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4 Coronavirus Tax Relief Updates to Support Employers

Since the start of the pandemic, various measures have been introduced to avoid benefit-in-kind issues arising for employers. By the end of 2020, HMRC had either extended or confirmed reliefs to cover costs incurred by employers. Some coronavirus tax relief has a short shelf life, so take advantage of the following benefits while you can.…Read More

Xero Update for Postponed VAT Accounting

Can Postponed VAT accounting ease cashflow impacts post-Brexit? Find out more. We know a lot of our clients are struggling at the moment to get their heads around the new VAT rules with the EU following Brexit. One of the big impacts is that if you import goods from EU countries you will now have…Read More

10 Post Brexit VAT Tips

We’re now past the Brexit transition period, which ended on 31 December 2020. Now, post Brexit VAT implications for business are here and there is a lot to prepare: 1. VAT postponed accounting If your business is VAT registered, you can request to postpone VAT accounting for worldwide imports of goods, alongside those coming from…Read More

COVID-19 CJRS extended until April 2021

The Coronavirus Job Retention Scheme (CJRS) extended until 30 April 2021. For the period 1 November 2020 to 30 April 2021 the government grant will cover the full 80% of wages. Employers will not be required to contribute or top-up for the hours not worked. You will still need to pay employer National Insurance contributions…Read More

13-step business plan for 2021

Creating a business plan for 2021 is more difficult as we cannot predict the date of a return to normality nor what will happen with Brexit just yet. However, there are some practical steps you can take to minimise potential disruption to your business: Review your Budgets and set realistic and achievable targets for 2021.…Read More

2021 COVID-19 support & grants for business

Government grants will continue for the foreseeable future and certainly until 31 March 2021. The main 2021 COVID-19 grants and supports available are outlined below. Please contact us if you need help in claiming any of these. Coronavirus Job Retention Scheme (CJRS) The CJRS will remain open until 31 March 2021. From 1 November 2020…Read More

Invoice Fetch: Fully automated invoice collection from Receipt Bank

Here at Cardens, we are big fans of Receipt Bank and we use this software on all our bookkeeping clients to collect invoices and receipts. We’ve been really impressed with the release of the new Invoice Fetch feature as now instead of us having to request paperwork from our clients and then they have to…Read More

Xero Accounting App Updates: November 2020

We’ve noticed whilst watching the Xero accounting app product updates that they are really focusing on trying to bring the mobile experience of Xero in line with using a browser on your laptop or computer. They have recently announced some significant releases which should make it easier for you to do your bookkeeping on your…Read More

GUIDE: Christmas gift tax reliefs to charities & staff

Christmas gift tax planning advice for businesses this festive season. Christmas gift of up to £50 to employees Remember that certain gifts to staff at Christmas are also tax-free if structured correctly. Employers are allowed to provide their directions and employees with certain “trivial” benefits in kind tax-free. This exemption applies to small gifts to…Read More

Managing your Christmas party tax exemption in 2020

Tis the season…but not quite in 2020. With so many Christmas parties cancelled this year, businesses cannot take advantage of the Income Tax (Earnings and Pensions) Act (ITEPA) 2003 s.264(1) Christmas party tax exemption. But all is not lost… What is the ‘Christmas party’ tax exemption? According to the Act, the tax exemption can be…Read More

SEISS third grant opens with new conditions

The Self Employment Income Support Scheme (SEISS) third grant has opened for claimants (30 November 2020). Unlink the first two support grants, where claimants had to confirm that their trade was ‘adversely affected’ by COVID-19, the third has replaced this with a more precise ‘impact on-demand’ test. Watch that you don’t get tripped up by…Read More

Receipt Bank: Bookkeeping in a snap

We are always looking to make our clients’ lives easier. That is why we have partnered with Receipt Bank, the award-winning Xero add-on that automatically converts all your invoices and receipts into data, making it easy for you to send your financial information straight to your accounting software or to your bookkeeper. Spending too much…Read More

Transferwise: Making supplier payments easier

Written by Cardens’ Trainee Accountant, Mike Bates Looking to tidy up and pay your creditors? Transferwise is a new third party app for Xero that allows you to pay a large batch payment via a single bank transfer saving time for both you and your suppliers. The new app will take the hassle out of…Read More

CJRS EXTENSION & JOB SUPPORT SCHEME POSTPONED

The Prime Minister announced a Coronavirus Job Retention Scheme (CJRS) extension and a halt to the Job Support Scheme ahead of the new lockdown in England commencing on 5 November. The Grant will ensure employees receive 80% of their current salary for hours not worked, up to a maximum of £2,500. Businesses will have flexibility…Read More

November Lockdown Announcements for Business

We’re scheduled to enter into lockdown from Thursday 5th November until 2nd December, pending a vote passing in the House of Commons. Most agree that it will be passed, and the lockdown will follow the guidelines set out by the Prime Minster on Monday 2nd November. As is the tradition, we learn about the latest…Read More

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