Loss Carry Back Lifeline for Businesses in Troubled Waters

In the March Budget an emergency extension to the ‘loss carry back’ rules from one year to three years was put in place by the Government, allowing businesses in ‘troubled waters’ due to the pandemic to claim tax refunds, helping to mitigate losses. Incorporated businesses (including those with de facto … Continued

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Puppy Boom Under Tax Scrutiny

With the prices for puppies increasing so drastically through the pandemic and some breeds fetching price tags as high as £3,000, HMRC is now reviewing the sale of litters for potential tax revenue. As has been mentioned in a previous post, you can make up to £1,000 profit a year … Continued

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Fourth Self-Employed Income Support Grant

From our latest e-newsletter: “At the Budget it was confirmed that a fourth Self-Employed Income Support (SEISS) grant will be set at 80% of 3 months’ average trading profits, paid out in a single instalment, capped at £7,500. This grant covers the period February 21 to April 21. The fourth grant … Continued

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Inheritance Tax on Gifts

When a gift is made to another person, the donor of that gift must give up all benefit from the gift for it to be registered as a ‘true’ gift for Inheritance Tax (IHT) purposes. If the donor retains some benefit from the gift, eg. a parent who transfer their … Continued

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Budget 2021 at a Glance

Here’s a brief summary of the Budget 2021 Furlough Scheme extended until SeptemberSelf-Employed Income Support Scheme (SEISS) will continue until SeptemberUniversal Credit uplift will continue for a further 6 monthsNational Living Wage increasing to £8.91 from April‘Re-Start’ Grant available from April of up to £6000 per premises for non-essential retail, … Continued

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New Penalties for Overclaiming

Penalties of up to the full amount claimed will be imposed by HMRC on businesses found to have overclaimed any of the support provided by the Government during the current crisis. Investigations into Coronavirus Job Retention Scheme (CJRS), Self-Employed Income Support Scheme (SEISS) and Eat Out to Help Out claims … Continued

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New VAT Rules for Construction Sector

New VAT rules come into effect on 1st March 2021 that will have an effect on accounting for VAT on transactions in the construction sector. Originally scheduled for October 2019, they have been delayed until this March due yo the lack of industry awareness. The new ‘reverse charge’ system of … Continued

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Roadmap out of Lockdown

On Monday 23rd February, the Government set out its roadmap for the country to come out of Lockdown 3. It was understandably cautious, as none of us want to see further Lockdowns, but it did give us clear targets to aim for and help to plan our own recovery from … Continued

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