The cloud is king in the world of accounting, with a vast range of software and applications available, designed to be easy to use by businesses and their owners. The beauty of cloud accounting is that the software can be accessed anywhere that has an internet connection on a range […]
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Avoid the pitfalls of the SEISS scheme
Thousands of taxpayers benefited from the Self-Employment Income Support Scheme (SEISS) as the pandemic raged over the last two years, before its closure last year. The scheme, which involved five grant payments, was set up by the Government to provide support for the self-employed, for example sole traders, provided certain […]
Read moreCompany tax returns must include COVID-19 grants says HMRC
Taxpayers are being reminded that COVID-19 support grants or payments should be declared on company tax returns as they are taxable. HM Revenue & Customs (HMRC) has issued a reminder that the filing deadline for company tax returns (CT600) is 12 months after the end of the accounting period it […]
Read moreHMRC focuses on backlog of work by shuttering telephone services
HM Revenue & Customs (HMRC) has announced that it is having to prioritise its essential services by temporarily closing some of its telephone hotlines, following a surge in enquiries during and since the pandemic. It has said that it is focusing on stabilising its phone service and tax credits/child benefits […]
Read moreMTD for VAT – Are you ready for the final stage?
There are now only a few weeks left before the final stage of Making Tax Digital for VAT begins in April this year. Under the upcoming final phase, even the smallest VAT registered business will need to comply with the quarterly digital recording and reporting of VAT – including those […]
Read moreTop tax tips to help your business save money
Whether you are setting up a new business, or already have a successful, well-established company, there are many ways that you can save money through tax reliefs and allowances. Certain tax initiatives even allow business owners to save money that can be invested in their company. Enhanced Capital Allowance (ECA) […]
Read moreNearly half a million SMEs at risk of failing due to late payments crisis
According to a new survey from the Federation of Small Business (FSB), more than 440,000 small businesses could fail because of a new late payment crisis. The national small business organisation has called for the Government to step in and take urgent action to improve how companies are paid. According […]
Read moreFears over move to MTD, as few take part in income tax pilot scheme
A pilot scheme using software in preparation for the next phase of HM Revenue & Customs’ (HMRC) Making Tax Digital (MTD) initiative has seen a slump in users. Self-employed businesses and landlords with annual business or property income above £10,000 will need to follow the rules for MTD for Income […]
Read moreCompany directors banned for Bounce Back Loan fraud
Two company directors have been banned for a total of 21 years after they fraudulently claimed £100,000 in bounce back loans. Following an investigation by the Insolvency Service, Aamer Aslam from Huddersfield and Razwan Ashraf from Keighley were disqualified for 11 and 10 years respectively after they fraudulently claimed Bounce […]
Read moreNew tax rules on holiday lets – What does it mean for owners?
It was recently announced that the Government would reform business rates relief for owners of second homes – resulting in some holiday let owners facing additional costs of up to £1,000 a year. The Department for Housing, Communities and Local Government wants to close what it sees as a loophole […]
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