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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 Financial Secretary to the Treasury has written to the Office of Tax Simplification (OTS) to confirm that HM Treasury strongly supports some key recommendations on changes to Inheritance Tax. The government announced on 23 March 2021 t... Read More

As lockdown measures begin to be eased, a new package of support measures to help high streets and coastal areas across England has been announced by the Communities Secretary Robert Jenrick. The support will be delivered via a new £56 million... Read More

Self Employed Income Support Scheme (SEISS)The Chancellor, Rishi Sunak confirmed that the Self-Employed Income Support Scheme (SEISS) will continue for a fourth and fifth grant.The fourth grant will take into account 2019 to 2020 tax returns and will... Read More

Temporary changes to the rules for reimbursing employees for the purchase of office equipment whilst working from home due to the COVID-19 pandemic were introduced in March 2020.The temporary measure means that employer reimbursements for the cost of... Read More

Step 1 of lockdown easements in England completes on 29 March when the following relaxations will be introduced:Social contactThe evidence shows that it is safer for people to meet outdoors rather than indoors. And this is why from 29 March, when mos... Read More

When a taxpayer owns a business as a sole trader or in partnership, a capital gain will be deemed to arise if the business is converted into a company by reference to the market value of the business assets including goodwill. This could give ri... Read More

HMRC’s guidance makes it clear that any business that makes an error in making a Coronavirus Job Retention Scheme (CJRS) claim must pay back any amount overclaimed. Any claims based on inaccurate information can be recovered by HMRC. If you&rs... Read More

1 April 2021 - Due date for Corporation Tax due for the year ended 30 June 2020. 19 April 2021 - PAYE and NIC deductions due for month ended 5 April 2021. (If you pay your tax electronically the due date is 22 April 2021) 19 April 2021 - Filing dea... Read More

The VAT Flat Rate Scheme has been designed to simplify the way a business accounts for VAT and in so doing reduce the administration costs of complying with the VAT legislation. The scheme is open to businesses that expect their annual taxable t... Read More

New National Minimum Wage and National Living Wage rates will come into effect on 1 April 2021. These changes will see the National Living Wage increase by 19p to an hourly rate of £8.91 and the National Minimum Wage will increase to £8.3... Read More

One of the services offered by Companies House helps combat fraud and protect your company from unauthorised changes to records. The free service is known as the protected online filing (PROOF) scheme and means that any forms covered by PROOF can onl... Read More

In general, there is no Capital Gains Tax (CGT) on a property which has been used as a main family residence. This relief from CGT is commonly known as private residence relief. However, there are some grey areas which might result in CGT being due... Read More