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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.

The VAT system is policed by HMRC who can and do levy penalties for breaches of the legislation. There are four conditions that must be satisfied in order for an activity to be within the scope of UK VAT. These conditions are that the activity:... Read More

Now is usually the time that businesses are planning Christmas parties for staff as well as possibly for partners/spouses, clients and prospective clients. Of course, with the continued pandemic and various lockdowns Christmas is looking pretty much... Read More

The trivial benefits in kind (BiK) exemption applies to small non-cash benefits like a bottle of wine or a bouquet of flowers given to employees or any other benefit in kind classed as 'trivial' that falls within the exemption. Although the... Read More

In a welcome move, the government has announced that the temporary Annual Investment Allowance (AIA) cap will be extended for a further 12 months until 1 January 2022. The government says that this move is intended to boost confidence as companies lo... Read More

The Government has confirmed that the Self-Employed Income Support Scheme (SEISS) grant extension will apply for 6 months from 1 November 2020. It will be possible to claim the SEISS grant extension even if no previous claim had been made under the s... Read More

The Bounce Back Loans scheme was launched in May 2020 to provide financial support to businesses across the UK that are losing revenue and seeing their cashflow disrupted as a result of the COVID-19 pandemic. The scheme allows small busines... Read More

Companies House has issued a press release to remind all companies to sign up for email reminders for annual accounts and confirmation statement. Companies House has now stopped sending reminders by post and has sent a final reminder letter to all co... Read More

The Immigration and Social Security Co-ordination (EU Withdrawal) Act 2020 received Royal Assent on 11 November 2020. This is the legislation which will end the free movement of persons under retained EU law in the UK at 11pm on 31 December 2020. It... Read More

Many of the business disruption grants that have become available in the last few weeks are being distributed by local authorities. They include support for: Businesses obliged to close due to local or national lockdown and Businesses that have b... Read More

If your business acquires goods or sells goods to the EU, and you have no import/export trade with non-EU countries you probably have no experience of dealing with the raft of red tape involved in clearing goods through customs and settling any dutie... Read More

Corporation Tax relief may be available where a company or organisation makes a trading loss. The loss may be used to claim relief from Corporation Tax by offsetting the loss against other gains or profits of the business in the same or previous acco... Read More

Business Asset Disposal Relief used to be known as Entrepreneurs’ Relief before 6 April 2020. The relief was renamed in Finance Act 2020. The name change does not affect the operation of the relief. Business Asset Disposal Relief applies to th... Read More