Most business owners will know the difference between a profit statement and a balance sheet.
Both are created from a process known as double-entry bookkeeping.
If asked to consider two aspects of a £50 purchase from a stationery store, most would
It has been estimated that almost £350,000 of charitable donations last year ended up in the pockets of criminals.
Government recently issued advice to reduce this activity. They said:
The vast majority of fundraising appeals and collections are
The Annual Tax Summary is a document provided by HMRC that provides details on the tax you pay and how this is used by government.
The Annual Tax Summary shows:
your taxable income from all sources that HMRC knew about at the time that it was
The deadline for submitting your 2019-20 Self-Assessment tax returns online is 31 January 2021. You should also be aware that payment of any tax due should also be made by this date. This includes the payment of any balance of Self-Assessment
The Chancellor used the recent Spending Review to confirm that increased National Minimum Wage and National Living Wage rates will come into effect on 1 April 2021.
From 1 April 2021, the National Living Wage will increase by 19p to £8.91. This
The Secretary of State for Business, Energy and Industrial Strategy, Alok Sharma has written a letter to businesses in the professional services sector. The letter (available in English and Welsh) provides tailored advice on what key actions
The coronavirus VAT payment holiday gave businesses the chance to defer the payment of any VAT liabilities between 20 March 2020 and 30 June 2020. The option for businesses to defer their VAT payments ended on 30 June 2020.
There are two options
Advisory fuel rates are intended to reflect actual average fuel costs and are updated quarterly. The rates can be used by employers who reimburse employees for business travel in their company cars or where employees are required to repay the cost of
HM Treasury has published a further Treasury Direction made under the Coronavirus Act 2020, ss. 71 and 76, which modifies and extends the effect of the Self-Employment Income Support Scheme (SEISS).The Direction mainly deals with the expansion of the
The Department for Business, Energy and Industrial Strategy (BEIS) and the Financial Reporting Council (FRC) have jointly published a letter to the accounting and audit sectors setting out the UK’s legal framework for accounting and corporate
The First-tier Tribunal (FTT) has dismissed a taxpayer’s appeal for having a reasonable excuse. The taxpayer applied out of time for permission to appeal against penalties imposed by HMRC. The appeal was in relation to late payment penalties imposed
One of the more positive aspects – perhaps the only positive aspect – of COVID disruption has been the movement away from fixed systems to more flexible systems to cope with the changing demands of lock-down.
Who would have predicted a year ago that
It is apparent that our final exit from the EU, 1 January 2021, will disrupt the movement of goods, back and forth, while transport links and customs authorities adjust to the new reality.
Hopefully, readers that are directly affected – with
1 December 2020 – Due date for Corporation Tax payable for the year ended 28 February 2020.
19 December 2020 – PAYE and NIC deductions due for month ended 5 December 2020. (If you pay your tax electronically the due date is 22 December 2020)
19
HMRC’s guidance on making claims through the Coronavirus Job Retention Scheme was updated on 19 November 2020. The updated guidance now includes various examples of what is meant by a ‘reasonable excuse’ for employers that submit furlough claims
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