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The latest accounting and tax news

4th May 2021 / Tax

Why does my accountant keep chasing me for VAT invoices?

Does it incense you when your accountant keeps chasing you for VAT invoices when your VAT return is due? We are continuously advising our clients that, when you are VAT registered, there are specific elements that need to be included on sales invoices. We also need a VAT receipt or invoice if you are claiming VAT on expenses. We promise there is a good reason for this persistence - we'll try to offer a bit of clarity on the process.

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23rd April 2021 / Tax

The Super Deduction and how it benefits businesses

If you buy plant or machinery for your company, then this might be of some interest to you. In response to a drop in the number of businesses investing the Government has introduced a tax relief which they hope will improve the UK's economic growth.

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21st April 2021 / Tax

How much should I pay myself as a Director?

If you're setting up a limited company you're going to have to decide how much you should pay yourself as a director. This might lead to a lot of questions about salary and the ways in which different amounts could benefit you or impact tax liabilities. We've put together a quick summary of things you could consider.

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7th April 2021 / Tax

Important changes to the UK National Minimum Wage

As of April 1st, the national minimum wage has increased impacting businesses and millions of UK workers. As always the amount per hour the individual will get varies depending on age. Here are some of the important factors employees need to keep in mind when considering the changes.

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22nd March 2021 / Tax

Tax rate changes which may impact your business

Following the Spring Budget announced by Chancellor Rishi Sunak we have put together a summary of the important tax changes that may impact you and your business.

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22nd March 2021 / Tax

The loss carry back scheme has been extended

There has been an extension in the loss carry-back scheme. This is more good news for incorporated or unincorporated UK businesses.

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15th March 2021 / Tax

Low-emission vehicles eligible for ‘plug in’ grants of up to £8,000

The government have released another welcome scheme which gives a discount of up to £8,000 on the price of a brand new low emission vehicle. The grant is issued straight to vehicle dealerships and manufacturers meaning you do not need to do anything if you would like to purchase one of these vehicles.

The vehicles eligible for a grant are:

  • cars
  • motorcycles
  • mopeds
  • vans
  • taxis
  • large vans and trucks
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3rd February 2021 / Tax

Still not filed your self-assessment tax return?

There has been some good news from the HMRC. Due to the coronavirus (COVID-19) pandemic, if you missed the 31st of January deadline to submit your self-assessment tax return, you’ll not get a late filing penalty as long as you submit your online return by 28 February.

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6th January 2021 / Tax

HMRC rejects calls to extend the self assessment tax return deadline.

Many in the accountancy industry have been lobbying for the HMRC to extend the self-assessment tax deadline beyond the 31st of January. They have recently confirmed that they are not intending to extend the deadline but there are still options for those struggling to complete their self-assessment tax return on time.

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