accounting

June 2020

JOB RETENTION “FURLOUGH” SCHEME EXTENDED TO OCTOBER

Chancellor Rishi Sunak announced on 12 May that the CJRS scheme will be extended until the end of October. The scheme will continue in its current form until the end of July with the Government paying 80% of employees wages up to £2,500 a month. For accounts purposes the amounts received should be credited to a “grants received” account, and this will therefore increase taxable profits of the business.

accounting

January 2023

THOUSANDS OF BRITS TO GET HOME INSULATION GRANTS

The “Eco Plus” scheme, announced recently by the government, will provide insulation grants to thousands of households across the UK. It is expected to run from April 2023 to March 2026 as part of Chancellor Jeremy Hunt’s aim to cut Britain’s energy use 15% by 2030.

accounting

February 2023

MORE TIME TO PREPARE FOR MAKING TAX DIGITAL FOR INCOME TAX SELF-ASSESSMENT

Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) was due to be phased in from April 2024. However, on 19 December 2022, the government announced a delay. In addition, the previously announced £10,000 threshold for self-employment and property income has been raised, as detailed below.

accounting

2019/20

TAX YEAR-END PLANNING

Now is the time to make some tax-smart moves before it’s too late. Tax is never a one-size-fits-all approach: each taxpayer and each year will be different. And with the current tax year-end approaching, this is a perfect time to carry out a tax health check and implement any planning opportunities before the end of the 2019/20 tax year. There are a number of valuable allowances and reliefs that will be lost if they are not used before the deadline.

accounting

March 2020

TAX YEAR END

Welcome to our monthly newsletters. In this issue we cover a number of matters to consider before the end of the tax year and important changes being introduced in the next tax year, or possibly before Budget Day. It will be nearly 18 months since the last Budget and in the meantime we will have had three different chancellors following the unexpected resignation of Sajid Javid.

accounting

February 2020

BUDGET DAY IS NOW 11 MARCH

Newsletter focussing on the December General Election highlighting that the Autumn Budget was delayed and we now know that Sajid Javed will deliver his first Budget on the second Wednesday in March which is when Budget day used to be! We are expecting that the tax measures in the Conservative Party manifesto will be announced again together with confirmation that changes consulted on last year will be put in place.

accounting

January 2020

CONSERVATIVE PARTY ELECTED WITH WORKING MAJORITY

Now that Boris Johnson and his Conservative party have won the General Election will we finally “Get Brexit Done”? More importantly, can the Government now get on with running the country and sorting out urgent issues such as the NHS? We are still awaiting the date of the Budget which is likely to be early in the New Year.

accounting

January 2023

NEW YEAR RESOLUTIONS TO SAVE TAX

At this time of year we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end of the tax year on 5th April.

An obvious tax planning point would be to maximise your ISA allowances for the 2022/23 tax year (currently £20,000 each).

accounting

February 2023

MTD FOR INCOME TAX DELAYED AGAIN

Making tax digital (MTD) for income tax self-assessment (ITSA) was originally scheduled to start in 2018 and was then put back to 2023 and then 2024. It was announced just before Christmas that the new system of submitting digital information quarterly to HMRC has been delayed yet again! The start date will now depend upon the gross business receipts of the individual.