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How will the hospitality VAT cut affect customer deposits?

It is fairly common, particularly in the summer holidays, to pay a deposit when booking a hotel or self-catering hospitality accommodation but how should the deposit be accounted for? HMRC have confirmed that the hotel has the option of charging VAT according to the ‘basic tax point’ (dates of the stay) rather than the ‘actual…Read More

50 ways to grow a business – Part 1

What does it take to grow a business? Let’s jump straight in: 1)   Do a SWOT Analysis As part of your business planning process, conduct a SWOT analysis to help you identify your company’s: Strengths Weaknesses Opportunities Threats Use this to again set actions for improvement. Here are some questions to ask: Strengths What are…Read More

New grants to boost recovery of small businesses

Thousands of smaller businesses in England are set to benefit from £20 million of new grants to help them recover from the effects of the coronavirus pandemic, the Minister for Regional Growth and Local Government has announced. Small and medium sized businesses will have access to grants of between £1,000 – £5,000 to help them…Read More

Eat Out to Help Out Scheme Guide for Customers & Businesses

This August, people across the UK will benefit from 50% discount vouchers whenever they eat at a registered Eat Out to Help Out Scheme establishment. The scheme, designed to bring life back into our hospitality industry, will stretch between 3 to 31 August. The following guide outlines the scheme for would-be diners and the businesses…Read More

Making Tax Digital (MTD) will apply to all VAT-registered businesses

The government published an overview of Making Tax Digital (MTD) on 21 July 2020. The big news is that all VAT registered businesses with VAT turnover below £85,000 will be required to follow MTD rules for returns filed on or after April 2022. That might sound a long way off, but we strongly recommend you…Read More

Coronavirus key dates Jul ’20 – Mar ’21

Coronavirus guidelines may be relaxing, but changes to funding support and tax deferrals are expected to stretch to March 2021. The following key dates summary guide lists the deadlines and funding changes to expect over the next seven months. Covid19 support timeline July 2020 – March 2021 Coronavirus key dates in 2020 13 July 2020…Read More

How to avoid pension scams during Covid-19

In these tough times, savers might increasingly look to transfer their pension, prompted by the instability of their employer or the financial markets. As a result, they could become vulnerable to pension scams. The increased numbers of fraudulent lenders and schemes during COVID-19 has led the Financial Conduct Authority (FCA) to step up its targeting…Read More

How to pay back Coronavirus Job Retention Scheme Grants

Written 26 June 2020. The Government has provided guidance on how to pay back all or some of your grant if you’ve overclaimed through the Coronavirus Job Retention Scheme. If you have overclaimed through the Coronavirus Job Retention Scheme, you can either: correct it in your next claim make a payment to HMRC (only if…Read More

Future Fund data published for the first time since launch

The British Business Bank has published Future Fund data that gives a detailed picture of the 252 companies that have been approved for £236.2m worth of Convertible Loan Agreements since the scheme was launched on 20 May. There have been 623 applications in total in the first month of operation. The government has said it…Read More

SEISS support extension for new parents

The government announced on 19 June that self-employed parents who were caring for newborns in 2018-19 are eligible to make a claim for Self-Employed Income Support Scheme SEISS support extension. The Institute of Chartered Accountants in England and Wales believes that the move will benefit fewer new parents than expected. However, the extension signals that…Read More

Deferral of VAT due to COVID-19 closes on 30 June

Businesses need to reinstate VAT Direct Debits. The deferral of VAT payments due to coronavirus comes to an end on 30 June and businesses need to take action to reinstate their Direct Debit mandates. The Institute of Chartered accountants in England and Wales (ICAEW) Tax Faculty has reminded its members. Key dates for deferral of…Read More

How different circumstances affect SEISS eligibility

The Self-Employment Income Support Scheme (SEISS) currently allows you to claim a taxable grant worth 80% of your average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £7,500 in total. If you are self-employed or member of a partnership find out how your circumstances can…Read More

One million fall through “critical gaps” in COVID-19 funding schemes

Approximately one million people are not being supported through the crisis by existing COVID-19 funding schemes. Ministers in the Treasure Select Committee have called on the government to plug “critical gaps” in the schemes to meet its pledge of “doing whatever it takes”. Among those who currently cannot access support include recently hired employees, freelancers…Read More

Debt advice budget surpasses £100m to support communities

Ministers have announced an additional £37.8m for debt advice providers this financial year (20-21). This will bring the Money and Pensions Service (MaPS) budget for debt advice to over £100m. The money will deliver advice to more people in England who are experiencing financial problems due to coronavirus. Managing debts during this difficult time Debt…Read More

Grants for small businesses in Brighton & Hove this June

Brighton and Hove grants are now available for small businesses. They can now apply online for a discretionary grant to support them through COVID-19. Grant allowances and eligibility criteria are outlined below. The deadline for applications is 12 June, so if you need to access the support grants outlined below please act quickly. Brighton &…Read More

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