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At a time when cash flow is key, don’t forget to claim VAT relief on bad debts when preparing your VAT return.  To claim relief, a debt must have remained unpaid for a period of six months from the later of the date payment was due or the date of the supply. If all or…

Companies that require their accounts to be audited, and hold significant levels of stock at their year-end, expect a visit from their auditors annually to perform test counts of their stock.   However, during the current lockdown, auditors are considering other ways to gain the assurance they need over the stock levels held. Some suggestions…

COVID-19 – More Help for Small and Medium-Sized Businesses   In a move aimed at combating fears that small and medium-sized businesses may become insolvent accessing emergency funds, the Chancellor has extended the Coronavirus Business Interruption Loan Scheme to all viable small businesses affected by COVID-19.  The new rules will prevent lenders from requesting personal…

James Palmer, the Cambridgeshire & Peterborough Mayor has introduced a new Covid-19 Capital Grant Scheme.   Grants available are from£2,000 to £150,000 for new capital investments to help companies buy new equipment, build extensions, update production lines, IT and for upgrading logistics during these difficult times.   The capital investment grant is to help qualifying…

Employment Allowance can be claimed to reduce the amount of Employer National Insurance payable. The 2020/21 tax year has introduced the following changes to Employment Allowance: The allowance has been increased from £3,000 per year to £4,000 per year You can only claim the Employment Allowance if your total Secondary Class 1 National Insurance liability…

We have just heard from one of our clients who has already managed to successfully claim the £10,000 small business grant funding being made available to all businesses in receipt of small business rate relief or rural rate relief.  This is one of the measures being administered by local councils, rather than HMRC,  and it…

The Government has issued guidance notes to clarify the extent to which the Furloughing arrangements can be offered to all public sector workers including contingent workers being paid under PAYE, through an umbrella or their own personal service company.  This means that the scheme can be offered to those individuals who:   work through a…

Following a meeting with HM Revenue & Customs (HMRC) the Institute of Chartered Accountants in England and Wales (ICAEW) have issued some notes on how they believe the Coronavirus Job Retention Scheme will work.   The notes below provide an update to our original piece published earlier in the week which is copied below for…

Our Tax Department has written ‘A Brief Guide to Tax Planning for COVID-19’ please click the link below:   Tax planning for COVID-19 Brief Guide  

In light of the Covid-19 pandemic presenting unprecedented challenges for everyone, HMRC has announced a one year deferment to the requirement to digitally link separate software programmes when preparing your VAT return. The soft landing period of MTD (Making Tax Digital) had originally been in place for businesses to make a manual transfer – this…