What does the Scheme aim to do? This Government backed scheme enables eligible businesses, across the whole of the UK, to obtain a discount of up to 50% on approved software solutions up to a maximum of £5,000 (excluding VAT). This discount covers 12 months’ worth of the approved software's core product costs. What cost does the discount not cover? Planning and delivery services. Any separate one-off payments. Transaction costs. Professional, technical or supplier support services not included as standard. Any costs listed as ‘additional’. Supplier support packages that are provided at additional cost and provide more than standard supplier support offers Value Added Tax (VAT). The discount is applied against the total software product price offered by technology suppliers, exclusive of VAT. What is the eligibility criteria? You have to be a UK company registered with Companies House or on the Financial Conduct Authority’s Mutuals Register. You have between 1 and 249 employees. The...

Rishi Sunak released the Spring Statement earlier this week. Here is a summary of the key points. Fuel Duty cut Cutting fuel duty on petrol and diesel by 5p per litre for 12 months. The cut takes effect from 6pm on 23rd March 2022. Employment Allowance increase The Employment Allowance is a relief which allows eligible businesses to reduce their employer National Insurance contributions (NICs) bills each year. From April 2022 the Employment Allowance will increase from £4,000 to £5,000. Reforming Research & Development credits From April 2023, businesses will be able to claim Research & Development tax relief on the storage of their vital data and pure maths research. Draft legislation will be published this summer with a review to try to improve the Research & Development incentives. Greater Business Investment There will be a series of potential policy changes to the UK’s existing capital allowances regime, which the government will consider ahead of April 2023. The aim i...

What is the aim of the TFCS? To support eligible families with their childcare costs. What is the financial benefit of the TFCS? For every £8 paid into the scheme by you, the Government will add an extra £2 up to a maximum of £2,000 per child per year (£4,000 for a disabled child). Example Mary has two children aged 5 and 7. Mary pays £400 a month into each of the two TFCS account The Government top up each TCFS accounts by £100 per month. An annual saving for Mary of £2,400. What is the eligibility criteria? Your child must be 11 or under and usually live with you. They stop being eligible on 1st September after their 11th birthday. If your child is disabled then they must be 17 or under and usually live with you. Adopted children are eligible but foster kids are not. You must use an approved childcare provider who is set up to take payments through TFCS. You can be either employed or self-employed. You (or your partner, if you have one) must have a National Insurance number and at le...

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...

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...

I hope you all enjoyed the weekend. The weather was a bit hit and miss but luckily my local has put up a big marquee so Sunday lunch didn’t need to be cancelled! Today’s newsletter looks at the Bounce Back Loan repayments which will begin in June. If your business hasn’t picked back up to pre Covid levels then I understand that this may be a daunting prospect. If you have any questions or would like to discuss what this means for you and your business then please do not hesitate to get in touch. Contact details are at the bottom. Bounce Back Loan Repayment Deadline What is the issue? The first Bounce Back Loan (BBL) of up to £50,000 was provided in May 2020. No repayments needed to be made for the first 12 months from taking out the loan. The first BBL repayments will start on 1st June 2021. What do you need to think about? Did your business take out a BBL? If so, when does the 12 month repayment holiday period come to an end? Is your business in a position to meet these loan repayment...

Following on from our latest newsletter, information about the Recovery Loan Scheme has come to light that we feel it's worth sharing before the next one: The Recovery Loan Scheme  What is the aim of the RLS? To enable UK businesses who have been affected by the Covid-19 pandemic to access Government backed loans from accredited lenders. When does the RLS open? It opens on 6th April 2021 and will run until 31st December 2021. What type of business is eligible for the RLS? Sole traders, Corporations, Limited Partnerships, Limited Liability Partnerships. Co-operatives and Community Benefit Societies. Any other legal entity carrying out business activity in the UK through a business bank account. Businesses which have already had a Coronavirus loan, such as through the Bounce Back Loan Scheme (BBLS) or the Coronavirus Business Interruption Loan Scheme (CBILS) or the Coronavirus Large Business Interruption Loan Scheme (CLBILS), can still apply, although in certain circumstances, it mig...

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...