News
Top tips for improving profit
18 June 2020
The fundamentals of improving business profitability comes down to five key factors: Reducing costs Increasing turnover Improving efficiency Increasing productivity Innovation and development. In light of the current crisis, it is worth considering some top tips for improving profitability. Cost management Carefully managing and...
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Are you taking your business online? – Six steps to effective pricing
18 June 2020
As a result of the recent restrictions, many businesses have, for the first time, switched their focus to online sales. Whilst this has opened up many new opportunities it has also posed greater challenges, one being pricing. Many business owners already struggle with the difficulties of pricing. In some cases, setting prices by...
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HM Revenue & Customs publishes detailed guidance on calculating furlough claims from July onwards
16 June 2020
HM Revenue & Customs has published detailed guidance on the operation of the Coronavirus Job Retention Scheme (CJRS) from 1 July 2020 onwards, including examples of how to calculate claims for the new flexible furlough option. The CJRS currently provides grants to employers covering 80 per cent of the usual wages of furloughed...
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Further clarification issued on eligibility for second round of Self-Employment Income Support Scheme
16 June 2020
HM Revenue & Customs (HMRC) has issued further details of eligibility for the second round of the Self-Employment Income Support Scheme (SEISS), which will provide taxable grants to self-employed individuals. The grants will be 70 per cent of average monthly trading profits, capped at £6,570 and paid in a single instalment.
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Government delays VAT Reverse Charge
16 June 2020
The Government has announced that the controversial VAT Reverse Charge rules for the construction sector will be delayed until 1 March 2021 due to the Coronavirus pandemic. The VAT Reverse Charge rules, which effectively transfer the responsibility of paying VAT from a supplier to the business using their services, was...
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VAT deferral refund available
16 June 2020
Taxpayers that wished to defer VAT payments, but did not cancel their Direct Debits in time can claim a refund, according to HM Revenue & Customs (HMRC). The tax authority has confirmed that taxpayers that intended to defer VAT payments due between 20 March 2020 and 30 June 2020 that were unable to cancel their Direct Debit to...
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Trade Credit Insurance backed by £10 billion guarantee
16 June 2020
The Government will provide up to £10 billion of guarantees to Trade Credit Insurance schemes for business-to-business transactions. The spending commitment, known as the Trade Credit Reinsurance scheme, has been agreed following extensive discussions with the insurance sector. The new scheme will be available temporarily for nine months...
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Guidance on exceptional circumstances for higher rate SDLT refunds updated
16 June 2020
HM Revenue & Customs (HMRC) guidance that sets out the exceptional circumstances allowing homeowners to claim higher rate Stamp Duty Land Tax (SDLT) refunds beyond the usual timeframes has been updated. The updated guidance means that homeowners in England and Northern Ireland can now claim a refund in respect of the three per cent...
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Whistleblowers make almost 2,000 allegations of furlough fraud
16 June 2020
Figures show that almost 2,000 allegations of furlough fraud have been made by whistleblowers against employers, with HM Revenue & Customs (HMRC) expected to impose steep penalties on businesses and directors found to have abused the scheme. Such claims come in several forms, including requiring furloughed employees to work, failing to...
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Employees returning from parental leave continue to be eligible for furlough scheme
16 June 2020
Employees returning from statutory maternity and paternity leave in the next few months will remain eligible for furlough through the Coronavirus Job Retention Scheme (CJRS). Since 10 June, it has no longer been possible to furlough an employee for the first time, with the Government set to introduce part-time furlough from 1 July...
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Case Studies
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A taste for growth, a thirst for knowledge
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Taxing demands with old school charm
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A shared passion for architecture and a head for numbers
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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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Cut above the rest in personal management style
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A modern approach required for music moguls
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Sometimes a business does exactly as it says on the tin
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Customer care is top of the list for packaging business