Business Expenses – A few basic rules Over the years I have seen some amazing claims for what taxpayers believe should be an allowable expense against their profits. From make-up to pet food for the guard dog. With this in mind I thought it worthwhile just going back to a few basic rules. The “Wholly…
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What would you say if a restaurant asked you to pay more for a well-done steak than a rare one? You wouldn’t be happy being asked to pay more in a restaurant for a well done steak because it takes the chef longer to cook than a rare one, would you? And you wouldn’t be…
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On Friday (29th May) the Chancellor announced some changes to the Coronavirus Job Retention Scheme and the Self employed Income Support Scheme. Here are the details: Coronavirus Job Retention Scheme (CJRS) – Important Update 29th May 2020 The Chancellor has announced three changes to the job retention scheme: 1. From 1 July 2020, the scheme…
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Discretionary Grant Fund The government have recently announced an additional fund of up to £617 million for local authorities to assist businesses that missed out on the earlier grant funding for shops, hotels, hospitality etc.. This additional fund is aimed at small businesses with ongoing fixed property-related costs. The government are asking local authorities to…
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How to calculate statutory redundancy pay While some help is available to employers through the Coronavirus Job Retention scheme to help them keep staff on during the COVID-19 pandemic, in some cases, it may not be possible to avoid making staff redundant. Where staff are made redundant and have at least two years’ continuous service,…
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Cash is King In times of uncertainty, cash is king. If you have plenty of cash or reserves to get through this period, then you do not need to read on. If not, then monitoring cash flow must be one of your priorities. We’ve already looked at reducing your fixed and operational costs and the…
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Why it’s more important than ever to stay visible Whilst you may be experiencing a downturn in business during this time or you may be thinking of mothballing the business in readiness for the end of the crisis now is most certainly not the time to go quiet on your customers. Actually, quite the opposite.…
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Self Employed Income Support Scheme (SEISS) – Update 4th May 2020 HMRC have now issued guidance on how this scheme will work and the steps you need to take now to ensure you are ready to make your claim and receive the grant without delay. Please note that HMRC have specifically EXCLUDED accountants and agents from being able to…
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Bounce Back Loans The government have listened to taxpayers who were concerned that the Coronavirus Business Interruption Loans didn’t fit the size and requirements of smaller businesses and have therefore announced a different type of loan, launching on Monday 4th May 2020. These are loans of between £2,000 and £50,000 to assist businesses that have…
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Why you should get the Accounts done early If you are self employed you will know that your Self-Assessment tax and NIC payments on account are based on profits earned in the previous tax year and balancing payments due are not payable until the 31 January following the tax year end date. From a cash…
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