My Latest Blogs
12th July 2023
Basis Period Reform
Currently for 2022/23 Self -Assessment tax returns, when Sole Traders and Partners are taxed on their Self-Employment profits, we use Tax Basis Period rules to decide which tax year the profits are assessed in. This means your Self-Employment accounts are made up to the year-end date you chose at the commencement of trading, and…
19th October 2022
Considered using the Cycle to Work Scheme?
If you were interested in offering your employees the Cycle to Work Scheme, there are three main methods you could use: Salary Sacrifice Loan Pooled cycles Method 1: Salary Sacrifice Under this method, your employee would be agreeing to sacrificing part of their salary before tax and you would provide the hire of…
8th April 2022
Reduced rate of VAT for hospitality, holiday accommodation and attractions comes to an end!
In July 2020 the government announced that VAT registered business who operate in the hospitality and tourism industry could use a temporary 5% reduced rate of VAT on certain supplies compared to the standard 20% to help them through the Coronavirus pandemic. The scheme had been extended multiple times, and from 1 October 2021…
11th February 2022
Average waiting time for calling HMRC drops to nine minutes!
It has recently been announced that the average waiting time for HMRC to answer a telephone call reduced to nine minutes in December 2021 compared to 13 minutes in November 2021! If you would like us to speak to HMRC on your behalf, we require agent authorisation via form 64-8. To submit form 64-8 to…
24th September 2021
SSP Rebate Scheme closes 30 September 2021!
Normal Statutory Sick Pay (SSP) can be paid to your employees from the fourth day they are absent from work if they meet the following criteria: They are classed as an employee and have done some work for you Earn an average of at least £120 per week Have been ill for at least 4…
16th August 2021
Payroll – Earlier Year Updates
Previously if you submitted an error on your payroll to HMRC in an earlier tax year and you noticed the error by 19th April following that tax year, you could amend your payroll records and submit an adjustment (FPS adjustment). If you noticed the error after 19th April, you would submit an Earlier Year…
1st July 2021
Changes to the reduced rate of VAT for hospitality, holiday accommodation and attractions
In July 2020 the government announced that VAT registered business who operate in the hospitality and tourism industry could use a temporary 5% reduced rate of VAT on certain supplies compared to the standard 20%. The objective of this legislation was to support businesses in this sector during the Coronavirus pandemic and assist with…
15th March 2021
COVID 19 filing extension for CS01’s coming to an end!
The current confirmation statement (CS01) filing deadline of six weeks from the ‘made up to date’ (the original 14 day deadline, plus an extension of 28 days) is coming to an end. CS01’s with a filing deadline of 6 April 2021 or later will no longer have the COVID 19 extension. Please see table summary…
10th March 2021
Further extension of CJRS
It was announced in the budget on 3rd March 2021 that the Coronavirus Job Retention Scheme will be extended to 30th September 2021. Employers can claim 80% of ‘usual salary’ for hours not worked up to a maximum of £2,500 per month. Employers must continue to pay employer National Insurance and employer pension contributions.…
7th December 2020
Extension to Coronavirus Job Retention Scheme
The Government has announced the Coronavirus Job Retention Scheme will be extended until the end of April 2021. The Government has reviewed the terms of the scheme and confirmed that the claim will remain at the current level of 80% of an employee’s usual wage for the hours not worked up to a maximum of…