HMRC’s tax app
A free HMRC tax app is available and offers some useful functionality. The app has recently been updated. The APP can be used to see: your tax code and National Insurance number an estimate of the tax you need to pay your income and
Latest Posts
Deferral of VAT payments update
It was announced at the end of March that VAT registered businesses have the option to defer any VAT payments due between 20 March 2020 and 30 June 2020. HMRC’s guidance for the deferral of VAT payments has been updated and states that you can
Reclaiming statutory sick pay
Under the Coronavirus Statutory Sick Pay Rebate Scheme, small-and medium-sized businesses and employers will be able to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. The online service to reclaim SSP is not available
Expenses and benefits filing deadlines
The deadline for submitting the 2019-20 forms P11D, P11D(b) and P9D is 6 July 2020. Employees must also be provided with a copy of the information relating to them on these forms by the same date. P11D forms are used to provide information to HMRC on
Loans increase cashflow risks
Aside from the various rate reduction schemes, grants linked to the occupation of business premises, the furlough scheme and the Self-Employed Income Support Scheme, all other sources of government support for SME’s are a bewildering array of
Multiple income streams
An income stream is a fanciful term to describe a source of income. This post examines the value of creating more than one source of income as opposed to relying on just one source. First, a cliché, placing all your eggs in one
Latest Government Support Measure – Bounce Back Loan Scheme Announced
The Chancellor, Rishi Sunak has today (27 April 2020) made a statement to the House of Commons on the government’s economic response to the Coronavirus outbreak. The Chancellor confirmed that the Office of Budget Responsibility (OBR) has said
Tempted to lower your prices?
Under normal trading conditions – pre-COVID-19 disruption – every time we sell our goods or services each sale requires that we cover three categories: The direct costs of the sale (for example, the raw materials purchased to produce
Why a grant is preferable to a loan
The Government has launched a raft of grants and loan guarantee arrangements since the COVID-19 lock-down started last month. In almost all cases the grants are taxable and non-repayable, unless HMRC at some future date consider that the grants were
Student and postgraduate loans
If you had a student loan and have finished your studies and entered the workforce you must begin to make loan repayments from the April after you have finished your studies or when your income begins to exceed the annual threshold. The annual