HB Accountants have produced a Tax Card which summarises many of the rates and allowances fundamental to your business and personal lives. It’s a great point of reference throughout the coming tax year and contains lots of information on personal, business, employment, property and capital taxes, including any changes.
Continue readingCategory Archives: Tax
What does the UK Budget announcements mean for you and your business?
Rishi Sunak has set out the UK Government’s plans for recovery. The Chancellor has promised to do “whatever it takes” to help the UK’s pandemic-damaged economy. HB Accountants are here to help you #BeInformed and our budget summary gives to you overview of the key announcements arising for the Chancellor’s speech.
Continue readingWhat does the ‘Roadmap to Recovery’ announced by Boris Johnson mean for my business?
The Prime Minister has announced the Government’s roadmap to reopening the economy entitled Covid-19 Response – Spring 2021. A copy of the full guidance is here
It introduced a 4 stage plan for reopening the economy starting on Monday 8th March with the reopening of schools and colleges. Then subsequent stages will follow at 5 week intervals provided the following four conditions are met at each stage before proceeding to the next one:
Continue readingConstruction Industry Reverse Charge Rules New Legislation… are you confused?
Reading through the updated guidance for CIS NEW VAT Reverse Charge Rule for the Construction Industry might leave you confused. Here we have outlined what you need to consider:
If you supply constructions services, the reverse charge will only apply if you answer “Yes” to ALL of the following questions:
Continue readingTax-Saving Strategies to Implement before 5 April Year End
Businesses and Individuals should always plan ahead to minimise their tax bill – with the end of the 2020/21 tax year fast approaching, this year more than ever (with the Covid19 pandemic impacting on not only our mental health but our financial health too), begs the question, have you thought about what strategies you can implement into your financial plan to ensure it is as tax-efficient as possible?
Continue readingVAT Deferral New Payment Scheme
To support businesses during the COVID-19 crisis, the Government announced on 20 March 2020 that VAT payments would be deferred for a three month period.
Continue readingIf you haven’t claimed the third SEISS grant, the deadline for applications is fast approaching
Gov.UK have confirmed a fourth SEISS grant, which will run from February 2021 to April 2021, will be available for self-employed workers. Unfortunately, the Government is yet to provide further details about who can claim and how much help you can get under the fourth grant.
Continue readingThe Government have extended the £1 million AIA tax break to stimulate investment in UK manufacturing – are you making use of your annual investment allowance?
Does you business deal with Plant & Machinery? If yes are you making use of your annual investment allowance?
If your business deals with plant and machinery, you might be entitled to use your Annual Investment Allowance (AIA). You could claim up to 100% tax relief on any qualifying plant and machinery assets in the first year of purchase, that are bought outright – not leased. The criteria for these assets are quite rigorous, and exclude cars, but it’s worthwhile checking with your accountant to see if your business qualifies.
Continue readingNo late filing penalty if your tax return is filed online by 28 February 2021
HMRC to waive self assessment penalties for one month – HMRC Chief Executive Jim Harra has announced today that If you do not manage to file your Self Assessment tax return online by 31 January you will NOT receive a penalty as long a you file your tax return online by 28 February.
Continue readingConfused about the COVID19 support grants available to you? Check out what is available, if you are eligible and how to apply here
This guide will help you understand the full range of business support measures that have been made available by the Government to help you and your business financially during Covid19. Plus find out how to access the support measures that have been made available (who is eligible) and how to apply.
Continue reading