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Following an announcement by the government in 2020, from April 2021 employers hiring former members of the UK armed forces will be exempted from any NI contributions liability on the veteran’s salary up to the Upper Secondary Threshold (UST) in the first twelve months of their employment. However, under current guidelines relief for the 2021-22…

  Do you use Xero?   If you do, then multi-factor authentication when logging in will become compulsory after 2 July 2021.  From 1 June you will be prompted to set this up but can defer up until 2 July 2021.   Having a second layer of security is designed to prevent anyone but you…

One of the ways government helped businesses in 2020 was to allow them to defer paying VAT liabilities due between March and June that year. Those taking advantage of this had until 31 March 2021 to pay. In September 2020, the Chancellor announced the VAT deferral payment scheme. Instead of paying in full by 31…

It is widely known in the healthcare industry that NHS England announced last year they would make good any annual allowance excess charge arising for staff in 2019/20 only. This came off the back of the announcement that the thresholds for tapering to the annual allowance would be increased from 2020/21, with no intention to…

Sage50 VAT T codes (from v27.1 onwards):   T0 – Zero rated transactions T1 – Standard rated transactions – Currently 20% T2 – Exempt transactions T4 – Sale of goods to VAT registered customers in EC T5 – Lower Rate – Currently 5% T7 – Zero rated purchases of goods from suppliers in EC T8…

Our MTD Group have produced Issue 5 of their newsletter giving details of Making Tax Digital (MTD) as it continues.   So if you are unsure of what to do next, our newsletter has information and advice how to proceed.  Don’t delay however as penalties will be introduced if submission deadlines are missed.   Making…

There has been an ongoing debate since the government started to reduce tax relief available on mortgage interest that having property in a company could be more beneficial.   In order to transfer the property from personal ownership there could be a CGT charge depending on the difference in value from when you bought it…

As you will know by now, in the budget speech of 3rd March 2021, the government announced the extension of the current furlough scheme until September 2021. Further guidance has now been issued as to how the scheme will operate.   Firstly, for periods starting after 1st May, you can claim furlough for any employee,…

In what was seen my many as a Budget lacking in ideas to kick start the economy back into life, Rishi Sunak’s announcement of a notional 30% uplift to eligible capital allowances headlined as the proverbial ‘rabbit out of the hat’. The tweaked allowances will give businesses purchasing brand new plant and machinery more tax…

If, due to Coronavirus, your business deferred VAT payments due between 20 March and 30 June 2020 and you still have payments to make, you can: pay the deferred VAT in full, on or before 31 March 2021, join the VAT deferral new payment scheme – the online service is open between 23 February and…