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Accounting and Reporting standards from 1 January 2021

03 Dec, 2020

The Department for Business, Energy and Industrial Strategy (BEIS) and the Financial Reporting Council (FRC) have jointly published a letter to the accounting and audit sectors setting out the UK’s legal framework for accounting and corporate reporting at the end of the transition period on 31 December 2020.

Supply chains, a predictive approach for 2021

02 Dec, 2020

One of the more positive aspects – perhaps the only positive aspect - of COVID disruption has been the movement away from fixed systems to more flexible systems to cope with the changing demands of lock-down.

Who would have predicted a year ago that many of us would grow accustomed to working from home plus having to deal with economic and medical challenges in our attempts to stay financially viable?

Coping with the new EU reality

02 Dec, 2020

It is apparent that our final exit from the EU, 1 January 2021, will disrupt the movement of goods, back and forth, while transport links and customs authorities adjust to the new reality.

Hopefully, readers that are directly affected – with customers or suppliers in the EU – will already be aware of the customs red tape that they will need to comply with in the new year. If not, we suggest you take a look at the wealth of detailed guidance on the GOV.UK website; follow the COVID links for UK businesses.

Reasonable excuses for making a late furlough claim

26 Nov, 2020

HMRC’s guidance on making claims through the Coronavirus Job Retention Scheme was updated on 19 November 2020. The updated guidance now includes various examples of what is meant by a ‘reasonable excuse’ for employers that submit furlough claims after the stated deadline. Claims for the periods from 1 July 2020 to 31 October 2020 must be submitted no later than 30 November 2020.

Spending Review 2021/22

26 Nov, 2020

The Chancellor, Rishi Sunak delivered the government's spending plans for the coming year to Parliament on 25 November 2020. The Spending Review usually covers 3 to 4 years but given the many unknowns as a result of the pandemic the review will only cover the period from April 2021 to April 2022.

The Chancellor said his immediate priority was to protect people’s lives and livelihoods as the country continues to battle the outbreak - allocating £55 billion to tackle the virus next year.

Beware tax deadline scammers

26 Nov, 2020

Fraudsters are continuing to target taxpayers with scam emails in advance of the 31 January deadline for submission of Self-Assessment returns.  In fact, over the last year, HMRC received more than 846,000 reports about suspicious HMRC contact. 

Proposed changes to CIS abuse rules

26 Nov, 2020

The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those working in the construction industry. It was announced at Spring Budget 2020 that a consultation on measures to tackle abuse of the CIS would be launched.

Following the consultation and further meetings with those working in the sector four new changes to prevent CIS abuse are set to come into effect from 6 April 2021. 

Deciding length of CJRS claim period

26 Nov, 2020

The Coronavirus Job Retention Scheme (CJRS) commonly known as the furlough scheme was due to come to an end on 31 October 2020 but has now been extended until 31 March 2021. Effective from 1 November 2020, employees will receive up to 80% of their salary for hours not worked. There will be a review date of the CJRS in January 2021, which may see employers taking on an increased financial contribution if the economic and health outlook of the country show signs of improvement. 

Tax Diary December 2020/January 2021

26 Nov, 2020

1 December 2020 - Due date for Corporation Tax payable for the year ended 28 February 2020.

19 December 2020 - PAYE and NIC deductions due for month ended 5 December 2020. (If you pay your tax electronically the due date is 22 December 2020)

19 December 2020 - Filing deadline for the CIS300 monthly return for the month ended 5 December 2020. 

19 December 2020 - CIS tax deducted for the month ended 5 December 2020 is payable by today.

MTD for Corporation Tax consultation

26 Nov, 2020

HMRC has issued a new consultation to examine how the principles established for Making Tax Digital (MTD) could be implemented for those entities within the charge to Corporation Tax. The consultation is open for comment until 5 March 2021.

The regime MTD started in April 2019 for VAT purposes only. MTD for Income Tax is expected to be introduced from 6 April 2023.

Register for Northern Ireland Trader Support Service

26 Nov, 2020

The Northern Ireland Trader Support Service was launched on 28 September 2020 to support businesses moving goods under the Northern Ireland Protocol from 1 January 2021 after the Brexit transition period comes to an end. There will be changes in moving goods between Great Britain and Northern Ireland whether or not a Free Trade Deal is reached.

Why compound interest is important

25 Nov, 2020

Many of us are building a pension fund, a portfolio of shares or deposits with our bank or building society.

Most of these investment options reward us for our participation by offering income (usually in the form of interest or dividends) or by demonstrating capital growth (share prices increasing).

Accordingly, there are three components to our investments: the capital sum we invest, any growth in the value of the capital sum invested or rewards (interest or dividends) paid by banks or companies in which we hold shares.

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