News
Remember to reinstate your VAT direct debit in time for your next payment
25 June 2020
If you are using the option to defer VAT payments due between 20 March 2020 and 30 June 2020 and you have cancelled your direct debit, you should now ensure that you reinstate your direct debit in enough time for HM Revenue & Customs (HMRC) to take your next payment. After 30 June 2020, you will need to make your VAT returns...
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HM Revenue & Customs clarifies repayments of Corporation Tax and anticipated losses
25 June 2020
With businesses across many sectors having been hit hard by the Coronavirus crisis, HM Revenue & Customs (HMRC) has now said it will, in exceptional circumstances, consider claims for Corporation Tax repayments for prior periods based on anticipated losses, even before the conclusion of the current accounting period.
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Employers given 30 days to confess to furlough fraud
25 June 2020
Employers will be given 30 days to ‘confess’ to furlough abuses, with legislation being fast-tracked to allow HM Revenue & Customs (HMRC) to reclaim any furlough grant that is overpaid to employers, or that is not spent on wages as intended. More than 2,000 employers have already been accused of furlough fraud by whistle-blowers...
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Download our Coronavirus support for business timeline
22 June 2020
Since the beginning of the Coronavirus outbreak in the UK, the Government has announced numerous schemes to support employers and businesses. Several of these schemes are winding down or changing in the coming months, so we have created a handy grid showing what support is available and the deadlines for accessing it.
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Managing Cash
18 June 2020
As businesses look to rebuild and recover from the trading challenges of COVID-19 in the coming weeks and months it is vitally important that they manage and maintain good cash flow to ensure they remain viable and can trade. To manage cash flow effectively, businesses need to be able to forecast how they will perform...
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Helpful steps to improve credit control
18 June 2020
An important element of healthy cash flow is the credit control process. Smaller businesses in the UK have historically struggled to recover payments, especially from larger clients. To help, the Government has tried to introduce new legislation. However, in many cases, it has lacked the bite to be effective. It is, therefore, often...
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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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Case Studies
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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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A taste for growth, a thirst for knowledge
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Child's play with proactive accounts management
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Sometimes a business does exactly as it says on the tin
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A shared passion for architecture and a head for numbers
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Cut above the rest in personal management style
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Smiles all round for dental practice
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A modern approach required for music moguls