Default Surcharge: Guidance
In this article we will explain how HMRC apply a default surcharge, how it works and how to avoid them. What is a default surcharge? What happens if I default? How is a surcharge calculated? Is there a minimum surcharge? Special arrangements for small businesses What if I have a reasonable excuse for not paying […]
Two huge successes for the NRB Academy
This week at NR Barton we have received some fantastic news regarding two of our members of staff, Georgia Winters and Jack Dawber-Axon. Both Georgia and Jack have joined NR Barton within the last 12 months and were both at different stages of their ACCA qualifications at the time. Since joining the firm, both Georgia […]
Paying back a false SEISS claim
The Self-Employment Income Support Scheme (SEISS) provided financial support for self-employed individuals who experienced a reduction in profits due to the coronavirus pandemic. However, the scheme was subject to a lot of dishonesty; people were claiming SEISS payments, despite their business not experiencing a reduction in profits. You must tell HMRC if, when you made […]
Coronavirus Job Retention Scheme (CJRS) changes: August 2021
As national restrictions due to coronavirus have been lifted, from 01 August 2021, the CJRS will become less generous, and employers will be asked to contribute more towards the cost of furloughed employees’ wages. To be eligible, you must continue to pay your furloughed employees 80% of their wage for hours not worked. However, from […]
Basis Periods to be abolished in 2022: what does this mean for your business?
“Basis Periods” are a set of tax rules that govern the timing of when income is assessed. Self-employed individuals and partnerships with trading income use basis periods to allocate trading profits and losses to specific tax years. Basis periods are straightforward if your accounts are drawn to 5 April or 31 March every year but […]
Limited businesses can now apply for exemption to self-isolation
Throughout the pandemic, the NHS track and trace app has been a fantastic tool to tell people, who have potentially been in contact with coronavirus, that they need to isolate. However, as cases begin to rise due to the easing of social distancing restrictions, more than 600,000 people in England and Wales were sent self-isolation […]
Accounting Software: Which one should you use?
Whether you are currently using digital accountancy software or still using more traditional methods (excel spreadsheets or manual records), the accountancy industry is undergoing a digital revolution. For those still using traditional methods, the government’s Making Tax Digital scheme means that adopting accountancy software is inevitable. If you are using accountancy software you should always […]
Plastic Packaging Tax to be introduced within the UK
In aim to reduce plastic waste across the UK, the UK government have released the details of a new Plastic Packaging Tax which will take effect from 1 April 2022. This will encourage the use of recycled rather than new plastic within plastic packaging. This is expected to stimulate increased levels of recycling and collection […]
House prices fall 0.5% in June, should we be concerned?
As the stamp duty holiday is ending, it is interesting to look at the effects which this has had on house prices across the UK. The holiday was introduced on 8 July 2020 after concerns were raised regarding the property market after coming out of the pandemic. This scheme increased the number of people that […]
VAT Deferral: New Payment Scheme
VAT Deferral: New Payment Scheme How can I opt-in to the new payment scheme? How many instalments can I pay my deferred VAT in? I am having difficulty using the online service, what can I do? What if I am still not able to pay my deferred VAT? If you deferred VAT between 20 March […]
