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Find out more about using cloud accounting software for your pub or restaurant and how you can use these services for other hospitality sectors.

Businesses in the non-essential retail, hospitality, leisure, personal care and accommodation sectors can now access one-off cash grants of up to £18,000 from their local council. The Restart Grant scheme opened nationally on 1 April 2021 and is now being rolled out by local authorities across England.

At the start of the new tax year in April the thresholds for student loans will increase, which may affect employees that are repaying their academic fees. The threshold for student loan Plan 1 will increase from £19,390 to £19,895 from this date, and employees on Plan 2 will see their student loan threshold rise from £26,575 to £27,295.

HM Revenue & Customs (HMRC) has released new guidance that brings changes to the company car benefit calculations, as the Government looks to encourage greater use of ultra-low emission vehicles (ULEV). Under the new rules, if a ULEV has a CO2 emission figure of 1-50g/km, businesses will now need to provide the...

Despite the impact that Brexit has had on trade in the UK, a new survey conducted by YouGov has found that 38 per cent of small businesses are likely to trade overseas this year. The study, commissioned by Lawbite, found that of the 791 small businesses questioned two-fifths were planning to trade overseas, which scaled...

The Government is pressing ahead with plans to increase the rates of the National Living Wage (NLW) and the National Minimum Wage (NMW) from 1 April 2021, while people aged 23 and 24 will be entitled to the National Living Wage for the first time. The NLW will rise from £8.72 an hour to £8.91 an hour, the NMW for people aged...

The Government has announced that the final report of its fundamental review of business rates will be delayed and will be published in the autumn. It says that by then there should be greater clarity about the economic situation and the future of the public finances. The review was announced by Rishi Sunak at his Budget a year ago...

New research has found that SMEs across the UK are feeling increasingly optimistic about their prospects for the rest of 2021, after the success of the vaccine rollout. The Barclaycard Payments Barometer research found that SMEs expect to grow their revenues by an average of eight per cent. London SMEs, meanwhile, expect to see...

In the year since the Chancellor, Rishi Sunak, delivered his first Budget to a packed Commons chamber in March 2020, more than 135,000 people in the UK have died from Coronavirus, there have been three national lockdowns, the economy has shrunk by 9.9 per cent and Coronavirus support measures have cost around £280 billion.

Following HM Revenue & Customs’ (HMRC) announcement that it is waiving late filing penalties for Self-Assessment taxpayers who file by 28 February, it has now announced that it is waiving the five per cent late payment penalty that usually applies from 3 March for taxpayers who pay or set up a payment plan by 1 April 2021.

The impact of the pandemic has been felt in many different ways. Some of the effects have been quite immediate, but now many businesses are starting to see how the events of the last year are affecting their annual business insurance rates as well. Before COVID-19 struck, there were already a number of factors adversely impacting...

Businesses looking to reward and retain staff members may wish to consider offering an electric vehicle (EV) salary sacrifice scheme. Not only are many EVs better for the environment, but they could also offer businesses considerable savings. Businesses can use employee salary sacrifice – similar to schemes offered for pension...

A set of consultations on the future of Companies House published in December 2020, include proposals for mandatory digital filing, requirements to tag accountants digitally with IXBRL and shortening filing deadlines to three months for public companies and six months for private companies.

Companies House will pause both the voluntary and compulsory strike-off processes for one month from 21 January until 21 February to support businesses affected by COVID-19, it has been announced. The extended measure comes in response to delays to the system caused by the third national lockdown.

Due to the ongoing restrictions of the Government’s Coronavirus response, millions of UK workers continue to work from home. Many may not be aware that they can claim tax relief for additional household costs if they are required to work from home regularly, either for all or part of the week. This tax relief is not available to those...

Large and medium-sized businesses now just have a couple of months left to prepare for the changes to the off-payroll working rules (IR35). From 6 April 2021, in most cases, the engager (employer) will be responsible for deciding whether to deduct tax and National Insurance Contribution (NICs) from freelancers and contractors...

From 1 March 2021, businesses within the Construction Industry Scheme (CIS) must record, report and pay VAT under the new VAT domestic reverse charge rules. This change affects both contractors and subcontractors and the supply of certain kinds of construction services in the UK. Under the new rules, VAT registered subcontractors...

Due to a mismatch of earnings thresholds, basic rate taxpayers may unexpectedly come under the scope of the High Income Child Benefit Charge in April. The Low Incomes Tax Reform Group (LITRG) has issued a warning to families that they may be subject to a tax charge when claiming Child Benefit due to a discrepancy between two earnings...

Any business that deferred VAT payments due between 20 March and 30 June 2020 as a result of the Coronavirus pandemic, must now consider how they will repay this outstanding tax. They can choose from the following options in order to do this.

The Government has announced changes to the Bounce Back Loan Scheme (BBLS) available to small businesses in the UK that will give companies longer to repay what they have borrowed. Around 1.4 million small and medium-sized businesses have taken out a loan since they were introduced last year, amounting to around £45 billion of financial support.

Small company directors that were not able to claim under the Coronavirus Job Retention Scheme (CJRS) because they paid themselves an annual salary in March 2020 may now be eligible to claim under the scheme. Many directors missed the cut-off date on 19 March 2020 to be eligible for the first and second iterations of the furlough scheme.

HM Revenue & Customs (HMRC) has announced that any Self-Assessment taxpayers who miss the 31 January 2021 tax return deadline will not receive late filing penalties if they file online by 28 February 2021, although the 31 January 2021 payment deadline remains. Taxpayers who do not pay any outstanding balance on their 2019-20 tax...

HM Revenue & Customs (HMRC) has confirmed that the final deadline for employers to request an exemption from the publication of furlough claims will be this coming Monday 25 January 2021. Shortly after it was announced in the autumn that the Coronavirus Job Retention Scheme (CJRS) would be extended and reset to resemble the original...

Any applications for the latest round of the Self Employment Income Support Scheme (SEISS) must be submitted by the deadline on 29 January 2021. This grant offers a taxable support payment equal to 80 per cent of the average of three months’ trading profits (up to a maximum of £7,500) to eligible individuals.

The UK Government’s budget deficit is expected to reach a peacetime high of around £400 billion this year as a result of the cost of economic support measures during the Coronavirus crisis as well as the impact of the crisis on the economy and, in turn, tax receipts. That is around seven times higher than the £55 billion deficit...

HM Revenue & Customs (HMRC) has increased the threshold for Self-Assessment taxpayers to use its online self-service Time to Pay payment plan service from £10,000 in tax liabilities to £30,000. The move means that more taxpayers will be able to spread the cost of their tax bills by paying in monthly instalments...

An independent commission established last spring by the London School of Economics, the University of Warwick and the Economic and Social Research Council to analyse proposals for a wealth tax has rejected an annual tax but has advocated a one-off charge. The commission comprises senior academics from the universities involved...

According to reports in the Financial Times, the Government is considering launching a new loan scheme, where businesses could borrow anything up to £10 million through an 80 per cent state-guaranteed bank loan. The new scheme, which could be a successor to the existing Coronavirus Business Interruption Loan Scheme (CBILS)...

Within hours of the Prime Minister announcing a new national lockdown in England, HM Revenue & Customs (HMRC) has issued new warnings after it received reports that fraudsters were attempting to dupe taxpayers by pretending to be the tax authority. Throughout the last year, criminals attempted to scam businesses...

The Federation of Small Businesses (FSB) is calling on the Government to introduce new measures to help companies struggling with COVID-related debt, including employee shared ownership. The FSB has said that businesses are facing “unmanageable” levels of Coronavirus debt – with four out of 10 small businesses describing...

The latest guidance on VAT on imports and services to and from the EU is complex and businesses need to account for this in their trading. To help we have provided a brief summary below, but we highly recommend you seek additional advice.

More than 370,000 small businesses in England and Wales could be due a payout on their business interruption insurance after the Supreme Court ruled in favour of payments being made on previously refused claims and policies. A number of insurers have lost an appeal against an earlier ruling, brought in a test case by the Financial...

Download our latest guide to make sure you are taking advantage of the support on offer As we enter yet another national lockdown, businesses may be concerned about their ability to survive and succeed in the weeks and months ahead. The level of support on offer from the Government and local authorities is unprecedented via the various grants, loans and payment holidays now available.

The UK Government has tripled the number of workers employers can recruit from overseas to work on UK farms in 2021, it has been revealed. Under the Seasonal Workers Pilot, 30,000 visas are now available to overseas talent seeking agricultural and horticultural work for a period of up to six months.

The UK Trader Scheme (UKTS) has now been launched to support businesses moving goods between Great Britain and Northern Ireland after the Brexit transition period ends. Here’s what you need to know: What is the UK Trader Scheme? Simply put, the UKTS will ensure that UK traders do not pay international tariffs on the movement...

As businesses prepare to enter a new year, the Chancellor Rishi Sunak has confirmed a further extension to the Government-backed loans and Coronavirus Job Retention Scheme (CJRS). In a move that the Chancellor said would provide “certainty for millions of jobs and businesses”, the Government has extended the furlough scheme...

Sunday’s deadline for reaching a post-Brexit trade deal between the UK and EU came and went as both sides committed to continue negotiating ahead of the end of the Brexit transition period at 11pm UK time on 31 December 2020. The decision to keep negotiations open appears to have been driven by progress on tariffs, suggesting a deal...

Under the newly agreed Northern Ireland Protocol, the Value Added Tax Act (1994) will be amended so that Northern Ireland maintains alignment with the EU VAT rules for goods. This means that the rules for intra-EU movements of goods that currently apply, will continue to apply after the end of the transition period on...

The Government has confirmed further details of the customs duty arrangements that will apply to Northern Ireland with the publication of the Taxation (Post-transition Period) Bill. The Bill enacts several of the arrangements contained in the Northern Ireland Protocol, a critical element of the Withdrawal Agreement that...

The Government has launched a new export finance guarantee scheme, targeted at SME exporters. The General Export Facility scheme will provide an 80 per cent Government guarantee on financial support of up to “around £25 million” from lenders to support the general costs of exporting.

We are now less than one month away until the UK officially leaves the European Union. For businesses, this means new processes, protocols and procedures. In this blog, we are going to explore how your business can approach just two of these issues: customs and VAT. Here’s what you need to know.

The UK’s new points-based immigration is now live to help businesses as they prepare for the end of the Brexit transition period on 31 December 2020. The new system outlines who can work in the UK once the free movement agreement with the EU ends on 1 January 2021. There are several new Immigration categories under the new...

The Business Secretary has written to the professional and business services sector warning them about the actions they need to take to prepare for the end of the Brexit transition period. With just a month to go, the letter, titled Are You Ready For New Rules For Business With The EU, sets out the key steps businesses in industries...

New guidance has been issued by HM Revenue & Customs (HMRC) which alters how the Statutory Residence Test (SRT) for tax will operate as a result of the COVID-19 pandemic. The latest COVID-19 guidance is likely to affect taxpayers’ ability to move freely into and out of the UK, which could affect their status under the SRT.

HM Revenue & Customs (HMRC) is calling on Self-Assessment taxpayers to keep a look out for scammers posing as the tax authority. HMRC has said that scammers are using calls, emails and texts to contact individuals in the run-up to the tax return deadline on 31 January 2021. During the last year, HMRC responded to more than...

More than 84,700 food and drink establishments took part in the Eat Out to Help Out (EOTHO) scheme, according to the Treasury’s latest figures. This resulted in 130,000 claims at the end of the scheme and is estimated to have cost the Treasury around £522 million. The claims system was set up quickly by HM Revenue & Customs (HMRC)...

Local authorities have begun to take legal action against businesses that fail to pay their business rates bills. A new report from property consultancy Colliers has shown that an increasing number of businesses have begun to receive letters demanding payment and/or a court summons. In response, many businesses have started...

A new consultation has been published by HM Revenue & Customs (HMRC) which explores how the core principles of Making Tax Digital (MTD) can be applied to Corporation Tax (CT). Within the new consultation document, HMRC has made it clear that MTD for CT is a means of tackling the underpayment of tax, especially among SMEs, where HMRC...

HM Revenue & Customs (HMRC) has issued a reminder of recent changes to Capital Gains Tax (CGT) to taxpayers and the impending deadline for reporting profits from sales of residential property in the 2019-20 tax year. Various changes to how CGT is reported and paid came into effect at the start of the current tax year on 6 April 2020.

HM Revenue & Customs (HMRC) has confirmed that virtual Christmas parties will be eligible for the £150 annual function exemption that employers often put towards in-person festivities at this time of year. Typically, employers can make use of the exemption for a Christmas party, as long as it is open to all employees...

A pair of studies have revealed that UK grandparents are reconsidering their plans following the Coronavirus pandemic, which may mean that many families are set to inherit more than they expected to. A survey of 2,006 grandparents, carried out by an investment firm, found one in seven are reassessing how they will pass on...

HM Revenue & Customs (HMRC) has confirmed that access to the European Union VAT refund system for expenses incurred before 01 January 2021 will cease on 31 March 2021.

If you are a business who imports or exports products overseas, you may be entitled to grant funding to cover the cost of recruiting, training and adapting your business to the new demands of global trade.

Companies House has announced that businesses will no longer receive reminder letters, as it seeks to end paper communications.

The third round of the Self-Employment Income Support Scheme (SEISS) will open on Monday 30 November 2020 with tighter eligibility criteria than have applied to the previous two rounds of the scheme.

Businesses across the UK are being reminded of key deadlines and actions for the Coronavirus Job Retention Scheme (CJRS), which are just days away.

The Chancellor’s statement to Parliament setting out his Spending Review decisions came against a backdrop of predictions from the Office for Budget Responsibility (OBR), which indicated that the UK economy will shrink by 11.3 per cent this year – the largest fall in output for 300 years.

When the national temporary lockdown ends in England on 2 December 2020, the country will enter a new tougher, tiered local system of restrictions.

One of the key issues to consider before and after the Brexit transition period ends is VAT. Much of the UK’s current VAT rules and regulations are derived from EU VAT directives or existing customs arrangements.

The Institute for Fiscal Studies (IFS) has predicted that taxes will need to rise by more than £40 billion a year by the middle of the decade to prevent Government debt from growing out of control. The widely-respected think tank issued the warning following the news that the Government’s Coronavirus response has cost more than...

HM Revenue & Customs (HMRC) has received more than 50,000 claims for tax relief for working from home since opening a new online portal on 1 October. Since the start of the current tax year on 6 April 2020, employers have been permitted to pay employees up to £6 a week in respect of the additional costs of working from home.

The Office of Tax Simplification (OTS) is calling on HM Revenue & Customs (HMRC) to simplify the process of applying for tax reliefs so that fewer taxpayers miss out. In total, the UK has 1,190 tax reliefs, that each require taxpayers to claim or make an election to benefit from them. The OTS in its report has considered the...

A survey of almost a thousand company directors by the Institute of Directors (IoD) has found that nearly a quarter of businesses are not prepared for Brexit and do not expect to be ready by the end of the transition period on 31 December 2020. A further 21 per cent said they were still not ready, but hoped to be prepared by the...

The Director of Making Tax Digital (MTD) at HM Revenue & Customs (HMRC) has warned that “not all taxpayers are ready for a digitalised tax system.” Roy Wallace spoke with the Institute of Chartered Accountants in England and Wales (ICAEW) about the implementation of the new digital tax system after HMRC was criticised by the Public...

Thousands of people across the UK have purchased new homes to take advantage of the Government’s Stamp Duty Land Tax (SDLT) holiday, but Legal & General Mortgage Club has warned a backlog in the sales and mortgage process means that sales need to be completed quickly. The SDLT holiday announced earlier this year, ends in March 2021.

HM Revenue & Customs (HMRC) has confirmed that it will not charge the usual daily penalties for late filing of 2018-19 Self-Assessment tax returns, which were due by 31 January 2020. HMRC says the move is in response to the Coronavirus pandemic and the challenging circumstances taxpayers have faced in recent months.

HM Revenue & Customs (HMRC) has confirmed that employees serving notice cannot be claimed for from the Coronavirus Job Retention Scheme (CJRS) from 1 December 2020 onwards. It has also confirmed further details of plans to disclose details of claims made by employers from December onwards.

To help you get to grips with the extended Coronavirus Job Retention Scheme (CJRS) please use our helpful FAQ. What does the CJRS offer? The Coronavirus Job Retention Scheme (CJRS) is a temporary scheme open to all UK employers until 31 March 2021 that is designed to support employers whose operations have been severely affected by the pandemic.

As businesses deal with the impact of yet another national lockdown in England, the Chancellor has taken further steps to protect jobs, businesses and the self-employed by announcing additional changes to the Government’s financial support measures. Speaking in Parliament, Rishi Sunak announced further changes to the Coronavirus...

As England prepares for a four-week national lockdown, the Government has announced it will extend existing support measures to help businesses and the self-employed business community in the weeks ahead. As part of its latest support package, the Self-Employment Income Support Scheme (SEISS) and the various Government-backed...

The Government has extended the Coronavirus Job Retention Scheme (CJRS) following the announcement of new Coronavirus restrictions in England from Thursday 5 November 2020 to Wednesday 2 December 2020, which will require many businesses to close. It has also confirmed that those businesses that are required to close will be...

Under increasing pressure from business groups, local authority leaders and the public, the Government has decided to extend several of its existing support measures to help businesses across the UK – regardless of whether they are forced to close or remain open. Speaking to Parliament, the Chancellor Rishi Sunak announced three...

HM Revenue & Customs (HMRC) has published further details of the Job Support Scheme (JSS), announced by the Chancellor during his Winter Economy Statement in Parliament on 24 September. The JSS is intended to support businesses facing reduced demand over the winter as a result of the Coronavirus crisis, helping to keep employees...

Since 1 January 2019, the Annual Investment Allowance (AIA) for capital allowances has been £1 million – helping businesses to invest tax efficiently. However, from 1 January 2021, the AIA will fall back to just £200,000, reducing the amount of tax that can potentially be saved. By using the AIA, businesses can claim against...

During the last few months, to assist workers with working from home, many businesses have supplied a work mobile phone, but how should they account for this benefit? Typically, the provision of equipment, such as a mobile, could be considered a benefit in kind for tax purposes, however, an employee can benefit from an...

In just a few months, more than 150,000 businesses connected to the construction industry will have to make a fundamental change to how they manage their VAT affairs. Although the world has been in lockdown, and with it, parts of the construction sector, the Government still intends to launch the VAT domestic reverse charge for...

New reports have suggested that the Treasury may be considering postponing a planned increase to the National Living Wage (NLW) rates next year. Under plans outlined last December by then Chancellor, Sajid Javid, the legal minimum wage paid to workers over the age of 25 was due to rise by 6.2 per cent from £8.72 per hour to £9.21 per hour...

Companies House, the UK’s register of company information, is to be reformed under new plans designed to prevent fraud and money laundering. As part of the reforms, directors will have to have their identity verified by Companies House before they can be appointed. The amendment will increase the accuracy of data that...

The price of plastic bags in larger retailers in England will double from 5p to 10p from April next year. The 5p charge was first introduced in 2015 and the Department for Environment, Food and Rural Affairs (DEFRA) says that plastic bag use has fallen from 140 a year per adult in 2014 to four now. George Eustace, the Environment...

The Health Protection (Coronavirus, Restrictions) (Self-Isolation) Regulations 2020 came into effect on 28 September 2020 and place new obligations on employers in relation to self-isolation. Regulation 7 creates a new offence of knowingly permitting a worker, including agency workers, to attend a place other than where they...

As part of the Government’s plan to extend the Self-Employment Income Support Scheme (SEISS) for a further six months, HM Revenue & Customs (HMRC) has announced new conditions that must be met. The scope of the extended scheme will now be much narrower, with the third and fourth grants being less generous for the self-employed.

A new judgment at the High Court has clarified that policyholders denied business interruption (BI) insurance claims due to COVID-19 may be due compensation. In an important test case, brought by the Financial Conduct Authority (FCA), the court has found in favour of BI policyholders after many insurers denied pay-outs...

The Chancellor has announced that the Government will expand the new Job Support Scheme (JSS) to assist jobs and businesses required to close their doors as a result of tougher Coronavirus restrictions. The announcement was made ahead of new plans to introduce a tier-based system for lockdowns across the country, which could force...

Employers will be able to apply for the Job Retention Bonus (JRB) between 15 February 2021 and 31 March 2021. This one-off taxable payment to employers offers £1,000 for each eligible employee that was furloughed and kept continuously employed until 31 January 2021. Any employer can submit a claim, as long as they have furloughed...

Many businesses have welcomed the news that the Government will introduce a new scheme to support them with their employment costs once the Coronavirus Job Retention Scheme ends. The new Job Support Scheme will launch on 1 November 2020 and is designed to support viable jobs by subsidising the wage costs for staff working...

Sadly as a result of the most recent government recommendation, we have closed the office with immediate effect.

The Chancellor, Rishi Sunak, has announced a new job protection scheme and a range of new business support measures. Announcing his Winter Economy Plan at a hastily arranged statement in the House of Commons, Mr Sunak said: “Our task now is to move to the next stage of our economic plan, nurturing the recovery by protecting jobs...

Companies House has changed its bank details with effect from 1 September 2020 following a technical change to the way it is funded. Letters sent by Companies House from 1 September 2020 onwards include the new bank details, which businesses will need to use to pay any fees due.

According to the latest official figures from HM Revenue & Customs (HMRC), a total of £1.1 billion was paid out in tax reliefs for the creative sector during 2019/20. The figure represents a rise of more than £30 million on the previous year. Creative sector tax reliefs aim to increase the level of investment in cultural activity...

A new set of Advisory Fuel Rates for the next financial quarter are now in effect as of 1 September 2020. These rates apply to any employee who uses a company car. The rates can be used in circumstances where you are reimbursing employees for business travel in their company car or in requiring employees to repay the cost of fuel...

As the Coronavirus Job Retention Scheme (CJRS) is slowly wound down by the Government, businesses must adapt their PAYE reporting and payroll function to reflect the required funding contributions. To help, we have provided a list of key dates for September and the following months to ensure you are prepared for the changes ahead...

The first Child Trust Funds (CTFs) are set to mature in September allowing those turning 18 to access their fund for the first time. CTFs were tax-free children’s savings account set up by the Government, which were available to those born between 1 September 2002 and 2 January 2011. Parents or guardians of a child who was eligible for...

Four in five UK small to medium-sized enterprises (SMEs) are confident that they will recover from the Coronavirus pandemic, according to research by Starling Bank and the Great British Entrepreneur Awards. The data indicates that 75 per cent of business owners are feeling more confident than they did in July as lockdown measures ease.

HM Revenue & Customs (HMRC) is reportedly writing to 3,000 employers over claims they have made for grants from the Coronavirus Job Retention Scheme (CJRS). The ICAEW Tax Faculty says that HMRC began issuing the letters at the end of August to businesses that are suspected of having claimed more than they were entitled to or grants...

Businesses that are required to shut due to local lockdowns could be entitled to claim up to £1,500 in grant funding every three weeks for each premises that is closed. The new grant funding has been created to support those businesses that are adversely affected by local restrictions, which are being imposed in areas with high...

The Coronavirus Business Interruption Loan Scheme (CBILS) has offered important financial support to thousands of businesses across the UK – but it is due to end this month. Although the deadline for accredited lenders to review applications was recently extended until 30th November 2020, businesses wishing to receive funding...

The value of cash flow forecasting, management accounts and revised business plans is set to come into stark relief as businesses look to rebuild and recover following the easing of lockdown. In recognition of the importance of these and other accountancy services to the recovery and a swift return to prosperity, the Government...

The Government has unveiled its draft legislation for the 2020 – 2021 Finance Bill (the Bill). The new proposals cover a number of measures that were previously announced in the 2020 Spring Budget. To help you gain a greater appreciation for potential tax changes on the horizon, we have prepared a summary of some of the key measures...

Following a change in EU state aid rules, the Government has announced that it will expand the Coronavirus Business Interruption Loan Scheme (CBILS) to certain businesses classed as “undertakings in difficulty” – those with large losses and debts. The UK remains subject to EU state aid rules during the Brexit transition period.

VAT on imported goods with a value of up to £135 will be collected at the point of sale, not the point of importation from 1 January 2021. New guidance has been issued by HM Revenue & Customs (HMRC) which outlines how it anticipates the import of goods from outside the UK below this value to be treated for VAT after the transition period ends.