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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 Brexit transition period is due to end on 31 December 2020 and this means that the process for exporting goods to the EU will change from 1 January 2021. Current guidance published by HMRC states that from 1 January 2021, businesses will need to... Read More

The Annual Investment Allowance (AIA) allows for a 100% tax deduction on qualifying expenditure on plant and machinery to be deducted from your profits before tax. The relief is normally capped at £200,000 per annum but was temporarily increase... Read More

There are a number of reasons why you may decide to close your limited company. This could be because a limited company structure no longer suits your needs, your business is no longer active, or the company is insolvent. You will usually n... Read More

As we have reported previously, the UK government 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. This means that the proc... Read More

The government has announced plans to allow customers to get cashback from shops without needing to make a purchase. At the moment, cashback is only available to those who buy goods. The new proposals have been put in place to help protect the UK&rsq... Read More

Unbelievably, it has been illegal to make phone calls or text while driving a car, but not illegal to play games or take photos. Clearly, this loophole is begging to be closed and new legislation proposed, 17 October 2020, will aim to do just that.... Read More

From 1 January 2021, UK businesses that export, import or transport goods to and from the EU will need to comply with a number of new regulations. Inevitably, some will fall short and these will create delays, in your goods reaching EU customers, th... Read More

One of the measures announced by HMRC at the start of the coronavirus pandemic was the introduction of emergency measures to help tax payers affected by COVID-19 to use the Time To Pay service. Businesses and self-employed people in financ... Read More

Company filing deadlines were extended for companies with filing deadlines between 27 June 2020 and 5 April 2021.  Companies House is warning of delays in postal submissions and have said it is taking much longer than usual to process paper doc... Read More

There are special rules in place for taxpayers who gift land, property or certain shares to charity. This can include Income Tax and Capital Gains Tax (CGT) relief provided all the necessary conditions are met. There is no Income Tax relief on donati... Read More

On 12 October, the Prime Minister announced the introduction of a new three-tier system of local COVID-19 alert levels across England. The new system sets the levels at medium, high and very high based on local transmission rates. The legislation to... Read More

New VAT rules for building contractors and sub-contractors come into effect from 1 March 2021. The new rules will make the supply of construction services between construction or building businesses subject to the domestic reverse charge. The reverse... Read More