Blog
All the latest changes to tax legislation- important tax dates and deadlines, Help-Sheets on managing your personal finances, business news & opinion, as well as updates on what’s happening at Rawcliffe’s.
5% Rate On Tourism And Hospitality Ends 30 September
The temporary 5% VAT rate that has applied to supplies made in the tourism and hospitality sector since the start of the pandemic comes to an end at the end of September.
September Is The Last Month For CJRS “Furlough” Grants
The grant claims for employees furloughed in the month of September are 60% of the employee’s usual pay up to a maximum cap of £1,875.
Strategic Challenges In The New Normal
Businesses that have survived the pandemic may have burned up their cash reserves or taken on additional debt to finance themselves throughout the last 18 month | Accountant in Blackpool and Poulton | Xero
Off-payroll Working- Will HMRC Accept CEST Result?
Since 6 April 2021 large and medium-sized organisations have had to determine whether or not a worker supplying their services via their own personal service company would be treated as an employee if directly engaged
Stop Networking And Focus On Connecting
Businesses that have survived the pandemic may have burned up their cash reserves or taken on additional debt to finance themselves throughout the last 18 months.
Company Loss Relief Can Be Claimed Early
…Losses carried back will result in a repayment of corporation tax at 19% whereas if carried forward against profits the losses may save tax at up to 25% after April 2023.
Making Tax Digital (MTD) For Income Tax
Self-employed businesses and landlords with annual business or property income above £10,000 will need to follow the rules for MTD for Income Tax from their next accounting period starting on or after 6 April 2023.
Unlimited Holiday
Unlimited holiday allowance is becoming an increasingly popular benefit. Such policies are particularly popular with American tech businesses such as Netflix, LinkedIn, and the like.
UK Trade Tariff | Customs Declarations| Postponed VAT
Businesses can delay sending HMRC full information about goods by up to 175 days before the deadline of 31 December 2021. After that full customs declarations must be made at the point of import for all goods.
Pension Contribution Is Tax Efficient For Both Employee And Employer
Pension contributions to approved pension funds on behalf of employees and directors continue to be a tax-free benefit provided the annual input limit is not breached.
Fifth Self-Employed Income Support Grant To Be Paid In July
The fifth (and final) SEISS grant will be available for the self-employed to claim towards the end of July.
Tax Free Childcare Account Subsidises Summer Camp Costs
If you have children under 12 who attend a nursery, after school club, playscheme, childminder or you are considering sending them to a summer camp you should think about setting up a tax-free childcare account.
Protecting Your Business Against Fraud
Invoice fraud is on the rise and while not a particularly new scam, it can be catastrophic for businesses who fall victim to it.
Furlough Grant Reduces To 70% For July
Remember that you are required to tell HMRC about overclaimed CJRS grants as part of your next claim. | Blackpool and Poulton based Chartered Accountants | Xero Platinum Partners | Cloud Accounting Experts
What is Crowdfunding?
Crowdfunding is becoming more popular with startup and early-stage businesses which can often struggle to secure funding from traditional lenders such as banks or financial institutions.
Output VAT On The Supply Of Private Road Fuel
HMRC have amended the VAT road fuel scale charges with effect from 1 May 2021. Businesses must use the new scales from the start of the next prescribed accounting period beginning on or after 1 May 2021.
Covid-19 Government Support News June 2021
A fifth grant covering May 2021 to September 2021 will be open to claims from late July 2021. The grant is taxable and will be paid out in a single instalment. Guidance for claiming the grant will be available by the end of June 2021.