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What are management accounts, and do you need them?

Management accounts are a type of financial report providing insight on the financial performance of your business. They are called management accounts because they are normally used by business owners and managers to make strategic decisions about the business. Why we produce management accounts Whereas the statutory accounts Cardens produces for you every year must…Read More

8-Step Cash Flow Plan to Minimise Business Disruption

Across all regions of the UK insufficient cash flow reserves is a clear issue for many smaller businesses. The latest Understanding the business impacts of local and national restrictions, UK – Office for National Statistics outlines the impacts of COVID-19 restrictions for businesses. The main points are: Since early January 2020, the percentage of single-site…Read More

14 new tax year financial support increases from April 2021

A raft of personal and business financial support increases from April 2021 will affect millions of people in the UK. We list what’s changing, from pensions and benefits to tax thresholds and allowances. 1) The personal allowance The amount you earn before paying income tax (the personal allowance) is rising to £12,570 from 6 April.…Read More

Directors Salary from April 2021

From 6 April 2021, we recommend directors take a monthly salary of £737. This salary ensures you receive a “qualifying year” of National Insurance Contributions towards your State Pension but without the need to pay any contributions. This salary is also below your Personal Allowance of £12,570 for tax purposes, which has increased from £12,500…Read More

Business rates relief boosted with new £1.5bn fund

A new Business Rates relief fund of £1.5 billion for businesses affected by COVID-19 outside the retail, hospitality, and leisure sectors has been announced with targeted support delivered as appeals against rates bills on basis of material changes of circumstance due to the pandemic to be ruled out. The government hopes their relief fund will…Read More

Making Tax Digital & Digital links – are you ready for phase 2?

Making Tax Digital (MTD) Phase two with digital links is fast approaching and businesses need to act now if they haven’t already done so or potentially face penalties after the change comes into effect from 1 April 2022. Two years ago, on 1 April 2019, we were ready for the first phase of MTD which…Read More

Tax avoidance schemes targeting middle earners

A new report by The Sunday Times suggests that more workers are being tied to tax avoidance schemes, whether they like it or not. As a consequence of the tightening of rules under IR35 many contractors are entering into ‘umbrella company’ arrangements, typically this means they are still not directly employed by the company they…Read More

Year-End Payroll Checklist for 2020/21

If you run your own payroll, it is time to look at this payroll checklist for the current year and key changes affecting payroll for 2021/22. Tasks before 5 April, 2021 HMRC have updated their webpage on annual reporting and tasks needed before 5 April 2021. It covers sending your final payroll report, updating employee…Read More

Xero Making Tax Digital Update – February 2021

Following the news that all VAT registered businesses must be signed up to Making Tax Digital (MTD) by April 2022, Xero has been working on further updates to make this transition as easy as possible for your business. This includes phasing out their ‘Classic VAT’ report and opting for the more up-to-date non-MTD style for…Read More

Local Restrictions Support Grants Guide – England

The Local Restrictions Support Grants (LRSG (Closed) If you have had to close your business due to the national lockdown that began on 5 January 2021, Local Restrictions Support Grants are available – but the application deadline is 31 March 2021. You can apply for a grant if your business is either: in an area…Read More

Get ready for the “off-payroll” IR35 working rules

Large or medium-sized organisations that are paying workers via personal service companies (PSC) or agencies will need to operate new off-payroll IR35 procedures from 6 April 2021. Overview The new rules will apply to partnerships, LLPs and larger charities as well as limited companies. Organisations that are classed as “small” under the Companies Act criteria…Read More

SEISS Fourth Grant Conditions and Eligibility

In the recent Budget, the Chancellor has set out further support for the self-employed. In addition to the upcoming SEISS fourth grant, there will also be a fifth grant covering the five months to 30 September. SEISS announcement in the Budget The chancellor has extended the scheme to include certain traders who were previously excluded.…Read More

Changes to CJRS from July 2021

The following guide outlines Coronavirus Job Retention Scheme (CJRS) changes between July and September 2021. The level of grant available to employers under the scheme will stay the same until 30 June 2021. CJRS pre-July The current version of the furlough scheme that started on 1 November 2020 was scheduled to end on 30 April…Read More

VAT deferred due to COVID-19: how to pay

A lot of businesses took advantage of the government’s offer to defer payment of VAT due between 20 March and 30 June 2020. However, these payments are due by the 31 March 2021 deadline. We therefore recommend checking the amount of VAT deferred due and making sure you will have sufficient finance to make this…Read More

Pre April 2021 year-end tax planning tips

The tax year-end is nearly here – 5th April. Now is a great time to review your financial and tax position to make sure you have made the most of the legitimate tax planning opportunities available to you. Here are a few things for you to factor into tax planning: Use your ISA Allowances Have…Read More

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