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To be eligible to claim for the third Self-Employment Income Support Scheme (SEISS) grant you must either:   be trading and impacted by reduced demand due to coronavirus, or have been trading but are temporarily unable to do so due to coronavirus.   To help businesses understand whether they are eligible for the 3rd SEISS…

Earlier this month HMRC published their consultation and plans for Making Tax Digital for corporation tax (MTD for CT).   HMRC have proposed the main elements of the scheme to be:-   All entities within the charge of corporation tax will need to maintain their records digitally; Those entities should use MTD compliant software to…

It seems that HMRC have heard about our disappointment with Christmas parties being cancelled this year…   The Employment Income Manual EIM21690 has been updated to incorporate the news that virtual events can be included when considering the £150 per person benefit in kind exemption for annual functions.   The event should be an annual…

As HMRC’s ambition to become one of the most digitally advanced tax administrations in the world continues so the way the tax system works to become more effective, more efficient and easier for taxpayers to get their tax right the next steps have been issued by HMRC.   Currently VAT-registered businesses with a taxable turnover…

The Brexit transition period ends on 31 December 2020.   There will be significant changes to the way that Import and Export business is conducted and the documentation needed, even if a Free Trade Agreement is ultimately reached with the EU.   Time is running out to consider the impact of the changes on your…

Many small to medium sized companies have made use of the £4,000 employer allowance (EA) rebate so far this tax year. However, with the somewhat uncertain times companies are facing at the moment, the number of redundancies made has unfortunately seen a significant increase.   A change in the EA rules for 2020-21 saw companies…

With many Christmas parties being cancelled due to the Coronavirus pandemic you may be wondering how you can say ‘Merry Christmas’ to your staff this year.   Did you know there are no tax implications on gifts classed as a  ‘trivial benefit’ where all of the following conditions are met: it cost £50 or less…

Companies House have recently announced that they have stopped their paper service which includes paper reminders to file Confirmation Statements and Annual Accounts.   You can register with Companies House to receive electronic reminders and thereby reduce the chance of late filing which can result in penalties being levied.   Please see below link on…

It has never been easier for businesses to get a loan following the introduction of the Bounce Back Loan (BBL) scheme. The scheme has been extended to 31 January 2021 and businesses will now be able to apply for top-ups if they have not previously taken the full amount available.   But what is the…

Following from October’s announcement that the CJRS would be extended by a further month, the government has today declared a further extension through to 31st March 2021.   Full guidance for the extension will be published on 10th November, but as things stand claims to 31st January will be paid at 80% of an employee’s…