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All news by: Tim Woodgates

End of year tax planning tips 2020/21

As we approach the end of the 2020/21 tax year, now is the ideal time to make sure you are making use of all the available allowances to benefit your overall tax position.

Self-Employment Income Support Scheme – the third grant

The Chancellor has recently announced an extension to the Self-Employment Income Support Scheme (SEISS)  with a third and fourth grant becoming available, covering the period of November 2020 to April 2021.

COVID-19: Claiming working-from-home relief

You can claim tax relief for the whole year, worth £60 or £125 depending on your tax band even if you have only had to work from home for just one day.

COVID-19: SEISS When and how to claim the next payment under HMRC support scheme

The Self-Employment Income Support Scheme (SEISS) was part of the package of measures from the Government to support businesses through the Covid-19 pandemic.  The second and final tranche of grants available to eligible businesses can be claimed online from 17 August 2020.  The closing date for claims for the second and final grant is 19 October 2020.  

Turnover of Top 15 UK gym chains rises 8% in a year to £1.6bn

The turnover of the Top 15 UK gym chains increased 8% last year to £1.61bn, up from £1.49bn in the previous year*, says accountants and business advisors, Moore. Moore’s research suggests that spending on gyms is far exceeding that of other parts of the leisure industry such as pubs and bars – bucking the current weakness in consumer spending. Consumer spending on recreation and culture activities as a whole has increased by just 3.8% over the last year**. 

Making Tax Digital - Bridging software

Can we still use spreadsheets after MTD comes into force?One of the most commonly asked questions concerning the Making Tax Digital changes coming in from April 2019 concerns whether spreadsheets count as “functional compatible software”.  The answer to this is both yes and no.

Making Tax Digital - Bridging software

One of the most commonly asked questions concerning the Making Tax Digital changes coming in from April 2019 concerns whether spreadsheets count as “functional compatible software”.   Bridging software allows businesses to transfer the relevant VAT information from a spreadsheet directly into HMRC's MTD systems - thereby removing the need to purchase a full accounting software package - at least in the short-term. 

New consultation on VAT registration threshold is encouraging

The consultation on the VAT registration threshold announced by the Chancellor in the Spring Statement is welcome news for small businesses. 

Making Tax Digital: Changes to VAT reporting from 2019

From April 2019, as part of the Government’s Making Tax Digital (MTD) programme, VAT registered businesses with taxable turnover above the VAT registration threshold (currently £85,000) will have to keep their records digitally (for VAT purposes only) and submit their VAT return information to HMRC digitally through ‘MTD functional compatible software’.

Making Tax Digital postponed until 2019/20

A recent Treasury announcement confirmed that Making Tax Digital (MTD) will now only apply from April 2019 for businesses with turnover above the VAT threshold.  Full-blown quarterly reporting for all other businesses will now not apply until April 2020 at the earliest.  

Marriage Allowance: how to claim

From 2015/16 the Marriage Allowance was introduced for married couples and civil partnerships. This allows one spouse to transfer 10% of their personal allowance to their partner - reducing their tax by up to £230.

Making Tax Digital plans suspended

Following the calling of a snap general election, numerous elements of the Budget proposals have been dropped from the Finance Bill.  One of the most notable removals concerns Making Tax Digital (MTD).   The current position is that, (subject to any future Budget announcements), MTD will now not be coming into effect in April 2018.  

Are you paying your employees tax efficiently?

With P11D submissions for employees due at the beginning of July, now is a good time to take stock of the benefits you provide to your workforce and evaluate if there are more tax efficient options available.  It’s also worth reviewing whether there are more potentially appealing benefits you could be providing that could help you to attract, remunerate and retain staff.  In this article we look at a selection of employee benefits that are exempt from tax. Whilst this list is not exhaustive, each is worth considering to see if it would be a positive step forward in the tax position of both the employee and the business itself.  

HMRC publishes response to Making Tax Digital consultations

HMRC published their response to the consultations that were undertaken for the Making Tax Digital (MTD) regime on 31 January 2017.  We take a look at the main points of their response and consider what this will mean for business owners. 

VAT flat rate scheme changes worth careful consideration

Changes to the VAT flat rate scheme announced in the Autumn Statement could mean that the scheme is no longer the right option for your business. Tax Advisor Tim Woodgates looks at what the changes mean. 

Autumn Statement: Salary sacrifice schemes under attack

One of the more significant announcements in the Autumn Statement was the government’s scrapping of tax benefits under certain salary sacrifice arrangements from April 2017.

Is 'Making Tax Digital' good news for tax payers?

Tax Adviser Tim Woodgates from the Moore Corby office considers whether the Goverrnment's Making Tax Digital initiative is good news for tax payers.