There will be many people who either own a business interest at death or gifted it away to somebody, or to a Trust, within seven years prior to their demise The commonly held belief is that although the value of the business will form part of the deceased’s Estate for inheritance tax (IHT) purposes it […]

  What do you need to claim the fifth self-employed grant? The Government website opened the online service to apply for SEISS grant five on July 28. People who are eligible for the fifth grant based on their tax returns should have been contacted in mid-July with a personal claim date to apply from. The […]

The newly appointed administrator will perform a varied role supporting the growth plans of local accountancy firm Balance Accountants. Your roles and responsibilities Personal assistant to the office manager and director – diary management, arrange and schedule meetings, prepare and organise material and post Ensure smooth running of the general office, including daily responsibilities (e.g. […]

In Rishi Sunak’s Budget Statement on 3 March, he put in place some fiscal tax measures that he hopes will encourage investment and kick-start the economy in readiness for the post-pandemic, post-Brexit era. What is the super deduction? The much-vaunted super deduction allows companies to claim a 130% first year allowance (FYA) for investment incurred on […]

If you deferred VAT payments due between 20‌‌ ‌March and 30‌‌ ‌June 2020 and still have payments to make, you should pay by 31‌‌ ‌March 2021 if you can. If you cannot afford to pay by 31‌‌ ‌March this year, you can now use the online VAT deferral new payment scheme to spread your payment. […]

Under UK VAT rules, businesses with a VATable turnover above the VAT threshold (currently £85,000) are required to register with HMRC for VAT. Businesses below this threshold are not required to register with HMRC for VAT. But many choose to do so as this lets them reclaim the VAT paid on most purchases. These are […]

The Chancellor, Rishi Sunak, presented his 2021 Budget on 3 March 2021. The extent to which the measures will affect you will depend on your personal circumstances. This report is split for your convenience into three sections: Impact on individuals Impact on the self-employed Impact on small company owners Click here to download and read the […]

If you deferred VAT between 20 March and 30 June 2020 and still have payments to make, you can: pay the deferred VAT in full on or before 31 March 2021 opt in to the VAT deferral new payment scheme when it launches in 2021 contact HMRC if you need more help to pay Pay […]

From 1 March 2021 new VAT rules come into force in the construction industry. These rules were originally intended to come in on 1 October 2020 and 1 October 2019 but were delayed by HMRC. The rules, as always, are quite complex but we set out an overview below which should hopefully provide you with […]

Chancellor announces one-off top up grants for retail, hospitality and leisure businesses worth up to £9,000 per property to help businesses through to the Spring £594 million discretionary fund also made available to support other impacted businesses comes in addition to £1.1 billion further discretionary grant funding for Local Authorities, Local Restriction Support Grants worth […]