From today (6 July 2020) our office will be opening again for appointments if you need to see an accountant
Throughout this difficult and challenging time we have been available remotely but we are now please to say our office is open if you need to see an accountant in person. If you need to come and see us please contact us for an appointment. Currently we are still operating on reduced staff numbers due […]
You let several holiday lodges. You are approaching retirement, and are considering selling the properties in the next few years. How could coronavirus cause a nasty tax trap, and how can this be avoided?
FHL status. If your lettings qualify as furnished holiday lettings (FHLs), the properties can enjoy a number of tax benefits not usually available to rental businesses. In the context of this client, the relief that is relevant is the entitlement to claim business asset disposal relief (BADR) on a sale. In order to qualify as an […]
Your firm’s financial year ends soon and while the accounts will show a profit you’re expecting them to include significant bad debts. How long will you have to wait to claim a tax deduction for these?
Increased debtors As a result of coronavirus unpaid invoices are likely to feature more than usual in the accounts of many businesses. While for accounting and tax purposes unpaid invoices count as income, if it becomes clear that they’ll never be paid you can claim a corresponding tax deduction from your profits. Tip. The rules for […]
The latest update from HMRC on border controls in 2021 and package for custom intermediaries.
The government have announced the approach to border controls on GB-EU trade in 2021 and it formally notified the EU that it will not accept or seek an extension to the Transition Period. In recognition of the unprecedented impact that coronavirus has had on all aspects of life, border controls are being introduced in stages, to give […]
As the Government is encouraging everyone to work from home when they can, don’t forget you can claim tax relief for your home office
Working from home can be a challenge. Constant interruptions from children, partners, pets or all three. Your house is full of temptations from the pile of washing up to the box set you nearly finished on Netflix. However, we are all learning to adapt to a new way of working, in your own home. Whilst […]
An explanation of how holiday entitlement and pay operate during the coronavirus pandemic, where it differs from the standard holiday entitlement and pay guidance
Currently with non essential travel in the UK prohibited it looks like many of our holiday plans will be changing this year but how are the rules changing for holiday entitlement and pay for employees and how does this interact with furlough payments? Here is our guide to help you understand the changes. Tip: Rules […]
HMRC has announced that the introduction of the domestic reverse charge for construction services will be delayed until 1 March 2021 due to the impact of the coronavirus pandemic. What do you need to know?
What is the reverse charge? Rules are being introduced to tackle VAT fraud within the construction industry. The reverse charge means that the customer who gets supplies of construction services must account for the VAT due on these supplies on their VAT return, rather than the supplier. What’s changed? The new rules were due to take effect […]
There’s new guidance about deductions from pay for employees furloughed under the Coronavirus Job Retention Scheme (CJRS). What’s the full story?
Grant-funded pay. Since the Coronavirus Job Retention Scheme (CJRS) began HMRC has fielded thousands of questions about whether deductions from salary are allowed to be made from scheme payments. HMRC has now amended its guidance, but is it any clearer? Is that clear? Our view is that HMRC’s apparent clarification could be better. It says “Your employer must […]
The final date to put staff on furlough is Wednesday 10th June 2020
As part of changes to the Coronavirus Job Retention Scheme (CJRS), We’ve outlined below important dates that may impact you in the coming weeks. Important dates – what you need to know now The future of the scheme Making changes to your claims if you have over-claimed If you’ve made an error in a CJRS […]
The government has announced a new tax exemption for employees who work from home and need to buy equipment to do their job. What’s the full story?
Homeworkers. The government has drafted new rules in a move to help employees who are working from home as a result of the coronavirus pandemic. HMRC has created a temporary exemption so that if an employee buys equipment, e.g. a PC, so they can do their job at home their employer can reimburse them the cost […]