News


COVID Bounce Back abuse
16/04/2024
The Insolvency Service has recently published information confirming that a total of 831 company directors were banned in 2023-24 for Covid support scheme abuse, up more than 80% on the previous year, and that the average length of director disqualification for Covid misconduct in 2023-24 was almost 10 years. The Covid Bounce Back Loan Read more...


Settling energy disputes
16/04/2024
Business owners that are in dispute with their energy suppliers will be interested in the free support on offer from the Energy Ombudsman. In a recent press release the Department for Energy Security and Net Zero confirmed the following: “Businesses will get free support to resolve issues with their energy contracts, as part of Read more...


Accessing the HMRC mobile APP
11/04/2024
HMRC’s free tax app is available to download from the App Store for iOS and from the Google Play Store for Android. The latest version of the app includes updated functionality. The app can be used to see: your tax code and National Insurance number; your income and benefits; your income from work in the previous 5 years; how much Read more...


Using the starter PAYE checklist
11/04/2024
Employers that take on a new employee need to work out which tax code and starter declaration to use in their payroll software. Incorrect tax codes can lead to a new employee paying more tax than is due. Employers will require certain information from their new employee in order to ensure that the correct tax code and starter declaration Read more...


HMRC continues to target till fraud
11/04/2024
HMRC has, for many years, looked to target businesses that deliberately undertake electronic sales suppression (ESS). ESS happens where a business deliberately manipulates its electronic sales records in order to hide or reduce the value of individual transactions. This type of fraud is hard to spot as it tries to reduce the recorded Read more...


Termination payment clearance process
11/04/2024
The tax treatment of termination payments has changed significantly over recent years. The changes have aligned the rules for tax and secondary National Insurance contributions (employer (NICs)) by making an employer liable to pay NICs on termination payments they make to their employees. HMRC has announced that it is aligning its Read more...


VAT retail schemes
11/04/2024
VAT retail schemes are a special set of schemes used by retail businesses to account for VAT. The schemes are used by businesses that sell a significant amount of low value and/or small quantity items to the public with different VAT liabilities. The use of the schemes can save businesses a significant amount of time in calculating the Read more...


Paying VAT on goods from EU to Northern Ireland
11/04/2024
There are special procedures for moving goods in and out of Northern Ireland. Under the Northern Ireland Protocol, all Northern Ireland businesses continue to have access to the whole UK market. There is specific guidance published by HMRC that should be followed for goods that are received into Northern Ireland from a supplier in the Read more...


New employment protections
09/04/2024
New legislation, including three Government backed cross party Acts, came into force from 6 April 2024. Pregnant women and new parents will now receive special treatment in a redundancy situation, as a suite of new laws are introduced - delivering the Government’s plan to support families and back hardworking Brits. New laws will Read more...


What do we mean by profit?
09/04/2024
When most business owners refer to business profits, they are likely to mean the difference between sales and costs, and more concisely, that sales exceed costs. However, the word “profits” can prove to be a moveable feast as HMRC, banks and traders will likely have a different interpretation. For example, do costs Read more...

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