2 August Forms P46(Car) for quarter ended 5 July (where benefits not payrolled) to reach HMRC by this date 5 August Employment intermediary’s quarterly report (6 April to 5 July) of agency workers paid gross (end user organisation can be classed as the employment intermediary in some circumstances) 16…
Read more
HMRC has confirmed that the penalty regime for non-payment of VAT due to the deferred VAT scheme introduced at the start of the pandemic is now in place A financial penalty may be charged if you did not take any action to pay your deferred VAT in full, or failed to make an arrangement to…
Read more
Making Tax Digital (MTD) is being introduced to allow the UK tax system to be as efficient, effective, and as easy to follow as possible. Businesses with a VAT turnover above the £85,000 threshold are already required to keep a digital record and submit their VAT returns using MTD compatible software. For businesses below this threshold,…
Read more
HMRC has confirmed that applications for the fifth grant for Self Employment Income Support Scheme is now open for online submissions. The fifth grant can be claimed if you think that your business profit will be impacted by coronavirus between 1 May 2021 and 30 September 2021. The scheme closes on 30 September. The application…
Read more
The government has confirmed that it will proceed with plans to increase the normal minimum pension age (NMPA) from 55 to 57 years, marking the age they can access their pension pots tax free. The NMPA is the minimum age at which most pension savers can access their pensions without incurring an unauthorised payments tax…
Read more
The government will allow important parts of critical industries to carry out daily testing instead of requiring staff to self-isolate to try and reduce the impact of the ‘pingdemic’ Workers from 16 key sectors including health, transport, and energy will not have to isolate after being pinged by the NHS Covid-19 app, as it was…
Read more
SME owners are feeling more optimistic and are keen to invest in growth but are frustrated by the mix of financial options open to them, according to a survey from ACCA UK (the Association of Chartered Certified Accountants) and The Corporate Finance Network (CFN) According to the ACCA’s SME businesses tracker, a total of 89%…
Read more
‘Cash basis’ is a way to work out your income and expenses for your Self Assessment tax return, if you’re a sole trader or partner. Why use cash basis If you run a small business, cash basis accounting may suit you better than traditional accounting. This is because you only need to declare money when it comes…
Read more
With the fifth in the series just days away, the Self-Employed Income Support Scheme (SEISS) seems intent on overtaking the Fast and Furious film franchise (which currently stands at nine). This time around, the twists and turns come in the form of a new turnover test which determines how much the applicant is entitled to…
Read more
Accounts receivable process A poor accounts receivable process will result in debtor days (the time between billing and banking) being too high. This will stifle your cashflow. There are many strategies to minimise debtor days including tightening your Terms of Trade, offering prompt payment discounts and streamlining your billing process. 2. Accounts payable process. A…
Read more
