Latest blogs for Specialisms

From 1 April 2021, HMRC are to introduce a limit on the amount of payable tax credits which can be claimed by a loss-making company. The refund will be restricted to £20,000 plus 300% of its PAYE and NIC liability for the period. Where the accounting year straddles 1 April 2021, the company will be…

Following the publication of the Agriculture Act 2020 it is now clearer how subsidies to agriculture are going to change, with the first predominant feature being the running down of the Single Farm Payment regime. For farmers in parts of Norfolk and Suffolk there is opportunity to tender to participate in a £320,000 project to…

Whether a trade deal has been reached or not, the UK will leave the EU’s Single Market on the 31st December 2020. In order to reduce the impact of changes SMEs are faced with, there are a few key areas that need to be considered:   Engage with your suppliers Make sure you define customs…

UK businesses can only use the EU VAT Refund System until  11 pm on 31 March 2021.  This means that claims for a refund of VAT incurred in other EU Member States for the year ended 31 December 2020 must be submitted by then.  Prior to Brexit the deadline was 30 September following the end…

If you use the rural business software KEYPrime from Landmark Systems, look out for the new version of the software 9.5. What are some of the new features?   Batch Entry – A faster way to enter data New and improved – Diary function Store Web links to documentation (View documents saved to Auto-entry, Receipt…

At the start of the pandemic, HMRC allowed businesses with a VAT liability falling due between 20 March and 30 June 2020 to defer their payment. Over half a million businesses benefitted from the measure, deferring more than £28 billion in VAT payments.   Originally, businesses were required to pay the deferred VAT in full…

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…

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…

Those businesses that have large capital expenditure spends each year, such as manufacturers and farmers, will be aware that there has been a very generous capital allowances tax regime in recent years, currently allowing year 1 tax relief on eligible purchases up to £1m pa. This generosity was scheduled to be reduced wef 1 January…

Business owners who have built up a valuable private investment company (holding cash, private or quoted equity and/or property), accumulated either from scratch or after the sale of a trading company subsidiary, will be all too aware that the lack of entitlement to Business Property Relief (BPR) creates a problematic inheritance tax (IHT) exposure –…