Happy New Tax Year!

Happy New Tax Year!

Happy New Tax Year! As of today, the new UK tax year has officially started. It’s time to get your finances in order, review your tax code and start planning for the year ahead. Whether you’re self-employed, employed or a business owner, this is the...
VAT Returns – The Key Dates

VAT Returns – The Key Dates

It’s important to know the relevant dates and deadlines to look out for when you’re filing your VAT returns; especially if you’ve just become VAT registered. What are my VAT quarters? Each VAT period is 3 months long, making up the 4 quarters of the...
Subsistence Per HMRC – EIM30240

Subsistence Per HMRC – EIM30240

Subsistence Per HMRC – EIM30240 Employers are allowed to reimburse qualifying employee expenses at benchmark rates specified in the Income Tax (Approved Expenses) Regulations, without need approval from HM Revenue & Customs (HMRC). This exemption is...
Businesses could face unexpected tax bills because of CJRS

Businesses could face unexpected tax bills because of CJRS

Have you set money aside to deal with tax on support grants? HMRC has highlighted that all money paid for test and trace or self-isolation payments in England, Scotland or Wales are taxable, as are Coronavirus Statutory Sick Pay Rebates. The Coronavirus Business...
New VAT rate for hospitality and leisure

New VAT rate for hospitality and leisure

New VAT rate for hospitality and leisure To help the hospitality and leisure industries recover from the impact of the COVID-19 pandemic and associated lockdowns, a reduced rate of VAT of 5% applied from 15 July 2020 until 30 September 2021. This rate has now come to...
Reclaiming SSP for periods of self-isolation

Reclaiming SSP for periods of self-isolation

The recent ‘pingdemic’ has resulted in large numbers of employees self-isolating. Where an employee meets the qualifying conditions, you must pay them SSP while they are self-isolating. As qualifying periods of self-isolation count as a Coronavirus-absence, if you are...
3 QuickBooks Basics

3 QuickBooks Basics

Whether you’re brand new to QuickBooks or you use it already, there’s always more to learn to ensure you’re maximising the resources you have available to you. With this blog we are sharing our top 3 QuickBooks Basics. 1. Connecting and reconnecting the bank When you...
Taxation of company cars in 2021/22

Taxation of company cars in 2021/22

Taxation of company cars What is taxation of company cars? If you are an employee with a company car, you will be taxed on the benefit derived from the car being available for your private use. If you are an employer who makes company cars available to your employees,...
Recovery loan scheme

Recovery loan scheme

Recovery loan scheme If you need to access finance to help your business recover from the effects of the COVID-19 pandemic, the Recovery Loan Scheme may be for you. Nature of the scheme The Recovery Loan Scheme is designed to provide access to finance in order to...
How long do you need to keep your records for?

How long do you need to keep your records for?

Business records if you’re self-employed You must keep your records for at least 5 years after the 31 January submission deadline of the relevant tax year. HM Revenue and Customs (HMRC) may check your records to make sure you’re paying the right amount of tax....
Corporation Tax Increase

Corporation Tax Increase

Corporation tax increase from April 2023 The main rate of corporation tax is due to increase to 25% for the financial year 2023, starting on 1 April 2023. However, companies with profits of £50,000 or less will continue to pay corporation tax at the current rate of...