals. In this installment we look at charging your company – Rent. If you personally own a
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HMRC fuel rates 2020

New rates. Updated advisory fuel rates (AFRs) from 1 September 2020 for fuel costs when using company cars. Engine Size                       Electric per mile        Petrol per mile        LPG per mile      Diesel per mile      Up to 1,400cc – 10p 7p – 1,401cc to2,000cc – 12p 8p – Up to 1,600cc – – – 8p 1,601cc to2,000cc – – – 10p Over 2,000cc – 17p 12p 12p N/A 4p – – –  
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Tax-efficient Ways to Extract Profit from your business

Part 1 We’re often asked by our clients how they can best extract profits from their company without falling foul of the dreaded Tax Man. Completing company accounts isn’t and should never be just about ticking the compliance box for the company, it should also be about the owner’s aspirations.  That’s why during our regular reviews with our clients we look at where the business is, where the Director/Owner is, what they want to achieve and how we can help them reach those goals. In this installment we look at the most obvious method – Salary. It seems quite simple,
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Accounts Payable

We have created a series of help guides so you can keep your finger on the pulse of your business finances. The guide will be centred around useful terms, Xero software and how they can help you run your business better. This week we are starting with the term ACCOUNTS PAYABLE, it’s another term used when you owe an amount to a creditor for goods or services and they have sent you an invoice you’ve not paid yet. Do you know how to access your ACCOUNTS PAYABLE report on your accounting software? If you use Xero follow the process below,
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Nine weeks since the world changed…

On the 16th March we decided to close our offices to visitors, not only to protect our employees but also to protect our clients from Coronavirus. It’s hard to comprehend the changes that have happened in those 9 weeks because everything seems to have stayed the same for so many. I though I would give a little update on where we are, what we’re doing and how we’re continuing to assist our clients in these horrid times. Adam As our CEO and Principal Accountant, Adam has been working tirelessly in the background ensuring the accounts and tax deadlines are met
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COVID-19 Help for individuals who are self employed

We are waiting for the chancellor to announce some measures for the millions of sole traders in the UK. Whilst we know they have a lot to consider, it must feel like you’ve been forgotten.  Let’s hope an announcement comes soon. Self-employment Income Support Scheme (SEISS) The chancellor has announced a measure of support to provide a grant to self-employed individuals or partnerships. HMRC are going to use the average profits from your submitted tax returns from 2016-17, 207-18 and 2018-19 to calculate the grant that you can receive. The grant is capped at £2,500 per month. The scheme will be open
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COVID-19 How to furlough your employees

As responsible employers we all want to do what we can for our employees in these difficult times but what do you do if your business income has taken a hit and you don’t have enough work for your employees to do? Or, worse still, you are one of the businesses that the government has told to close? The chancellor announced a Coronavirus Job Retention Scheme (CJRS) whereby a UK employer can claim back 80% of the pay of employees they have placed on furlough, who would otherwise have been paid-off.  The amount will be reimbursed to a cap of
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