Yearly Archives: 2020

Many of us have taken the step from manual to digital accounting systems. But are you making the most of features provided? Without a doubt, accounts software offers a wealth of reports many of which will likely be of limited use to businesses, however, many will be of use. There is a temptation to stick…

1 November 2020 - Due date for Corporation Tax due for the year ended 31 January 2020. 19 November 2020 - PAYE and NIC deductions due for month ended 5 November 2020. (If you pay your tax electronically the due date is 22 November 2020.) 19 November 2020 - Filing deadline for the CIS300 monthly…

For many years Chancellors have threatened to reduce the Income Tax relief that can be claimed for payments into a private pension scheme. There have been reductions in the amount of contributions that can be made and the size of the pension fund that can be accumulated, but thus far, allowable contributions may still attract…

The present rate of Inheritance Tax (IHT) that is payable by your executors on your taxable estate is 40%. The good news is that you can reduce the impact of this tax, which effectively reduces the amount of your hard-won assets that is received by your beneficiaries. For example: The first £325,000 is tax-free. This…

Readers with children at university should pass on this message as students starting university this year are being warned by HMRC that they could be targeted by a fresh wave of tax scams. As new students start the academic year, they can be particularly vulnerable to cybercrime. With universities taking a blended approach to online…

Brits will be able to get cashback from shops without needing to buy anything under new proposals to protect the UK’s cash system announced 15 October 2020. Under the government proposals, cashback without a purchase could be widely available from retailers of all sizes in local communities across the UK. Although cash use is declining,…

HMRC have recently published a press release entitled “Just 100 days left for Self -Assessment”. Before readers make the obvious connection, that this heralds the end of tax returns in the UK, it is purely a reminder that 2019-20 Self-Assessment returns need to be filed by 31 January 2021. Gathering together the information to complete…

The revised Job Support Scheme (JSS) announced in the last few days comes in two varieties: Open and Closed. JSS Open Businesses in Tier 2 areas, that suffer the restrictions to sociability rules, never-the-less are not required to close. This is an insidious outcome for these traders, particularly those in the hospitality sector, as they…

A package of measures to help businesses in England build back better following the pandemic was recently announced by the Government. The Department for International Trade’s (DIT) Export Growth Plan provides additional financial support and expertise, some of which is targeted towards specific regions that are most in need. The plan includes a £38 million…

If you are starting to give serious consideration to setting up your own business one of the issues you will need to consider is the type of business structure that best fits your planned business activity. How risky is your business? All business activity involves a certain degree of risk. Many of these risks can…