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What’s happening?

Here you can keep up to date with our latest news, as well as the latest goings-on in the world of accounting.

As most self-employed readers will be aware, Self-Assessment tax and NIC payments on account are based on profits earned in the previous tax year and balancing payments due are not payable until the 31 January following the tax year end date. From a... Read More

During periods when demand for your goods and services drop – for example, if your business has been closed down or adversely affected by the recent COVID-19 outbreak – your sales and incoming cash receipts tend to drop at a faster rate t... Read More

Cash flow tips in COVID-19 crisis

Posted by: Patrick Leavy

Cash flow tips in COVID-19 crisis1. Keep your accounts up to date. If you have made losses you may be able to carry losses back in time and recover tax paid in previous years.2. FC can help you access funding – short-term loans, CBIL (Coronavir... Read More

Many small businesses that have applied for a government backed CBILS loan thus far have been offered standard overdrafts and loans – without the Government's 80% guarantee – on the basis that they fit the banks’ criteria for th... Read More

The government, in direct response to the COVID-19 global pandemic has stepped up their support with the CBILS scheme. This was launched on the 23 March 2020 and is a temporary facility for a suggested 6 months and will be subject to change and revie... Read More

There is a special financial support targeted specifically at exporters.  This is in addition to the package of government-backed and guaranteed loans and other measures designed to support businesses coping with the financial effects of Co... Read More

The Northern Ireland Office (NIO) is a UK government department responsible for Northern Ireland affairs. The NIO seeks to ensure the smooth working of the devolution settlement in Northern Ireland. A new press release, jointly published by the NIO,... Read More

Company directors, company secretaries, people with significant control (PSC) and LLP members can apply to remove their personal addresses from the UK’s official company register at Companies House.  Prior to the introduction of this... Read More

Following the recent cut in the Bank of England base rate from 0.25% to 0.1%, HMRC has announced changes to the rates of interest they charge.   The new late payment interest rate, applied to the main taxes and duties, took effect from 30... Read More

HMRC has published further details on how the new Coronavirus Job Retention Scheme will work in practice. It had already been announced that the new scheme will see the government cover up to 80% of wage costs, up to a cap of £2,500 per month,... Read More

New insolvency measures have been announced to help prevent businesses unable to meet debts, due to the impact of Coronavirus, to continue trading and not be forced to file for bankruptcy. The measures were announced by the Business Secretary, Alok S... Read More

In another move to help businesses the government announced that VAT registered businesses can defer any VAT payments due between 20 March 2020 and 30 June 2020. There is no application process required to defer the relevant payment. Howeve... Read More