Jun 24

UK sets out post-Brexit tariff regime

The UK government published its plans for a new import tariff regime following the end of the Brexit transition period. Following its departure from the EU, the UK has the ability to set its own rules and charges. The scheme includes the abolition of tariffs on imports worth over £30 billion, although economists say the […]

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Jun 20

MPs open inquiry into £155 billion of tax reliefs

The Public Accounts Committee (PAC) has opened an inquiry into the UK’s management of £155 billion of tax relief. The inquiry follows the February publication of a National Audit Office (NAO) report that identified over 300 such tax interventions, totalling £155 billion per year. The NAO raised concerns about the effectiveness of management of tax […]

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Jun 18

COVID-19: delay to VAT reverse charge on construction services

On 5 June 2020, HMRC announced a five-month delay to the introduction of the domestic VAT reverse charge for construction services, due to the impact of the COVID-19 pandemic on the sector. The change will now apply from 1 March 2021 and will overhaul the way VAT is payable on building and construction invoices as […]

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Jun 17

Coronavirus Statutory Sick Pay Rebate Scheme goes live

On 26 May 2020, HMRC opened up its Statutory Sick Pay (SSP) rebate claim service. Eligible employers are able to recoup up to two weeks’ worth of SSP payments made to employees off work for COVID-19-related reasons since 13 March 2020 (16 March 2020 if the employee was shielding). This is an ongoing scheme for […]

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Jun 16

Chancellor announces changes to Job Retention Scheme

Chancellor Rishi Sunak has announced changes to the government’s Coronavirus Job Retention Scheme (JRS), which will be slowly wound down between July and October. The changes mean businesses will be able to bring furloughed employees back on a part-time basis from 1 July. Furloughed staff will continue to get 80% of their salary until the […]

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Jun 15

Changes to insolvency and company law going through Parliament

The government is making changes to insolvency and company law as a result of the COVID-19 pandemic. The Corporate Insolvency and Governance Bill outlines that struggling companies will be given extra time to consider rescue plans presented to them. As part of the changes, companies will have 20 business days to consider a rescue plan, […]

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May 12

Working safely during COVID-19

Working safely during COVID-19 – The UK Government on 12/05/20 has produced guidance to help employers, employees and the self-employed understand how to work safely during the coronavirus pandemic. The government, in consultation with industry, has produced guidance to help ensure workplaces are as safe as possible. For more information please follow this link https://www.gov.uk/guidance/working-safely-during-coronavirus-covid-19 

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Apr 30

Managing Finances during the Covid 19 crisis for the Charity, Not for Profit and Third Sector

The many issues presented by Covid-19 are affecting us all. This message is primarily aimed at the Charities and Not for Profit sector. However, we are sharing it more widely as so many of our clients and contacts have some involvement in or relationship with such organisations. So, we would encourage recipients to share this […]

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Managing Finances during the Covid 19 crisis for SME’s

New Max £50k Bounce Back Loan Scheme – 100% Government backed loan scheme for small business Update – banks are trying to have these available, from their websites on Monday 4 May On Monday 27 April Rishi Sunak announced the new Bounce Back Loan Scheme. Small businesses will benefit from the new fast-track finance scheme, […]

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Apr 21

BUDGET 11 MARCH 2020 – Summary

BUDGET 11 MARCH 2020 – Summary This Summary covers the key tax changes announced in the Chancellor’s speech and includes tables of the main rates and allowances. At the back of the Summary you will find a calendar of the tax year with important deadline dates shown. We recommend that you review your financial plans […]

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Apr 08

Freeports

The government has launched a consultation on proposals to create up to ten freeports across the UK which would have different customs rules than those which apply in the rest of the UK. The government is considering a UK freeport model which would include multiple customs zones located within or away from a port, as […]

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Apr 07

Covid-19 Financial Support Put Simply for Business

We’re always trying to find clear ways of explaining things, this is particularly important in a crisis. Dean Wooton is a well-known tax lecturer & talks through things simply. He has kindly done some Youtube videos on: – Coronavirus tax deferrals – Coronavirus Job Retention Scheme (Furlough) – Coronavirus Self Employed Income Support Scheme These […]

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Apr 04

Don’t forget to make tax efficient investments ahead of the tax year end

With the end of the tax year looming there is still time to save tax for 2019/20. •         Make full use of your ISA allowance – ISAs can offer a useful tax free way to save, whether this is for your children’s future, a first home or another purpose. Individuals may invest up to a […]

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Apr 02

Advisory fuel rates for company cars

New company car advisory fuel rates have been published which take effect from 1 March 2020. The guidance states: ‘You can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car. The advisory fuel rates for journeys undertaken on […]

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Mar 28

Help with any identified cash flow shortages

Do you as owners have private funds? If so, is it appropriate to introduce these to the business as some or part of the way forward? Banks – your bank should be able to provide advice as to what options each provider is making available to customers. It is widely expected that capital repayment holidays […]

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Mar 27

AM I ELIGIBLE FOR FINANCE UNDER CBILS?

The scheme is designed to support smaller businesses (SMEs) who do not meet a lender’s normal lending requirements for a fully commercial loan or other facility, but who are considered viable in the longer-term The announcement on the Gov.uk website lists the various measures available and who is administering them https://www.gov.uk/government/publications/businessessupport – it is comprehensive […]

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Minimum Wage increases

The National Minimum Wage (NMW) and National Living Wage (NLW) are the legal minimum wage rates that must be paid to employees. Employers are liable to be penalised for not complying with the NMW and NLW rules. There are different levels of NMW and NLW, depending on age and whether the employee is an apprentice. […]

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Mar 25

Managing cash flow during the COVID-19 situation

This section is vital in the whole planning stage, it is important to look at what money is coming in, when and what money is going out. Once you have this information you will be able to assess the position and also have the necessary information to defer payments, chase debtors earlier or apply for […]

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Managing staff and sick pay during the COVID-19 crisis

Sick pay for employees – statutory sick pay will be due to employees if they qualify and are off sick please go to https://www.gov.uk/government/publications/-paying-sick-pay-to-employees and ACAS have some good information their link is https://www.acas.org.uk/coronavirus An employee who needs time off to look after a dependant relative – https://www.acas.org.uk/coronavirus   Sick pay if you are self […]

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COVID-19 - Importance of having a plan

COVID-19 – Importance of having a plan

READY YOURSELF FOR OPERATIONAL DISRUPTION It is important to think about how this will affect your business, is it supply or demand that affects you and what does this mean in terms of stocks, cash management etc? What would happen if you also became sick or you need to self-isolate? LOOK INTO CONTINUITY OF SUPPLY […]

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From first going self-employed to starting a limited company, the fantastic accountants at Sage have talked me through the processes and looked after all things accounts-related, leaving me with peace of mind; free to focus on the day-to-day operating of the business. Sage handles everything for me from payroll to tax returns and their service is flawless; when I need something its done; when I need info I get it. All of their staff are friendly, professional, efficient and patient and I couldn’t manage without them.

 

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