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Increased HMRC Investigations

It has come to our attention that HMRC has increased the number of investigations into Coronavirus job Retention Scheme claims. If you have furloughed any employees, from one person to several members of staff, your claim may be looked into by HMRC. Up to £3.5bn in Coronavirus Job Retention Scheme payments may have been claimed…Read More

Deferred VAT Payments are due now!

VAT payments deferred between 20 March 2020 and 30 June 2020 were due to be paid in full by 31 March 2021. The deferral option was made available as a way of supporting businesses at the start of the Covid-19 pandemic. Businesses are receiving letters from HMRC reminding them that their outstanding deferred VAT payments…Read More

The Growth of Garden Office Working

2020 has seen unprecedented levels of home working, for obvious reasons. Initial concerns over productivity, professionalism and technology have been allayed. When employers (directors, senior executives or business owners) were asked what unexpected benefits had been provided by working from home, 30 per cent reported that their teams have been more productive, while 35 per…Read More

Deferring Tax Payments

Many business owners took advantage of deferred tax payments during 2020. Whilst offering valuable cash flow support last year, many of these delayed payments are now payable by 31 January 2021. Individuals who elected to defer payment now face a tax payment potentially comprising of: balancing income tax payment for 2019/20 second income tax payment…Read More

Exporters: Are You Ready for Brexit?

Do you trade with countries within the European Union? Are you aware of the changes that affect you from 1 January 2021? Data from the British Chamber of Commerce shows that just 38% of firms have completed a Brexit risk assessment in 2020. This compares to 57% in 2019 and 35% in 2018. Brexit will…Read More

HMRC Letters Cause Concern

Many employers are receiving letters from HMRC claiming that their CJRS claims are incorrect. The letters are alarming as they don’t explain the error or state which month’s Coronavirus Job Retention Scheme claim is involved. HMRC states that 5% – 10% of claims are believed to be incorrect and therefore those claims have been made…Read More

Zero VAT Rating for Personal Protection Equipment

A new temporary zero rate means that businesses and individuals purchasing personal protective equipment (PPE) for protection from infection will not be charged VAT. This measure was introduced on 1 May 2020. It will last until 31 October 2020. The temporary VAT zero rate will apply to all supplies of PPE which are made between 1 May…Read More

Be Aware of This Scam Email

Please be aware of a scam email that is being circulated.  This email was received by a fellow accountant who kindly brought it to our attention. It could just have easily been sent to a client: Dear customer, Your recent Coronavirus Job Retention Scheme application has been rejected or recalled. Summary of reject justification: “the claimant…Read More

COVID-19 Payments On Account Delayed

Payments on account that were due on the 31 July 2020 will now be payable by the 31 January 2021. This is an automatic offer with no applications required. No penalties or interest for late payment will be charged in the deferral period. However, at the weekend Prime Minister Boris Johnson was forced to declare that…Read More

VAT Payments

The next quarter of VAT payments will be deferred, meaning businesses will not need to make VAT payments until the end of June 2020. Businesses will then have until the end of the 2020-21 tax year to settle any liabilities that have accumulated during the deferral period. The deferral applies automatically and businesses do not…Read More

Coronavirus Job Retention Scheme

Under the new Coronavirus Job Retention scheme, government grants will cover 80% of the salary of PAYE employees who would otherwise have been laid off during this crisis. The scheme, open to any employer in the country, will cover the cost of wages backdated to 1 March 2020 and will be open before the end…Read More

COVID-19 – Emergency Business Measures

In the last few days, the Government has made major announcements about help for small businesses and individuals affected by coronavirus. Below is a summary of the significant points, although details are awaited as to how some of these schemes may be accessed. The following measures were announced in the Budget and have not (to…Read More

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