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HMRC Statutory Payment Increases, Self-Assessment Tax Return Payment Update And Kickstart Scheme Round Up

Allowance Changes As there was no Autumn Statement, the financial secretary to the Treasury announced a written ministerial statement in the House of Commons with details of the increase of the National Insurance thresholds. The 2020 Autumn Spending Review confirmed that the personal tax allowance and tax basic rate threshold would increase by 0.5%. This is based on the consumer price index. This would mean that the personal tax allowance for 2021-22 would increase by £70 from £12,500 to...

Restaurant Director Fined And Banned From Running Any Company For Hiding Takings To Avoid Paying VAT and Corporation Tax

A restaurant director from Kenilworth in Warwickshire has been fined and banned from owning or managing a company for 5 years for not submitting the correct sales figures for VAT returns and avoiding  paying Corporation Tax. The director of Simla Restaurant, entered into liquidation in August 2019, this triggered an investigation by the Insolvency Service into the his conduct. Investigators uncovered that the business had traded between 2002 and mid 2008 without issue. However, in June 2008...

Employers May Need To Recalculate Furlough Claims For January Following An Error Discovered In The HMRC Furlough Calculator

Accounting Web has reported that an error embedded in HMRC’s Coronavirus Job Retention Scheme (CJRS) calculator means employers may need to recalculate furlough claims for January.  HMRC announced it had uncovered a mistake in its CJRS calculator that could mean claims have been over or understated, they apologised, stating: “We’re afraid our CJRS calculator on GOV.UK contained a software error, which we have now corrected.” As a result, employers will need to recalculate their CJRS...

14.74% Of People Have Missed The Self-Assessment Tax Return Deadline And Are Being Charged Interest

The self-assessment tax return deadline of 31st January has passed and there are still 1.8 million people yet to file. Whilst the payment deadline has been postponed to 28th February, tax returns still had to be filed by 31st January. Interest will be charged on the tax liability until the tax return is filed. Any outstanding balances must be paid or a payment plan arranged before 3rd March otherwise HMRC will charge a 5% late payment penalty. Anyone not able to afford their tax bill are able to...

Self-Assessment Tax Return Advice And Help

Earlier this month, HMRC have released some interesting tax return statistics: HMRC expects 12.1 million tax returns to be filed this yearAround 55% have already filed their returns by the beginning of January93% of these (6.2 million) were submitted onlineAlmost 18,000 filed their tax returns on 1 January5.4 million returns still to file, as at 4 January 2021450,000 returns filed on paper (7% of total filed) * These figures include a forecasted adjustment for create return charge and unsol...

New Support Announced For Businesses Following Lockdown 3.0 By The Chancellor

With many businesses having to close due to lockdown 3.0, the Chancellor has announced further support for businesses on 5th January, 2021. Retail, hospitality and leisure businesses will get one-off top up grants worth up to £9,000 per property.Impacted businesses will have access to a discretionary fund of £594 million. It is being made available for Local Authorities and the Devolved Administrations to support other businesses not eligible for the grants, that might be affected by the restr...

With Tax The Self-Assessment Tax Return Deadline Next Month, How To Avoid The Tax Scammers

Unfortunately, we are well aware of criminals preying on individuals in all walks of life. With the tax return deadline just over 8 weeks away, HMRC are warning self-assessment customers to take care to avoid being caught out by scammers. The tax return department issues thousands of text messages and emails as part of its annual Self Assessment tax return push. In the last 12 months, HMRC has responded to more than 846,000 referrals of suspicious HMRC contact and reported over 15,500 malicious ...

We Are Marking International Day of Persons with Disabilities By Championing Our Client Adam Thomas Who Designs Accessible Kitchens

This year, International Day of Persons with Disabilities is highlighting “Building Back Better: toward a disability-inclusive, accessible and sustainable post COVID-19 World Disability inclusion is an essential condition to upholding human rights”. The annual observance of the International Day of Disabled Persons was started by the United Nations General Assembly in 1992. It aims to promote the rights and well-being of persons with disabilities and to increase awareness of the situation of...

Key Business Points From The Chancellor Government Spending Plans Announcement

With the coronavirus pandemic causing an ‘economic emergency’, the chancellor, Rishi Sunak claims it has only just begun and will cause lasting damage to growth and jobs. Forecasts show that the UK economy is not expected to return to it’s pre-crisis level for 2 years. The government will borrow £394 billion this year, Mr Sunak said his "number one priority is to protect jobs and livelihoods”. This year, the government are providing £280 billion to get the UK through coronavirus. Stati...

Global Bookkeeping Week: With Businesses Booming, How In Demand Bookkeepers Can Help Businesses

As we wrap up a week of celebrating global bookkeepers, we look in to bookkeeping as a career.The number of private sector businesses in the UK at the start of 2020 was estimated to be 6 million, made up of:5.94 million small businesses (0 to 49 employees),36,100 medium-sized businesses (50 to 249 employees)7,800 large businesses (250 or more employees,This was an increase of 1.9% (113,000 more) businesses compared with 2019. 2.7 million private sector businesses were recorded as regis...

Global Bookkeeping Week: Why Bookkeepers Are So Much More Than Data Entry Clerks

As part of Global Bookkeeping Week, we look in to the often misunderstood role of a bookkeeper. What Is A Bookkeeper? Bookkeepers are responsible for providing accurate, up-to-date financial information about a business. We are always taking the pulse of a business, we often act as an extension to the business and encourage our clients to include us in development of their strategies. We work closely with our clients on how to grow their business, how the decisions and technology will impac...

Global Bookkeeping Week: Bookkeeping Success Story

As part of #Globalbookkeepingweek we take a look at one of our many success stories, where we have turned our client's business and fortunes around! Background Client is an independent kitchen studio designedBased in the High Wycombe area in BucksEstablished 1992Company has interests in a range of kitchen design areas, including standard retail kitchens, kitchens for private developers and kitchens for older and disabled peopleFit kitchens across the UKHave an established reputation, particularl...

Global Bookkeeping Week:Focusing On The Role Bookkeepers Have Played Supporting Clients Through COVID-19

The focal message for this year’s Global Bookkeeping Week is to celebrate the role bookkeepers play in helping their employers and clients succeed through Covid-19. Our clients are made up of sole traders and small to medium businesses, many have been affected by the COVID-19 pandemic. We have continued to operate as normal and be on hand to respond to our clients 24/7. Back in March, we launched our coronavirus support page for businesses and individuals – whether they w...

Today Marks The Start Of Global Bookkeeping Week - A Time To Celebrate Bookkeepers And Their Contribution To Business And Economy

Global Bookkeeping Week is now in its 6th year, it’s supported by the Institute of Certified Bookkeepers (ICB) offices around the world including New Zealand, Australia, Singapore, the Philippines, India, UK, Ireland and the USA. It is a celebration of bookkeepers and how they benefit people, businesses, communities and our economy. This week of special events brings together everyone passionate about bookkeepers toenco...

The Government Has Announced Additional Business Support For The Coronavirus Pandemic Including Extending The Furlough Scheme Until End March 2021 - What You Need To Know

On Saturday, it was announced that England will go back in to lockdown from 12.01am on Thursday 5th November until 2nd December. The restrictions are not as tough as the lock down earlier this year however a lot of businesses will be forced to close so the government has postponed the introduction of the new Job Support Scheme (JSS) Open and Closed which was supposed to have started yesterday and instead extended the Coronavirus Job Retention Scheme (CJRS). Extended the Coronavirus Job Retention...

*EDIT - POSTPONED UNTIL EXTENDED FURLOUGH SCHEME ENDS* Everything You Need To Know On The Job Support Schemes (JSS) Which Replaces CJRS 'Furloughing' From 1st November, 2020

Please note, following the announcement on 31st October by Boris Johnson of the new England lockdown set to last a month, the Coronavirus Job Retention Scheme (CJRS) has been extended for a month and the Job Support Scheme (JSS) detailed below will commence once the Furlough Scheme extension finishes.What Is The Job Support Scheme (JSS) Open And Closed? The Coronavirus Job Retention Scheme (CJRS) also referred to as furlough ends on 31st October, 2020 and is being replaced by the Job Suppor...

The State Pension Age For Men And Women Is Now The Same - Do You Know Enough About Your Pension?

What Is The State Pension?The State Pension is a regular payment by the government that people can claim once they reach the specified age, the State Pension age differed between men and women in the past with women able to claim this at a younger age then men but both men and women have their state pension age aligned to 66 for now (October 2020.) So, for the time being, both men and woman must be at last 66 to be granted access to their state pension. It is expected that in 2026 more chan...

Can A Business Claim Tax Relief On Employees Eye Tests And Glasses Paid For By The Business?

Employers must protect employees from the health risks of working with display screen equipment (DSE) such as PC, laptops, smartphones and tablets. Regulations for DSE do not apply to workers that use screens infrequently or for a short time. Employees should ensure they take regular breaks from DSE work, whilst DSE work does not cause permanent dame to eyes, long spells looking at the screen can cause: tired eyesdiscomforttemporary short-sightednessheadaches   It is important for the emplo...

Employing Staff For The First Time? Make Sure You Know Your Responsibilities

Set up as a new employer with HMRC In order to set up a Pay As You Earn (PAYE) scheme with HMRC it is necessary to contact the New Employer’s Helpline. This takes up to 5 working days and can be done 2 months before you start paying people. This can be done by: Online: – click here to register as an employer for Gov.uk Phone: 0300 200 3211   As an employer you will be responsible for operating PAYE and calculating National Insurance Contributions (NICs). There a...

HMRC Have Fined A Double Glazing Company Over £58,000 For Failing To Correctly Operate PAYE And Inaccurate Staff Records

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As Part Of National Payroll Week We Look At How The Payroll Software BrightPay Has Supported The Change Of Working Habits Caused By Coronavirus COVID-19 Pandemic

Over the last 6 months we have seen many changes, the coronavirus pandemic has turned our lives upside down both personally and professionally. Professionally, there has been much disparity to jobs with some industries not functioning at all but other industries inundated with work. For those lucky enough to continue to work, how and where they work has vastly changed. Thanks to the existence of the internet many of our computerised tasks can be carried out remotely just as easily as in the offi...

What Is Your Tax Code?

Were you aware you could be underpaid or overpaid without even knowing it? This happens if you are on the wrong tax code. While being overpaid because of an incorrect tax code may not sound too bad, the tax man will catch up with you and any unpaid tax may be taken from your pay over the next tax year - leaving you with less take home pay.   What is the solution? Check your tax code. It takes five minutes and will ensure that you are gettin...

As Part Of National Payroll Week 2020, We Have Interviewed Our Payroll Expert, Carol Webb PM Dip About All Things Payroll

How did you get in to payroll? Payroll was a natural progression from bookkeeping. All through my office management and finance management life someone else did the payroll so it was not something I had ever thought about. Then, when I first started on my own I was asked to provide maternity cover for another bookkeeper. When she showed me the ropes she asked me to do a simple payroll, that's when the realisation hit me that I would need to understand payroll to be an efficient bookkeeper. ...

National Payroll Week 7th – 11th September 2020 - What Are We Celebrating?

We know payroll professionals do a fantastic job but many people outside of the payroll industry don’t know what they do exactly and how their work supports the UK economy.So, National Payroll Week was established by CIPP (Chartered Institute of Payroll Professionals) in 1998 as a chance to cheer on the payroll professionals, highlight what an amazing job they do and the impact they have to the UK economy. Working in payroll is not an easy role, it is much more than making a few clicks on...

*EDIT - POSTOPNED* The Job Retention Bonus (JRB) Government Grant Introduced To Encourage Employers To Retain Furloughed Staff - Eligibility And How To Claim

The Chancellor has announced that CJRS, the ‘furlough’ scheme will be extendeduntil the end of March‌‌‌ 2021 for all parts of the UK and also confirmed that the Job Retention Bonus will no longer be paid in Fe‌‌‌bruary 2021, as CJRS will be available at that time. An alternative retention incentive will be put in place at the appropriate time.The government announced the Job Retention Bonus (JRB) in July to support the UK’s economic recovery. The JRB is a bonus, payab...