The Chancellor Rishi Sunak presented his third Budget on 27 October 2021. In his speech he set out the plans to “build back better” with ambitions to level up and reduce regional inequality. Find out how the Budget impacts on you and your business below
Continue readingCategory Archives: COVID19 Business Hub
Coronavirus is more than a world health emergency, the economic impacts are very real and emergency provisions are being made worldwide in an attempt to support individuals, business and anyone who advises them. HB Accountants are monitoring the COVID19 situation closely and collating resources as conditions unfold
Autumn Budget 2021 – what is anticipated – Green Budget perhaps?
The Autumn Budget (the second budget of the year) will be delivered this Wednesday, 27th October and comes on the same day as the Spending Review which sets out how government will fund public services for the next three years.
Continue readingPlanning For Growth
Welcome to our new series of blogs that will help organisations and businesses of all sizes with PLANNING FOR GROWTH.
After the roller coaster 18-months of lockdowns, openings and for some, a reduced customer base, it’s time to refocus our energies on growth. Over the next few months, we will write a number of blogs on this topic. They will be packed full of guidance and tips that will help your business flourish. Featuring ways to streamline your processes, that will prompt you to review your activities, as well as offering invaluable advice.
Continue readingCOVID support schemes are ending, find out what is continuing
The SEISS fifth grant period ends today as does the furlough scheme, with employers having until 14 October to submit a claim for the latter – as does the VAT reduction for hospitality and tourism to 5%, which will see an increase to 12.5
The ICAEW have issued a handy timeline for the remaining schemes.
Two forms of data are shown in the chart: how much money has been spent or lent on each scheme so far, and each scheme’s end date.
The chart does not include all of the support measures provided by the government or the Bank of England to businesses and individuals, for example the £20 a week uplift in universal credit to those on low incomes that also comes to an end on 30 September or the corporate finance lending facilities provided by the Bank of England to very large businesses.
Continue readingPhishing email – Think that you won’t open one?
We all send emails daily. Yet, an increasingly large number of emails are a phishing email. Phishing (pronounced “fishing”) emails are sent by criminals who want you to give them your personal details. The email will ask you to fill in a form or to click on a link and download code to your computer – this allows the criminals to simply gather information or more severely, attack your IT system by implanting malware: software that will disrupt or destroy your data or tools or install ransomware, which encrypts data that will only be released once the victim has paid a ransom. Cybercrime is sadly rife.
Continue readingMaking Tax Digital Income Tax Self Assessment delay announced (MTD ITSA) delayed to 2024
MTD ITSA has been delayed by the government to 6 April 2024 – MTD for general partnerships postponed until to 2025 – the change to the tax year basis has also been delayed until at least April 2024
Another deferral to the MTD programme
Continue readingBe Prepared – changes to furlough from July 2021
Furlough has been extended until 30 September 2021, however, the level of grant available to employers under The Coronavirus Job Retention Scheme is set to reduce from 1st July, 2021. This means that employers will need to ‘top up’ wages to ensure that their employees continue to receive 80% of their salary, capped at £2,500 per month.
Continue readingSEISS 5 grant applications to open in late July (Self-Employment Income Support Scheme)
Applications for the fifth round of the self-employed income support scheme grant (SEISS 5) are due to open in late July. SEISS 5 covers the period May 2021 to September 2021 and eligibility is based on your tax returns. Am I eligible? How much will I receive?
Continue readingAct Now! Super-deduction – a very attractive £25m tax break on capex investment
Super-deduction, a new capital investment allowance, has been introduced to boost business investment and help economic recovery. It is a great incentive to encourage businesses to invest in plant and machinery and there are very few exclusions on what can be purchased. Available for two years from April 2021, the 130% capital allowance deduction will deliver 25p off company tax bills for every £1 of qualifying spend.
Continue readingCash is King – Here’s how to generate cash right now
Covid-19 has hit many businesses hard. Many of us are working long hours to keep solvent: others are failing through no fault of their own, whilst a few are flying. The reason is simple: As a nation, we were not spending during lockdown. This means limited or non existent cash flow for impacted businesses.
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