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Making Tax Digital coming soon for Income Tax

August 20, 2021

VAT registered business making taxable supplies above the £85,000 registration threshold have been grappling with Making Tax Digital (MTD) since April 2019. The next roll-out will be the introduction of MTD for income tax which is scheduled to start in April 2023. The obligation to keep records in a digital format and report information quarterly…Read More

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Company loss relief can be claimed early

August 9, 2021

Where a company makes a trading loss of no more than £200,000 in an accounting period it is now possible to claim relief for that loss even though the corporation tax return CT600 has not been submitted. This will enable the company to carry back the loss to earlier years and obtain a repayment of…Read More

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Furlough Grant Reduces to 70% for July

July 2, 2021

For the month of‌‌ July the CJRS Furlough grant support from the government via HMRC reduces to 70% of the employee’s usual pay for hours not worked. This is despite the fact that “Freedom Day” in England has been delayed four weeks to 19 July 2021, and now called “Terminus Day”. The government support to…Read More

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Car Benefit Reduced Where Unavailable

June 10, 2021

P11d forms reporting benefits in kind provided to employees and directors need to be submitted to HMRC by 6 July. Where a company car is “unavailable” for private use for 30 or more consecutive days the benefit is proportionately reduced. During the various lockdown periods many employees and directors have not been using their company…Read More

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Covid-19

June 4, 2021

There is a little-known deadline approaching in relation to the VAT deferral scheme. Any business that took advantage of the scheme in 2020 that has not repaid the deferred amount will need to indicate to HMRC how they are planning to make repayment or risk receiving a penalty of 5% of the outstanding amount on…Read More

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Latest CJRS “Furlough” Grants

May 20, 2021

The fourth version of the Coronavirus Job Retention Scheme (CJRS) “furlough” grant scheme commenced on 1 May 2021 and will run until 30 September with employees affected continuing to be supported such that they are entitled to be paid at least 80% of their “usual pay” subject to a limit of £2,500 a month for…Read More

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60 years old but 24 karat gold! (Click here)

May 14, 2021

The month of May brought along a big birthday bang for Barry! Barry celebrated his 60th last week and we’re pleased to say he’s enjoyed his celebrations. Best wishes from the Team.

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Making Tax Digital Extended to More Businesses

Currently only VAT registered businesses making taxable supplies in excess of the £85,000 VAT registration threshold are mandated to comply with Making Tax Digital (MTD) rules. Those rules require the business to keep digital business records and send VAT returns using MTD-compatible software. MTD for VAT is now being rolled out to all VAT registered…Read More

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Additional Restrictions Grants

April 30, 2021

Home based and mobile businesses affected by the Covid-19 pandemic are being encouraged to apply for an initial £500 grant. Eligible businesses can now apply for the grant online via Bedford Borough Council’s website at www.bedford.gov.uk/BSG. Grants will be awarded to local businesses and home based and mobile businesses that have fixed business costs and…Read More

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New enhanced loss relief rules may result in extra tax refunds

April 16, 2021

In the March Budget it was announced that the normal one year carry back for trading losses would be extended to three years. This means that many businesses that have made losses during the COVID-19 pandemic may be able to obtain a repayment of tax paid in that three-year period. This enhanced carry back applies…Read More

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Buy New Equipment before 6 April?

March 11, 2021

Your business year end, not 5 April, is relevant for capital allowances purposes. If however you are running a business and making up accounts to 31 March or 5 April you should consider buying plant and machinery to take advantage of the £1 million Annual Investment Allowance (AIA). The AIA provides a 100% tax write…Read More

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Don’t lose your 2020/21 Personal Allowance

March 5, 2021

For every £2 that your adjusted net income exceeds £100,000 the £12,500 personal allowance is reduced by £1. Pension contributions and Gift Aid can help to reduce adjusted net income and save tax at an effective rate of 60%. The restriction applies between £100,000 and £125,000 adjusted net income. Another way that you could avoid…Read More

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Get Ready For New Off-Payroll Working Rules (IR35)

February 18, 2021

This time last year businesses were preparing for important changes to the rules where workers supply their services via their own personal service companies. The start date was then deferred from 6 April 2020 to 6 April 2021. The new rules are scheduled to apply to large and medium-sized businesses as defined by the Companies…Read More

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Passing on the Family Home

February 15, 2021

One recent change that should be taken into consideration when drafting your Will is the additional Inheritance Tax (IHT) nil rate band for passing on the family home to direct descendants on death. We can work with your solicitor to make sure your Will is tax efficient. Now that the additional relief is fully phased…Read More

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