Having listened to stakeholder feedback from businesses and the accounting profession, the government have announced that they will introduce Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) a year later than planned, in the tax year beginning in April 2024.
The Self-Employment Income Support Scheme has been extended.
Cyber Essentials is a government backed scheme that helps businesses to protect themselves from common cyber-attacks and demonstrates their commitment to cybersecurity. Some government contracts require businesses to be Cyber Essentials certified. There are two levels of certification, Cyber Essentials and Cyber Essentials Plus.
If you have an individual income over £50,000, and you or your partner receive Child Benefit, you may have to pay a “High Income Child Benefit Charge”. If both party’s income is over the £50,000 threshold, then whoever has the higher income is responsible for paying the tax.
In his November 2020 comprehensive spending review, Rishi Sunak confirmed that the National Living Wage (NLW) will increase 2.2% to £8.91 from 1 April 2021 and will become available to people aged 23 and above, down from the current age of 25.
IR35, also known as the ‘off-payroll’ legislation was originally introduced in April 2000 to ensure that workers who provide their services through an intermediary (typically their own limited company or an agency) but who would, if contracted directly, be an employee, pay the same amount of tax and National Insurance as employees.
Government announcement of updated financial support during “Lockdown 2” and beyond. Earlier today (5th November2020) the chancellor issued the following statement.
The next stage of the Job Retention Scheme commences on the 1st August, when the level of government support will begin to be reduced.
On 1 July the new CJRS “Flexible furlough” grant scheme started, which allows employers to gradually bring their furloughed employees back to work part-time. The new scheme will be in place until the end of October and the Government will gradually reduce the amount of grant towards employees’ furlough pay to 70% in September and 60% in October.
We are delighted to have been selected to join the specialist website Handpicked Accountants. The site is a national network made up of high performing accountants from across the country. The online platform connects business owners and company directors with locally based professional accountants.
According to a Cyber Securities Breaching Survey “around a third (32%) of businesses and two in ten charities (22%) report having had cyber security breaches or attacks in the last 12 months” and where a loss of data or assets occurred the average cost of that attack was £4,180.00
An audit does not just provide confidence to the owner that a business is in good shape, it also offers evidence and assurance to third parties. An Audit permits the stakeholders of a business such as shareholders, banks, suppliers, customers and even staff to make better informed decisions about its current performance and their subsequent relationship to it, providing additional comfort when deciding whether to invest in, provide finance to, or trade with that business.
Optimal efficiency is key to running a successful business in today’s fast paced environment. Using available technology to automate procedures can help to achieve significant time and cost savings across many departments, offering enormous benefits.
Most of us are aware of Cloud Accounting systems, the best known of which are QuickBooks Online and Xero, but used to their fullest these are much more than just basic bookkeeping applications.
As the UK prepares to leave the European Union and increasingly likely heading for a no-deal Brexit it is vital that businesses are prepared for the financial implications of this unprecedented change.
Whilst many companies have already started to consider how they will be affected by carrying out formal risk assessments there is still a small window of time to gain understanding and steps all firms should be taking to minimise future disruption - planning ahead now will help to ease transition and hopefully also bring long term benefits.
Businesses are being encouraged by HMRC to register for Making Tax Digital before the August deadline.
According to HMRC 1.2 million businesses with an annual turnover above £85,000 will be affected by new rules requiring them to submit online quarterly returns using compatible software by August 7th; meaning any business wishing to pay by direct debit must register by July 27th.