News
Take advantage of the super-deduction from 1 April 2021
15 March 2021
At the start of April, the Government will introduce the new super-deduction and special rate first-year allowance to help businesses invest in qualifying plant and machinery, as the nation looks to rebuild. This new capital allowance scheme will be available to companies from 1 April 2021 to 31 March 2023, offering them an...
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Reporting under DAC 6 required for “limited time” as HMRC transitions to international disclosure rules
11 March 2021
HM Revenue & Customs (HMRC) has confirmed that the UK will replace the European Union cross-border tax arrangement rules “as soon as practicable”, but some aspects will continue to be enforced for a “limited time”. In an update to agents, the regulator said it will consult on and implement the Organisation for Economic Co-operation...
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Keep your supply chain strong with three top tips
08 March 2021
With manufacturing slowing and anxiety growing, reinforcing your supply chain post-Brexit has never been more important. Many different factors can affect a supply chain, not least the complications created by the new customs and trade arrangements. Here are our three top tips to keeping your business moving post-Brexit and beyond.
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Budget 2021
03 March 2021
In the year since the Chancellor, Rishi Sunak, delivered his first Budget to a packed Commons chamber in March 2020, more than 135,000 people in the UK have died from Coronavirus, there have been three national lockdowns, the economy has shrunk by 9.9 per cent and Coronavirus support measures have cost around £280 billion.
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EU VAT One-Stop-Shop to launch in July 2021
01 March 2021
The European Commission, in response to the challenges created by the Coronavirus pandemic, has decided to postpone its new European VAT rules for business-to-consumer (B2C) transactions until 1 July 2021. These new rules are part of the EU’s new e-commerce package and will look to introduce a VAT One-Stop-Shop (OSS) for B2C sales.
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Commodity codes, explained
01 March 2021
If you move goods to or from anywhere in the world, you will need to use a commodity code to classify your consignment. Here’s what you need to know. What is a commodity code? The UK now uses a standardised set of codes, borrowed from the World Trade Organisation (WTO) “Harmonised System”, to classify goods. These are known as commodity codes.
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VAT Deferral New Payment Scheme goes live
24 February 2021
HM Revenue & Customs (HMRC) has announced that its online VAT Deferral New Payment Scheme is now open for applications to help businesses arrange smaller monthly repayments of deferred VAT. Under the New Payment Scheme, you can repay VAT deferred between 20 March and 30 June 2020 in up to 11 instalments from March 2021...
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Self-Assessment late payment penalties relaxed but interest still accrues
22 February 2021
Following HM Revenue & Customs’ (HMRC) announcement that it is waiving late filing penalties for Self-Assessment taxpayers who file by 28 February, it has now announced that it is waiving the five per cent late payment penalty that usually applies from 3 March for taxpayers who pay or set up a payment plan by 1 April 2021.
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The SME Brexit Support Fund: how do I apply and how much could I get?
19 February 2021
The SME Brexit Support Fund will open to applications imminently. To help your business secure vital support, here’s everything you need to know. What is the SME Brexit Support Fund? Announced this month, the £20 million fund is designed to help small and medium-sized enterprises with changes to trade rules with the EU...
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Basic rate taxpayers could face ‘high income’ child benefit charge
18 February 2021
Due to a mismatch of earnings thresholds, basic rate taxpayers may unexpectedly come under the scope of the High Income Child Benefit Charge in April. The Low Incomes Tax Reform Group (LITRG) has issued a warning to families that they may be subject to a tax charge when claiming Child Benefit due to a discrepancy between two earnings...
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Case Studies
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A modern approach required for music moguls
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Customer care is top of the list for packaging business
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Taxing demands with old school charm
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Smiles all round for dental practice
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Child's play with proactive accounts management
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A taste for growth, a thirst for knowledge
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A shared passion for architecture and a head for numbers
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Sometimes a business does exactly as it says on the tin
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Cut above the rest in personal management style