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 […]
Capital Gains Tax: payment for property disposal
Capital Gains Tax (CGT) is a form of taxation which is put on the sale of a non-inventory asset. If you have sold or disposed of a UK residential property (including part interest in one) after April 2020, you may need to report this and pay Capital Gains Tax (CGT) within 30 days of completion. […]
First Homes: guidance and eligibility
The First Homes scheme involves the building of new homes specifically to be sold at a discount. However, these homes are otherwise intended to be of similar specification to full-price homes. These homes will then be put on the market at a discount of at least 30%. For an average new-build property in England, this […]
Rising inflation – what does that mean for UK businesses?
The covid-19 pandemic has affected all aspects of life as we know it. As we are hopefully emerging from the worst of its social impacts, we are now faced with potentially crippling economic effects caused by the proliferating borrowing throughout the pandemic. In this article we will discuss inflation and what this could mean for […]
