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Furnished Holiday Lets (FHL) HMRC Enquiry Risks

Furnished Holiday Lets (FHL) HMRC Enquiry Risks
The history behind a HMRC enquiry – business rates and Covid-19 Grants
  • FHL can opt to pay business rates as opposed to council tax.
  • In 80% of the UK the business rates are less than the council tax.
  • If the FHL owner has previously paid council tax and the FHL business rates criteria would have applied in the past, a backdated refund could be claimed.
  • Small Business Rates Relief (SBRR) could be claimed which may reduce the business rates to nil or reduce the amount to be paid. The SBRR varies depending upon which part of the UK the property is situated.
  • FHL owners may have been entitled to UK/local Covid-19 grants which are usually linked to the rateable value of the property.
  • Note - the business rates eligibility criteria differs from the FHL income tax/capital gains tax rules.
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    Self-Employed Income Support Scheme (SEISS) 4th Grant Claim

    Self-Employed Income Support Scheme (SEISS) 4th Grant Claim
    What period does the 4th grant cover?
  • February 2021 to April 2021 inclusive.
  • When can the 4th grant claim be made?
  • If you are eligible, HMRC should contact you around mid-April 2021 to provide you with a date from which you can make the claim through the Gov.UK online portal.
  • The final deadline for making the claim will be 31st May 2021.
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    Corporate Super Deduction

    Corporate Super Deduction
    What is it?
  • It is a 130% first year allowance deduction for expenditure incurred in purchasing plant & machinery that would normally qualify for a main rate writing down allowance of 18%.
  •  
    When can you claim it?
  • You can claim it for expenditure incurred on or after 1st April 2021 up to and including 31st March 2023.
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    Company Car Review

    Company Car Review
    Vehicle Tax Changes
     
    In the past many considered a company car to be a perk of middle management and above with employers using a sliding scale of quality of cars as a carrot for harder work or longer hours.  But as the tax increases were used by successive governments to support greener policies by encouraging lower emission vehicles the prestige of a company car was often outweighed by the tax charges faced by the employee.  Company cars began to fall out of popularity. 
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    Pre Year End Tax Planning

    Pre Year End Tax Planning
    With the tax year coming to a close in a month’s time, the time is now to take control of your taxes through effective and Bona fide planning.
     
    Unfortunately too many people address tax planning when it is too late. So when is too late? 
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    Business Repercussions following the Uber case

    Business Repercussions following the Uber case
    What was the case all about?
  • Two former Uber drivers took Uber to court and successfully won the argument at the Supreme Court to be treated as workers rather than self-employed.
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    Covid-19 VAT Deferral New Payment Scheme (VDNPS)

    Covid-19 VAT Deferral New Payment Scheme (VDNPS)
    Who is it aimed at?
    • Businesses who deferred their VAT payments due between 20th March 2020 and 30th June 2020 and have yet to pay it over to HMRC.
    What 3 options are presently open to these businesses?
    • Pay the deferred VAT over in full on or before 31st March 2021.
    • Opt into the VDNPS online service between 23rd February 2021 and 21st June 2021.

    How to make sure that transfer of a property between group companies is really tax free

    How to make sure that transfer of a property between group companies is really tax free
    How to avoid a tax headache when transferring property between group companies. Businesses often look to hold their business premises in a separate company from their trading company as there may be a higher risk of financial claims being made against the trading company. The usual strategy is to form a holding company to own the assets as this can provide protection in the event of such claims. Before transferring properties to a holding company careful consideration needs to be given to the tax consequences.
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    Self Employed Income Support Scheme (SEISS) Third Grant Claim

    Self Employed Income Support Scheme (SEISS)
Third Grant Claim
    What period does the grant cover?
  • November to January 2021 inclusive.
  • How is the grant calculated?
  • It is 80% of your average monthly trading profits for the three tax years ended 5 th April 2019, covering a 3 month period.
  • The maximum claim is restricted to £7,500.
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    Latest news - Rishi Sunak announces;

    Latest news - Rishi Sunak announces;
    one-off top up grants for;
  • retail
  • hospitality
  • leisure businesses worth up to £9,000 per property
  • £594 million discretionary fund made available to other impacted businesses
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    England New Lockdown Grant 2021

    England New Lockdown Grant 2021
    Who is it aimed at?
     The retail, hospitality and leisure sectors.
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    England Local Restrictions Support Grant (LRSG)

    England Local Restrictions Support Grant (LRSG)
    What is the Objective?
     To support businesses, based in Tier 2, Tier 3 and Tier 4 areas, forced to close as a result of a Government decision.
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    HMRC publishing notes - furlough claims from December 2020

    HMRC publishing notes - furlough claims from December 2020
    HMRC will publish some of the employer’s claim information
     
    As part of HMRC’s commitment to transparency and to deter fraudulent claims, they will be publishing information about employers who claim for December onwards on the Coronavirus Job Retention Scheme. The following information will be published on GOV.UK from February 2021:
     
    • The employer name
    • An indication of the value of the claim
    • The company number for companies and Limited Liability Partnerships (LLP)
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    Brexit flag up, Spanish Property issue, Scotland Research Service

    Brexit flag up, Spanish Property issue, Scotland Research Service
    Brexit Flag up
     
    Our VAT/Customs specialists have flagged up a few things to me recently some of which maybe time sensitive. I therefore attempt to share these thoughts with you on the attached notes.  
     
    Spanish Property Brexit Dilemma
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    Brexit Thoughts and Issues

    Brexit Thoughts and Issues
    EORI Important reminder
    • If you are moving goods between the EU and Great Britain (not including Northern Ireland) from 1st January then you will need a GB Economic Operator Registration and Identification number from HMRC. Don’t leave it too late.
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    Newly Self-Employed Support Scheme (NSESS) Northern Ireland

    Newly Self-Employed Support Scheme (NSESS) Northern Ireland
    Aimed at?
    • Self-employed (S/e) operating in Northern Ireland who commenced self-employment between 6th April 2019 and 5th April 2020.
     
    What is the NSESS Offering?
    • A one-off taxable grant of £3,500.
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    Coronavirus Job Retention Scheme (CJRS) Claims Into the Public Domain

    Coronavirus Job Retention Scheme (CJRS) Claims Into the Public Domain
    What is HMRC intending to do?
    • Publish the names of all employers who furlough employees from 1st December 2020 onwards where a CJRS claim is made.
    • Publish indicative values within a banded range relating to these claims.
    • Employees will be given access to details of their employer’s furlough claims via their HMRC personal tax account.
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    Wales ERF Sector Specific Support (ERFSSS)

    Wales ERF Sector Specific Support (ERFSSS)
    Who is it aimed at?
    • Hospitality, Tourism and Leisure businesses or supply chain companies.
     
    Eligible businesses?
    • Must be materially impacted by greater than 60% of their turnover due to the pandemic.
    • Employing staff via PAYE.
    • VAT registered or exempt from VAT with a turnover above £85,000 or a limited company with a turnover above £50,000.
    • If the business fits the ERFSSS criteria a claim can still be made even if that business has accessed the ERF Restrictions Business Fund.
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    Scotland Apprenticeship Employer Grant Scheme (AEGS)

    Scotland Apprenticeship Employer Grant Scheme
(AEGS)
    Who is it aimed at?
    • Employers taking on Modern or Graduate Apprentices.
     
    What is the size of the grant?
    • £5,000 for each 16 to 24 year apprentice.
    • £5,000 for each apprentice aged up to 29 years who is either disabled, a care leaver or from the Black and Minority Ethic (BAME) group.
    • £3,500 for each apprentice aged 25 or over.
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    How to declare a bonus and reduce your corporation tax liability

    How to declare a bonus and reduce your corporation tax liability
    How to use bonuses effectively to reduce corporation tax. Business owners have been using bonuses to reduce their corporation tax liabilities for a long time - in this blog you will learn how to avoid the pitfalls of this strategy and to make sure that you get the tax deduction that you are looking for.
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