Government and HMRC have listened to representations and put back the implementation of MTD ITSA and potential reforms to basis periods. The new MTD ITSA start date of April 2024 for the self-employed and landlords has now been set in legislation, providing the certainty that has been lacking, says ICAEW.Read more on ICAEW
MTD ITSA and basis period reform postponed
Accounting News - September 2021
In this month’s Enews we consider HMRC's changes to late payment penalties; the consultation on how digital marketplaces should collect and share information; and warnings over stamp duty refund claims.
With guidance on digital tax scams, national minimum wage penalties and the latest advisory fuel rates, there is a lot to update you on.
- HMRC outlines changes to late payment penalty regime
- Digital marketplaces to report sellers' incomes from 2023
- CIOT warns over stamp duty refund claims
- Contactless limit to increase to £100 from 15 October
- HMRC urges taxpayers to stay alert to digital scams
- BCC calls for government to extend skills training
- Advisory fuel rates for company cars
- Employers 'named and shamed' for paying less than minimum wage
Accounting News - July 2021
In this month's Enews we consider the winding down of the furlough scheme, the apprenticeship cash boost, changes to property taxes and HMRC's investigations into COVID support schemes. With the introduction of the one stop shop for VAT on EU trade, an update on Tax-Free Childcare, tax credits renewals and claiming tax relief for working from home, there is a lot to update you on.
- Furlough scheme starts to wind down
- Apprenticeship cash boost
- Property tax changes
- HMRC launches 13,000 investigations into COVID-19 support schemes
- Schemes create one stop shop for VAT on EU trade
- Over 280,000 families now using Tax-Free Childcare
- 440,000 tax credit claimants still to renew their claims
- 800,000 claim tax relief for working from home
Accounting News - June 2021
In this month's Enews we consider the roll out of the fifth SEISS grant; the imminent closure of HMRC's payment scheme for businesses that deferred VAT payments last year; and the announcement of National Insurance reliefs for employers setting up in Freeport economic zones.
With guidance on the Plastic Packaging Tax, the Trade credit insurance scheme, the deadline for forms P11D and the latest advisory fuel rates, there is a lot to update you on.
- Fifth SEISS grant will be open to claims from late July
- HMRC's VAT Deferral New Payment Scheme to close this month
- NIC reliefs set for Freeports
- Government confirms start date for Plastic Packaging Tax
- Effectiveness of OTS set to be reviewed by Treasury
- Trade credit insurance scheme to close
- Advisory fuel rates for company cars
- Forms P11D - reporting employee benefits
Accounting News - May 2021
In this month's Accounting News we consider the opening of the latest SEISS grant to applicants, the launch of the government's latest loan scheme aimed at supporting COVID-hit businesses and the introduction of state-backed 95% mortgages for first-time buyers.
With guidance on tax relief for home workers, a call for the extension of the Kickstart scheme and pension fraud increases there is a lot to update you on.
- Fourth self-employed grant now open for online applications
- Recovery Loan Scheme opens to businesses
- Recent changes to IR35 'undermine the self-employed', says IPSE
- CBI calls for extension of Kickstart Scheme as jobs market remains subdued
- New 95% mortgage scheme launched
- New claims required for home working tax relief
- HMRC sets out penalty regime for SEISS abuse
- Pension fraud increased to £1.8 million in first quarter of 2021
VAT Deferral New Payment Scheme - online service opens
HMRC have published a reminder that businesses that deferred VAT payments last year can join the new Deferral New Payment Scheme to pay it in smaller monthly instalments.
In order to take advantage of the new payment scheme businesses will need to have deferred VAT payments between March and June 2020 under the VAT Payment Deferral Scheme. They will now be given the option to pay their deferred VAT in equal consecutive monthly instalments from March 2021.
Businesses will need to opt-in to the VAT Deferral New Payment Scheme. They can do this via the online service before 21 June 2021.
For further details, see the HMRC press release.
Winner of Two Love Northallerton Business Awards!
We are very pleased and surprised to say that we have won two awards in the Love Northallerton Business Awards! We won Professional Service Business of the Year and Julie Hutson our Company Secretary won Businesswoman of the Year.
Thank you to Love Northallerton and all the BID businesses for our two awards in Love Northallerton Business Awards 2020.
Thank you to those who nominated our business and Julie Hutson. We feel very honoured to have won amongst such deserving competition - business and individuals who made the final lists.
Northallerton is a brilliant place to live and work, there are many businesses and individuals who greatly contribute to it's success, you should all congratulate yourselves.
The announcement video can be viewed on YouTube here: Love Northallerton Business Awards Announcement
Winner of Two Love Northallerton Business Awards!
The Chancellor - Rishi Sunak has announced the Spending Review 2021/22 outlining future spending by HM Treasury including funding fighting Coronavirus and improving public services.
More information about the Spending Review can be found here - Spending Review
How different circumstances affect the Self-Employment Income Support Scheme
The following updates have been provided by HMRC for criteria to apply for Self Serve Time To Pay
If you wish to use the the following requirements must be met
1. No outstanding Tax returns
2. No other tax debts
3. No other HMRC payment plans set up
4. SA tax bill must be between £32 to £30,000
5. It is no more than 60 days since the tax was due for payment
If you do not meet the requirements, you may still qualify for Time To Pay but will need to telephone HMRC.
Please contact us for more information, or read the guidance for more information in the link below:
We are now FreeAgent Accredited Practitioners
Congratulations to David and Sam who have passed their FreeAgent Accredited Practitioners exam. This means we have completed the requirements to become a FreeAgent Partner.
FreeAgent is a cloud bookkeeping tool that is FREE to use for NatWest, The Royal Bank of Scotland, Mettle and Revolut banking customers. It helps make business bookkeeping more efficient with features such as receipt capture, bank feeds and access to your bookkeeping 24/7 from anywhere.
Coronavirus HR Workshop: Providing the tools to get your business through the coming months
The past six months have seen businesses of all sizes forced to make unexpected changes. With the unemployment and Employment Tribunal figures increasing week on week, join us for our next HR webinar to help steer you away from unwanted risk.
Our one-hour online workshop provides the answers to the questions all business owners are currently facing:
- Redundancy and lay off. Deciding which is correct for your circumstances
- Utilising “Variation of terms” clauses to accommodate the new normal
- Returning your workforce from furlough
- Dealing with the avalanche of flexible working requests
- Avoiding the “Discrimination Trap” which many employers have already fallen into
- Ensuring your working practices are Covid-19 secure
Russell Smith, Senior Consultant from Avensure will provide a point by point guide to dealing with all of these issues as well as giving some practical assistance with documentation requirements such as what to include in a contract of employment, health questionnaires and handbook policies.
In addition, the team at Colin Hutson Accounting will provide an update on the following:
- HMRC are increasing compliance teams for reviews on Furlough claims starting now.
- HMRC has stepped up its compliance activity on Coronavirus Job Retention Scheme grants, writing to 3,000 employers who may need to repay some or all of their claim.
- SEISS claims will be investigated from receipt of 2020/21 tax returns
- SC60 sub contractors who have claimed both grants and not stopped working will be at risk of investigation
Date and time:
Tuesday 15th September 2020, 4pm – 5:15pm
4.00 – 4.45 Workshop: Russell Smith, Avensure
4.45 – 5.00 Colin Hutson, Colin Hutson Chartered Accountants
5.00 – 5.15 Q & A
To book your place on this Zoom event please click here. Once registered, you will receive confirmation including a link to the event. Please save this to access the session on the day.
Eat Out to Help Out – look for the logo
Diners who eat-in will benefit from a 50% discount, up to a maximum of £10 per person, on food and non-alcoholic drinks, any Monday to Wednesday in August.
Guidance on how to register and resources to publicise the offer online and in print from HM Treasury can be found here: https://www.gov.uk/government/news/eat-out-to-help-out-look-for-the-logo
Get back to business with 6 months FREE Sage Cloud Accounting
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- Safe, secure, trusted - With bank-level security and no need for backups, peace of mind comes as standard
This is an exclusive offer available to our clients, contact us for more information on 01609 778602 or email [email protected]
Government guidance and advice on face covering and how to make one
Summer Statement 2020 - Summer Statement serves up jobs-first package
The Chancellor’s Summer Statement put forward a plan for jobs, green investment and a variety of targeted tax cuts, but also signalled a clear intention to wean businesses off government support.
A Plan for Jobs
Chancellor Rishi Sunak announces his Summer economic statement with job retention bonuses, work placement for under 25s and cuts to VAT and stamp duty. See how this can revitalise your clients' business.https://www.gov.uk/government/news/rishis-plan-for-jobs-will-help-britain-bounce-back
Job Retention Bonus
Essential points for qualifying employers include:
- An employee who has been furloughed at some point between April - October 2020
- An employee who is still employed on 31 January 2021
- An employee with average earnings for the period 1 November 2020 – 31 January 2021 above £520 month (lower earnings limit for NIC purposes)
Read the full article on Croner-i here to find out whether you qualify.
Support for the UK’s arts and culture
The Government has announced a £1.57 billion investment package for arts, cultural and heritage organisations hit by COVID-19.
Eat Out to Help Out Scheme
Get more help with registration, eligibility and how to offer the discount for the Eat Out to Help Out Scheme - GOV.uk
Summer Statement Commmentary from ICAEW
ICAEW give their viewpoint on the Chancellor Rishi Sunak's Summer Statement https://www.icaew.com/insights/viewpoints-on-the-news/2020/july-2020/summer-statement-serves-up-jobsfirst-package
7 things employers need to know about flexible furlough
Blog article by Croner-i: