We make your business our business

News

Government tackles late payment to small firms

19/01/2021

The Government has announced an overhaul of the Prompt Payment Code (PPC). Under the new reforms, companies that have signed up to the PPC will be obliged to pay small businesses within 30 days - half the time outlined in the current Code. Despite almost 3,000 companies signing the Code, poor payment practices are still rife, with many

More...

Rights to regenerate

18/01/2021

We will soon have the rights to turn derelict buildings into homes and community assets. In a recent press release the Ministry of Housing said: The public will be able to convert vacant plots of land and derelict buildings into new homes or community spaces, under plans announced 16 January 2021 by the Housing Secretary, Robert Jenrick

More...

CJRS guidance on who can be furloughed

14/01/2021

HMRC’s guidance on which employees can be placed on furlough using the Coronavirus Job Retention Scheme has been updated. The scheme will continue until at least 30 April 2021. The updated guidance includes new information about employees who are unable to work because they have caring responsibilities resulting from coronavirus

More...

VAT Reverse charge for construction sector

14/01/2021

A further reminder that new VAT rules for building contractors and sub-contractors will come into effect from 1 March 2021. The new rules were originally expected to commence from 1 October 2019, but an initial 12 month delay was announced. The start date was then delayed for a further 5 months until 1 March 2021 due to the impact of the

More...

Have you paid your Data Protection Fee?

14/01/2021

The Information Commissioner's Office (ICO) is the independent regulatory office in charge of upholding information rights in the interest of the public. Under the Data Protection Act 2018, all organisations that process personal information must register with the ICO. By law, every organisation or sole trader who processes personal

More...

Tax and duties for goods sent from abroad

14/01/2021

Following the end of the Brexit transition period new rules regarding tax and duty apply to goods sent to the UK from the EU. These changes are to ensure that goods from EU and non-EU countries are treated in the same way and that UK businesses are not disadvantaged by competition from VAT free imports. For goods sold directly to

More...

New IPO search facility

14/01/2021

The Intellectual Property Office (IPO) is the official UK government body responsible for intellectual property (IP) rights including patents, designs, trademarks and copyright. The IPO has launched a new service that allows users to search for the goods and services they intend to use their trade mark on before they

More...

IHT Main Residence Nil Rate Band

14/01/2021

The Inheritance Tax residence nil-rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) when their main residence is passed down to a direct descendent such as children or grandchildren after their death. The RNRB came into effect on 6 April 2017 and was introduced in stages. The allowance

More...

Tax on an inherited private pension

14/01/2021

Private pensions can be an efficient way to pass on wealth, but it is important to consider what, if any, tax will be payable on an inherited private pension. The person who died will usually have nominated the recipient by telling their pension provider that they should inherit any monies left in their pension pot. If the nominated

More...

Testing for international arrivals

12/01/2021

Passengers arriving from all international destinations will be required to present a negative COVID-19 test result before departing for England to help protect against new strains of coronavirus circulating internationally. Transport Secretary Grant Shapps has announced that inbound passengers arriving by boat, plane or train will have

More...

Apply for the new Global Health Insurance Card

12/01/2021

UK residents can now apply for the new UK Global Health Insurance Card (GHIC). Under Britain’s new agreement with the EU, UK residents’ rights to emergency and medically necessary healthcare will continue when travelling in the EU. This includes medically necessary treatment for a pre-existing or chronic condition. Current European

More...

Did you file your tax return on Christmas Day?

07/01/2021

A new press release by HMRC has highlighted that 2,700 taxpayers took the time to file their tax return online on Christmas Day with a further 8,500 taxpayers completing their tax returns on Boxing Day. In total, 31,400 Self-Assessment returns were filed between 24 and 26 December. Although this was a Christmas like no other, the number

More...

Looking for a customs agent?

07/01/2021

The Brexit transition period has come to an end and a new customs border has been created between the UK and EU. If you are moving goods to or from the UK then you need to ensure that you have all the correct procedures in place. One of the most important areas that businesses must consider is how to make customs declarations. Customs

More...

Tax returns filing deadline at the end of this month

07/01/2021

The 31 January 2021 tax return filing deadline is not just the final date for submission of your Self-Assessment tax return but also an important date for payment of tax due to HMRC. This includes the payment of any balance of Self-Assessment liability for the 2019-20 plus the first payment on account due for the current 2020-21 tax year.

More...

Time to pay arrangements

07/01/2021

One of the measures announced by HMRC at the start of the coronavirus pandemic was the introduction of emergency measures to help those affected by COVID-19 using the existing Time to Pay service. Businesses and self-employed people in financial distress, and with outstanding tax liabilities may be eligible to receive support with their

More...

No VAT on women’s sanitary products

07/01/2021

The UK was unable to zero rate VAT on women’s sanitary products under EU rules and the items were subject to 5% VAT. Following the end of the transition period the UK is no longer bound by the EU VAT Directive which mandates a minimum 5% rate of VAT on all sanitary products. The VAT charge on sanitary products became widely known as the

More...

Repaying furlough grants if overclaimed

07/01/2021

Any business that has overclaimed a Coronavirus Job Retention Scheme (CJRS) grant must pay back the overpayment to HMRC. The rules outlined below for paying HMRC back an overclaim also applies to businesses that would like to make a voluntary repayment because they do not want or need the CJRS grant. The CJRS is currently due to continue

More...

Income Tax charge to recover CJRS overclaims

07/01/2021

Employers should notify HMRC if they have received a CJRS payment to which they are not entitled and pay back any amounts of CJRS grants claimed in error. By paying back any amounts they were not entitled to, employers can avoid any tax liability for overclaimed CJRS grants. Failure to do so within the stated notification period will be

More...

TOP