Category Archives: News Articles

THE FIFTH AND FINAL SELF-EMPLOYED INCOME SUPPORT SCHEME (SEISS) GRANT

HMRC has issued guidance on claiming the fifth and final SEISS grant. We are going to go through the salient points of the HMRC scheme and provide guidance for claiming the grant.  Tax Compute can provide further support if required as it is important that the grant is applied for correctly.    Unlike the previous four […]

ACCOUNTANTS TAX TIPS FOR LANDLORDS

LIMITED COMPANY VS PRIVATE OWNERSHIP – WHAT IS BEST? Mainly due to changes in mortgage tax relief there has been a huge increase in applications for landlords setting up limited companies.  Landlords have quickly seen the advantage of the tax benefits for limited companies.   The number of buy-to-let mortgages issued to companies has likewise risen.   […]

14 THINGS YOU DIDN’T KNOW AN ACCOUNTANT COULD DO

(Small business guides – written by Xero software) Accountants do more than you think. They can give you strategic advice and come up with clever ways to save money or boost revenue. They’ll also remove or automate administrative tasks that distract you from your core business. Get an accountant and you’ll run your business with […]

4 THINGS YOUR ACCOUNTANT CAN DO THAT ISN’T YOUR TAX RETURN

For both new business and those that have a long trading history, an accountant can sometimes be an untapped resource. Whilst dealing with matters of taxation and understanding the processes surrounding this will be squarely under the care of your accountant, there are many areas where their involvement can be invaluable. 1. TAX PLANNING From […]

5 POST PANDEMIC SITUATIONS WHERE ACCOUNTANTS ARE MORE RELEVANT THAN EVER

The Coronavirus pandemic has undoubtedly been one of the most significant catalysts for economic shake up since the 2008 financial crisis. Most of us remember financial markets around the world taking a remarkable plunge in March 2020 when lockdowns in Europe were announced and the FTSE 100 index in the UK was no exception. As […]

TAX TIPS FOR THE 2021/2022 TAX YEAR

To help with tax planning for the 2021/22 tax year we have put together a list of tax-saving tips and reminders about what allowances are available both for business and individuals.   With the Chancellor looking to raid businesses to pay for the Covid-19 business support and furlough schemes there has never been a better time […]

SCAMS

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UK government body has issued ten coronavirus related scams that we should be aware of and how to spot them.   So far, since lockdown began, Action Fraud has logged reports from 2,378 victims across the United Kingdom who have lost a total of more than £7,000,000 to scammers. So be careful.   There are a number […]

REVERSE VAT CHARGE SCHEME CIS

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THE CONSTRUCTION INDUSTRY SCHEME (CIS) VAT REVERSE CHARGE SCHEME The CIS VAT domestic reverse charge measure will apply to supplies of construction work from 1 March 2021. The measure was due to commence in October 2019 but has been delayed due to the pandemic. This new scheme has been brought in by HMRC to tackle […]

MAKING TAX DIGITAL – NEXT STEPS

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MAKING TAX DIGITAL – VAT Making Tax Digital (MTD) for VAT was launched in April 2019.   All VAT registered businesses above the VAT threshold (£85,000) are now recording and reporting their VAT affairs digitally to HM Revenue & Customs (HMRC) using approved MTD functional compatible software.  Businesses with more complex VAT affairs have an extension […]

VIRTUAL CHRISTMAS PARTIES

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Virtual Christmas parties will qualify for tax exemption.  Still plenty of time to hold that party now or in the new-year.  HMRC are allowing zoom parties with the same £150/person allowance.   You will not have to report anything to HM Revenue and Customs (HMRC) or pay tax and National Insurance for zoom Christmas parties or […]

SMALL BUSINESSES EMPLOYING AN APPRENTICE

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It used to be just big businesses that offered apprenticeships but apprenticeships are now a credible option for many small businesses.   It is an opportunity for youngsters who do not go to University or those that are unemployed to gain valuable skills for future career advancement.  For small businesses it is a credible option to […]

CHANCELLOR EXTENDS FURLOUGH AND LOAN SCHEMES

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The furlough scheme has been extended until the end of April 2021 with the government continuing to contribute 80% towards wages – giving businesses and employees across the UK certainty into the New Year, the Chancellor announced on Wednesday. Certainty for millions of jobs and businesses as furlough scheme extended until the end of April […]

Why IR35 reform is bad for business and contractors

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As already widely reported the controversial reforms to off-payroll working rules will go ahead in April 2021.   Several MPs including David Davis tabled an amendment to the Finance Bill to delay the bill until April 2023 but the motion was defeated back in July this year.  There have been other calls from other groups for […]

CAPITAL GAINS TAX CHANGES ON UK RESIDENTIAL PROPERTY SALES

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Prior to this new tax year 2020/21 UK residents making capital gains on UK residential sales had until the following 31st January to declare and pay any capital gains tax (CGT) due.  Prior to this new tax year 2020/21 UK residents making capital gains on UK residential sales had until the following 31st January to […]

KEY ANNOUNCEMENTS FROM CHANCELLOR’S COVID-19 SUPPORT PLAN

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Below we will set out the salient points of Rishi Sunak’s what he calls his “Winter Economy Plan” to protect jobs as the UK and the rest of the world continue to fight the Covid-19 pandemic.   The Chancellor unveiled the measures yesterday September 24th. The PM has also warned that the latest Covid-19 restrictions could […]

LANDMARK KICKSTART SCHEME OPENS

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Young people aged 16-24 who are on universal credit will be offered a six-month work placement with wages paid by the government.  Young people aged 16-24 who are on universal credit will be offered a six-month work placement with wages paid by the government. Young people taking part in the scheme will receive on-the-job training, skills […]

SELF-EMPLOYMENT INCOME SUPPORT SCHEME GRANTS

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HMRC are inviting self-employed individuals or members of a partnership who have been adversely affected by the pandemic (Coronavirus-19) to claim a second grant HMRC are inviting self-employed individuals or members of a partnership who have been adversely affected by the pandemic (Coronavirus-19) to claim a second grant referred to as the; self-employed income support […]

IR 35 review and how to stay out

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IR35 EMPLOYMENT VERSUS CONTRACTING In this article we will detail some tips on how to stay outside IR35 but it is also worth reviewing the benefits of permanent employment versus contracting. You may read the statement from Contractor websites that “To stay outside IR35 is crucial for the financial health of contractors”.   That statement is […]

Claiming mileage on private and company vehicles

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It is worth a recap on this subject as the rules can be confusing.   Employees and employers alike can get very confused about the rules on what they can claim and what they can’t claim.    So let’s review the rules for claiming mileage allowance on business travel for both privately owned and company owned vehicles.   […]

Buy-to-let Mortgage Interest Tax Relief Changes

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Up until the tax year 2016/2017 Landlords have been able to offset 100% of mortgage interest paid against rental income.   This is being phased out and replaced by a 20% tax credit allowance.   So landlords at the start of the 2020/2021 tax year will no longer qualify for relief on mortgage interest.   Instead they will […]

Self Employed Income Support Scheme

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The scheme announced by the chancellor will provide grants to self-employed individuals or partnerships who are negatively impacted by COVID-19.    The grants are worth 80% of profits but up to a cap of £2,500. To be eligible for the scheme you must meet all the criteria below: You must be self-employed or a member of […]

Covid 19 – Government Support

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VAT Deferral main points HMRC Defers Valued Added Tax (VAT) payments for 3 months. All VAT-registered UK businesses are eligible. The deferral will only apply for the period from 20 March 2020 until 30 June 2020. This will mean the deferral of one quarter’s VAT due on either the 7 April, 7 May or 7 […]

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