Conditions for claiming Bad Debt Relief

The VAT bad debt relief rules allow businesses to claim bad debt relief and reclaim the VAT they have paid to HMRC. This can happen when an invoice has been issued to a customer and no payment has been received after an extended period of time

COVID-19 business loan support statistics

HM Treasury has published its weekly update (to close of business on 7 June 2020) on COVID-19 lending schemes designed to support businesses impacted by the pandemic.

Under the Coronavirus Business Interruption Loan Scheme (CBILS), 47,650 businesses

Expenses and benefits filing deadlines

The deadline for submitting the 2019-20 forms P11D, P11D(b) and P9D is 6 July 2020. Employees must also be provided with a copy of their P11D by the same date.

Employers pay Class 1A National Insurance contributions on most benefits. If you provided

VAT changes for the construction sector delayed again

The VAT rule changes for building contractors and sub-contractors that were expected to come into effect on 1 October 2020 have been delayed for a further 5 months until 1 March 2021. The delay is due to the impact of the Coronavirus pandemic.

The

Property and Trading Income Allowance

Two separate £1,000 tax allowances for property and trading income were introduced in April 2017. If you have both types of income highlighted below then you can get a £1,000 allowance for each.

The £1,000 exemptions from tax apply

Deregistering for VAT

A voluntary VAT deregistration can be made if you do not expect your taxable turnover to exceed the VAT deregistration limit. The current deregistration limit is £83,000.

If you are running a small business that has been adversely affected by

Furlough Scheme maximum claims

As our readers will be aware, the Coronavirus Job Retention Scheme (CJRS), has been extended until 31 October 2020. There are a number of important changes to the way the scheme works that will start to come into effect from 1 July 2020, when

Furlough Scheme over-claims

HMRC’s guidance makes it clear that any business that makes an error in making a Coronavirus Job Retention Scheme (CJRS) claim must pay back any amount over-claimed. Any claims based on inaccurate information can be recovered by HMRC.

The CJRS

Why are profits important?

Dictionary definitions of the word profit tend to include such synonyms as “advantage”, “financial gain” and “financial advantage”.

Longer explanations might say: the difference between the amount earned and the

Head count or productivity?

In the not to distant past business managers were prone to “empire building”. Increasing head count was more important than increasing productivity.

This bygone-age tendency has long slipped away but productivity is likely to remain as a