Rishi Sunak announced at the time of the 2021 Budget that the Government was going to roll out Help to Grow Management course aimed at turbo charging the UK economy as we strive to come out of the Covid stranglehold. In this blog we look at the key information. Who is behind this course? The UK government. It was announced in the 2021 Budget. What is the aim of this programme?  To provide chief executives or members of a senior management team the skill set to develop their reach in growth markets. To improve employee engagement. To strengthen each business’s resilience against any future shocks. The Government want to ‘turbo charge’ the UK’s post Covid economic recovery. Where can you access the course? This is on offer around the whole of the UK? What is the nature of the course? It is a 12 week programme. It is designed to be manageable alongside full-time working . 8 online two hour sessions 4 practical, face to face, case study workshops. 1:1 support from a business mentor...

HMRC are set to transform the tax system in a bid to make administration simpler and more efficient for taxpayers. Making Tax Digital is compulsory and so it is important that you are aware of your requirements as a taxpayer. The following information sets out the changes to income tax self-assessments, coming into force in 2023. The sooner you are aware of your requirements, the smoother your transition will be. What is MTD ITSA? Making Tax Digital for Income Tax Self-Assessment. Who could be affected by it? Self-employed individuals and landlords with a tax year turnover exceeding £10,000. Partnership which consists only of individual partners. The turnover threshold takes account of the combined turnover of a person’s total number of businesses and rental properties. Please note - MTD ITSA has been deferred, until a date yet to be decided, regarding partnerships with a corporate member, LLPs and Limited partnerships. Are there any exemptions? Trades and/or rental income where the t...

Who does this affect? Unincorporated businesses (sole-traders, partnerships, and limited liability partnerships) whose accounts year does not end between 31st March and 5th April.  What is the present position? For a particular tax year, you are normally taxed on the net profit per the accounts which end in that tax year. Example of the Present Position Tom has been self-employed for several years and draws up accounts to 30th April each year. His accounts to 30th April 2021 show net profit of £30,000. That is taxable in the 2021/22 tax year. What may change? The Government intend that all self-employed will pay tax and national insurance based upon net profit aligned to the tax year itself and not the accounting year end. Do I have to move my accounting date? No, you can retain your present accounting year end if you want. However, if the change comes into effect, for tax purposes, you will need to report your self-employed income and expenditure incurred based upon the tax year a...

HMRC will be contacting those who are potentially eligible for the 5th round of SEISS grants. If you are contacted, it's important that you act on it because we cannot do this on your behalf. If you are contacted and you need assistance with figures then please get in touch and we will gladly help you out. Below is all you need to know about the 5th round of grants. What period does the 5th grant cover? May 2021 to September 2021 inclusive. When can the 5th grant claim be made? If you may be eligible, HMRC should contact you around mid-July 2021 to provide you with a date from which you can make the claim through the Gov.UK online portal. The final deadline for making the claim will be 30th September 2021. What are the eligibility criteria for the 5th grant? You must have been self-employed (S/e) during the 2019/20 and 2020/21 tax years. You must have submitted the 2019/20 Tax Return by 2nd March 2021. You must either be trading but impacted by reduced demand due to the pandemic or...

I hope you have all enjoyed the wonderful weather we have been having? Although saying that, as I write this, it is pouring with rain! Classic English summer. In this newsletter we look at Ecommerce Import One Stop Shop (IOSS) and SEISS Tax Return Issues Import One Stop Shop Who should consider registering for IOSS? Great Britain (GB) businesses (which excludes Northern Ireland), selling goods with a value not exceeding €150/£135, via their own website, to EU customers. Online marketplaces (OMP). It should be noted that it is optional to register for IOSS. When can you register for IOSS? You can do so now and the chosen portal opens for use from 1st July 2021. What is happening on 1st July 2021? The EU VAT ecommerce rules are changing. All commercial goods imported into the EU from GB will be subject to VAT irrespective of their value. What is the aim of IOSS? To facilitate and simplify the collection, declaration and payment of the VAT for distance sales of imported goods to the E...

Crypto Assets UK Tax Position In recent years, crypto currency has become more and more popular. But do you know where you stand when it comes to tax? In this newsletter we look into what it could mean for you in terms of taxes in the UK. HMRC’s viewpoint There is no specific Crypto Assets (CAS) tax legislation. The tax position will depend upon a number of factors such as the level of activity involved, how the CAS were acquired and what happened to the CAS in your possession. When might a capital gains tax liability arise? When you sell CAS for money. When you exchange one type of CAS for a different kind of CAS. When you use CAS to pay for goods or services. With the exception of your spouse or civil partner, when you gift CAS to another person. When might an income tax liability arise? When you receive rewards from mining, staking and/or airdrops, such as receiving free (or below market value) CAS and/or a share in future transaction fees. When might an income tax and national...

I hope you have all enjoyed the Easter weekend and eaten lots of chocolate? Tomorrow sees the start of a new financial year and as always, that means change for a number of things. Today’s newsletter look at the changes but firstly let's have a look at the Brexit Support Fund. Please don’t hesitate to get in touch if you have any questions. Contact details can be found at the bottom of the newsletter.                                BREXIT SUPPORT FUND Who is it aimed at? It is aimed at SME businesses who incur costs for training or professional advice to deal with their customs excise, import/export VAT or safety and security declarations. What is the size of the grant? It provides grants of up to £2,000. It could be a training grant or one for profession advice or both. The total grant cannot exceed £2,000 What is the eligibility criteria for a business? It must be established in the UK. It must ha...