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Have you got your EORI number?

Have you got your EORI number? From 1 January 2021, you will need an Economic Operators Registration and Identification (EORI) number to move goods between GB and the EU. Prior to this, you only needed an EORI number if you moved goods between the UK and n...

Utilise the trivial benefits exemption to provide tax-free Xmas gifts

The Covid-19 pandemic has placed the office Christmas party firmly off the menu this year. Regardless of what restrictions are in place over the Christmas season, many employers will want to take the opportunity to spread some seasonal cheer amongst workers, who may have been furloughed or working f...

Should I reduce my payments on account?

Should I reduce my payments on account? The deadline for filing your 2019/20 tax return is fast approaching, as is the due date for the first payment on account for 2020/21. Now is the time to think about whether you can reduce your payments on account. Need t...

More time to pay back deferred VAT and tax

More time to pay back deferred VAT and tax At the start of the pandemic, the following options were available: VAT registered businesses could defer VAT payments that fell due in the period from 20 March 2020 to 30 June 2020. Self-assessment taxpayers could delay their ...

Tax implications of making loans to directors

Tax implications of making loans to directors Where a family company has cash in the bank but profits have been adversely affected, the directors may take a short term loan to enable them to meet personal bills. This loan can be cleared with a dividend payment when busines...

Self Employment Income Support Scheme extension

SEISS extended again The Self Employment Income Support Scheme (SEISS) helps the self-employed whose businesses were affected by Coronavirus. The second payment under the scheme, which was payable from mid-August, was due to be the final payment under the scheme. Howeve...

Recovering VAT on the construction of residential buildings

Recovering VAT on the construction of residential buildings The sale (or long lease – more than 21 years) of new residential housing is a zero-rated taxable supply, so normally a business would expect to be able to recover all the VAT connected with the construction and...

Paying family members

Paying family members Regardless of the business structure (for example limited company or sole trader) it is possible to employ family members. This has some obvious advantages including matters of trust and reliance etc. There may also be financi...

Preparing for 2021 changes: Customs grants available

Preparing for 2021 changes: Customs grants available In June 2020, the Government announced that it was making funding available to customs intermediaries and businesses to help increase their capacity to make customs declarations. Broadly, businesses need to prep...

Kickstart Scheme

Kickstart Scheme In the July Economic Statement, as part of his Plan for Jobs, Chancellor Rishi Sunak announced that a new Kickstart Scheme would shortly be launched with the aim of creating hundreds of quality jobs for young people aged between 16 and 24 years old. The...

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