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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 Coronavirus Job Retention Scheme (CJRS) also known as the furlough scheme has been extended until 31 October 2020. There are a number of important changes to the way the scheme works starting from 1 July 2020, when employers can bring back furlou... Read More

The UK has confirmed that it will neither accept nor seek any extension to the Brexit transition period which expires on 31 December 2020. The EU has formally accepted this position. With just over six months to go before the end of the transition pe... 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 accounti... Read More

Last week, we considered one of the issues that employers will likely need to consider in the coming weeks and months: productivity. This week we have listed other factors that you may need to consider if you presently have staff furloughed under th... Read More

While our businesses have been able to maintain or increase profits there has been an unwritten acceptance that we will pay for current taxes out of future cash resources. For example, if you are self-employed, payments on account for self-assessmen... Read More

We reported late last month on the extension of the Coronavirus Job Retention Scheme to 31 October 2020 following the announcement by the Chancellor, Rishi Sunak. At the time, the Chancellor confirmed that further guidance on the workings of the amen... Read More

With the coronavirus having a significant impact of a large proposition of UK businesses, many employees are now reliant on the UK government's furlough scheme, which was officially introduced on the 20th April. Over 8.7million workers have now been... Read More

The VAT rule changes for building contractors and sub-contractors that were expected to come into effect on 1 October 2020 have been delayed for a further 5 months until 1 March 2021. The delay is due to the impact of the Coronavirus pandemic. The n... Read More

The deadline for submitting the 2019-20 forms P11D, P11D(b) and P9D is 6 July 2020. Employees must also be provided with a copy of their P11D by the same date. Employers pay Class 1A National Insurance contributions on most benefits. If you provided... Read More

HM Treasury has published its weekly update (to close of business on 7 June 2020) on COVID-19 lending schemes designed to support businesses impacted by the pandemic. Under the Coronavirus Business Interruption Loan Scheme (CBILS), 47,650 businesses... Read More

The VAT bad debt relief rules allow businesses to claim bad debt relief and reclaim the VAT they have paid to HMRC. This can happen when an invoice has been issued to a customer and no payment has been received after an extended period of time (usual... Read More

Two separate £1,000 tax allowances for property and trading income were introduced in April 2017. If you have both types of income highlighted below then you can claim a £1,000 allowance for each. The £1,000 exemptions from ta... Read More