The VAT Flat Rate scheme is intended to simplify the way a business accounts for VAT and reduce the administration costs of complying with the VAT legislation. There can also be a decent VAT saving for those using the scheme.
The scheme is only open
The assessment of self-employed or partnerships profits is usually relatively straight-forward if the accounting date, to which annual accounts are prepared, falls between 31 March and 5 April. However, overlap profits can arise where a business year
The cash basis scheme helps many sole traders and other unincorporated businesses who benefit from a simpler way of managing their financial affairs. The scheme is not open to limited companies and limited liability partnerships. The scheme allows
If you are an employee, you must tell your employer as soon as possible if you are showing signs of Coronavirus or someone you live with has symptoms of the disease.
Your employer will be able to inform you if you are covered by their sick leave
The Coronavirus Job Retention Scheme (CJRS) also known as the furlough scheme has been extended until 31 October 2020. There are a number of important changes to the way the scheme works starting from 1 July 2020, when employers can bring back
The UK has confirmed that it will neither accept nor seek any extension to the Brexit transition period which expires on 31 December 2020. The EU has formally accepted this position. With just over six months to go before the end of the transition
Corporation Tax relief may be available where a company or organisation makes a trading loss. The loss may be used to claim relief from Corporation Tax by offsetting the loss against other gains or profits of the business in the same or accounting
There are a number of tax reliefs available for self-employed taxpayers that make a loss carrying on their trade, profession or vocation (collectively referred to as a ‘trade’) and for their share of trading losses in any
HMRC has released the latest bi-monthly issue of the 'Agent Update' publication which includes summaries of recent changes and updates that have been announced. The document which is aimed at taxation and accountancy practitioners includes
Last week, we considered one of the issues that employers will likely need to consider in the coming weeks and months: productivity.
This week we have listed other factors that you may need to consider if you presently have staff furloughed under
While our businesses have been able to maintain or increase profits there has been an unwritten acceptance that we will pay for current taxes out of future cash resources.
For example, if you are self-employed, payments on account for
We reported late last month on the extension of the Coronavirus Job Retention Scheme to 31 October 2020 following the announcement by the Chancellor, Rishi Sunak. At the time, the Chancellor confirmed that further guidance on the workings of the
In the not to distant past business managers were prone to “empire building”. Increasing head count was more important than increasing productivity.
This bygone-age tendency has long slipped away but productivity is likely to remain as a
Dictionary definitions of the word profit tend to include such synonyms as “advantage”, “financial gain” and “financial advantage”.
Longer explanations might say: the difference between the amount earned and the
HMRC’s guidance makes it clear that any business that makes an error in making a Coronavirus Job Retention Scheme (CJRS) claim must pay back any amount over-claimed. Any claims based on inaccurate information can be recovered by HMRC.
The CJRS
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