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Making Tax Digital Update

Making Tax Digital Update

On 21st July, the Government announced their new timetable for Making Tax Digital (MTD).  This is part of their 10 year plan, to modernise the current tax system.  Only those over the VAT limit have been obligated to keep and submit their data in digital formats so far.  So what is changing? Well, here are […]

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July 2020 Summer Statement

July 2020 Summer Statement

Chancellor Rishi Sunak announced a host of emergency funding measure , to help businesses through this difficult time. Here’s the important bits – VAT Reduction to 5% – The hospitality sector will benefit from a 6 months rate cut to just 5% from 15th July. This applies to the sale of food and non-alcoholic drinks. […]

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Newly Self-Employed Hardship Fund

Newly Self-Employed Hardship Fund

If you are one of the many people who have fallen through the cracks for The Self-Employed Grant from the UK Government, because you registered as Self-Employed after April 2019, the Scottish Government has now opened applications for the Newly Self-Employed Hardship Fund. Eligibility criteria – You registered for self-employed after 6th April 2019 Your […]

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Changes to Capital Gains Tax from April 2020

Changes to Capital Gains Tax from April 2020

New rules coming into force on the 6th April 2020, mean that those who need to report Capital Gains Tax to HMRC on the sale of UK properties, need to do so within 30 days. Under the old rules , you used to be able to declare any Capital Gains on your annual self assessment […]

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What can you claim if you had to buy your own PPE?

What can you claim if you had to buy your own PPE?

If you work for the NHS, Emergency Services, Care Home Services or any PAYE employment, where you had to buy your own PPE, you can use the following form to claim for Income Tax relief from the expense. https://www.gov.uk/guidance/claim-income-tax-relief-for-your-employment-expenses-p87 This only applies to those who require PPE to do their jobs at work, it won’t […]

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COVID-19 – FAQ’s

COVID-19 – FAQ’s

We have been asked alot of question during this time of uncertainty. I have listed below a few of the more common ones. Hopefully this will help answer some of them. If you are still unsure about anything, please ask me. If I hear any updates on this, I will let you all know. Q […]

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Chancellor announces package to help Self Employed

Chancellor announces package to help Self Employed

Following the announcement today, the following relief package has been made available to those who are Self Employed and unable to work due to COVID-19 : Up to 80% of average earnings over the last 3 tax years, capped at £2,500 per month. Available to all those who earn under £50,000 in taxable profits. Available […]

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Small Business Grant Scheme if you have Business Premises

Small Business Grant Scheme if you have Business Premises

For those who have business premises, you may be eligible for the Small Business Grant Scheme. This one-off grant of up to £10,000, is available to ratepayers of small businesses in receipt of the Small Business Bonus Scheme (SBBS) or Rural Relief. Although it does state this on the forms, we do have to highlight […]

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COVID-19 update and business relief information

COVID-19 update and business relief information

We know this is a stressful and confusing time for you and your business and we will do all we can to advise you through it. Listed below is some helpful information designed to support you through this time. The following measures are available from the government to support businesses.  There will be links at […]

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Payroll – Getting ready for the 2020/2021 tax year

Payroll – Getting ready for the 2020/2021 tax year

With 1st April right round the corner, what do you need to do to get ready for the new payroll year?  Well, one of the first things you need to look at if you run payroll, is changes to minimum wage rates and new tax codes.  Lets, start with the easier part of the two, […]

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