Latest General Practice

On 25 June 2020, the Corporate Insolvency and Governance Act 2020 received Royal assent.  As a result, Companies House have announced that for eligible companies they will automatically extend the filing deadline for 3 months because of Covid-19.  These are for companies with a filing deadline between 26 March 2020 and 29 September 2020.  This…

Many companies have been receiving financial support from the government during the Coronavirus pandemic, either through the furlough/job retention scheme, rates relief or grants.   The technical advice   Under UK accounting standards, income from the government should be recognised under one of two models, based on the nature of the grant as follows:  …

Like many Government departments, Companies House have relaxed various compliance requirements to support businesses to get through this Covid-19 period. In their latest announcement, they are making the following temporary changes to their strike off policies:   Voluntary (Form DS01 submitted) Strike Off Applications – Process halted after notice published in London Gazette. Automatic Dissolutions…

As a consequence of the Covid-19 lock down, most employees who are able to work from home, and who have not been furloughed, are now working from their private study, spare bedroom, dining room table, etc. So what home expenses can these employees reclaim, tax free, from their employer:   Supply of a mobile phone…

All companies must file their accounts with Companies House every year, and there is an automatic penalty applied if they are filed late.   Companies House have today released guidance regarding coronavirus. If you are unable to file your company accounts due to the virus, you must make an application to extend the filing deadline…

  The Association of Accounting Technicians (AAT) recently published an article focusing on the accounting trends and changes that will shape 2020 (with content from Xero).   BREXIT – What will the significant changes be that will affect your business and your cashflow? Will your business have to look further into the future with management…

(Data Source) As another year draws to a close, local SME businesses will be forgiven for looking forward to drawing a line under it. With 2019 sales growth barely nudging 1%, it has been a year of focusing on not slipping backwards, rather than the usual mantra of continually signing up new accounts.  When commentators…

Boris Johnson has announced plans to postpone the cut in Corporation Tax to 17% (down from 19%) that was due to take effect from 1st April 2020 in order to save £6bn, stating that the money would be better spent on other ‘national priorities’,  including the NHS.   It is not clear when, or indeed…

Whitings, The Corporate Finance Network’s representative firm in Suffolk has advised a well-established lettings agent on its sale to a national group.   The Whitings Corporate Finance team were approached by their client when they decided to explore opportunities to sell their agency. The team, led by Corporate Finance Partner, Chris Kelly, started the process…

As we edge ever closer to what looks more and more likely to be a ‘no-deal’ Brexit, SME business owners should now be readying their businesses.   There is clearly no certainty over quite how affected we shall all be by Brexit. However, there are sensible risk management mitigation steps that business owners may wish…