Are you eligible for further self-employed grants?

Two quarterly grants have been paid to UK self-employed traders that qualify for the Self- Employed Income Support Scheme (SEISS). These covered the periods up to 31 October 2020. The Chancellor has announced that two further quarterly payments will be made. Traders will still need to qualify for the payments and in particular: Have been […]

Current businesses subject to lock-down

We have reproduced below a list of businesses which must close during the period 5 November to 2 December 2020. Business based in England and required to close To reduce social contact, the regulations require some businesses to close and impose restrictions on how some businesses provide goods and services. These include: Non-essential retail, such […]

Are you eligible for Universal Credit?

What to do if you are placed in a financial position where you do not have sufficient income to meet your monthly outgoings and you are unable to find work to plug the gap. The main government assistance for those who find themselves in this position is to register for Universal Credits. The following notes […]

Government financial support extended

Government financial support for UK businesses affected by the COVID pandemic have been extended in the past week. Thankfully, relief for employees of affected companies and the self-employed have been announced in tandem. A short summary of the main changes follows: Coronavirus Job Retention Scheme (CJRS) This furlough scheme will now be extended until the […]

Get ready for end of EU transition period

Government have recently promoted their online webinars that aim to support businesses who will be affected by the end of the EU exit transition period, 31 December 2020. Here’s what the Department for Business, Energy and Industrial activity have to say: Over 3,000 people have attended government webinars to help them get ready for the […]

Are you making the most of your accounts data?

Many of us have taken the step from manual to digital accounting systems. But are you making the most of features provided? Without a doubt, accounts software offers a wealth of reports many of which will likely be of limited use to businesses, however, many will be of use. There is a temptation to stick […]

Tax Diary November/December 2020

1 November 2020 – Due date for Corporation Tax due for the year ended 31 January 2020. 19 November 2020 – PAYE and NIC deductions due for month ended 5 November 2020. (If you pay your tax electronically the due date is 22 November 2020.) 19 November 2020 – Filing deadline for the CIS300 monthly […]

Cash back at all shops

Brits will be able to get cashback from shops without needing to buy anything under new proposals to protect the UK’s cash system announced 15 October 2020. Under the government proposals, cashback without a purchase could be widely available from retailers of all sizes in local communities across the UK. Although cash use is declining, […]

Students warned to avoid tax scams

Readers with children at university should pass on this message as students starting university this year are being warned by HMRC that they could be targeted by a fresh wave of tax scams. As new students start the academic year, they can be particularly vulnerable to cybercrime. With universities taking a blended approach to online […]

How much of your estate will be taxed?

The present rate of Inheritance Tax (IHT) that is payable by your executors on your taxable estate is 40%. The good news is that you can reduce the impact of this tax, which effectively reduces the amount of your hard-won assets that is received by your beneficiaries. For example: The first £325,000 is tax-free. This […]