The Chancellor has set out more details on how the Coronavirus Job Retention Scheme will continue to support jobs and business as people return to work, following the announcement of an extension of the scheme on 12th of May. So far, the CJRS has helped one million employees across the UK furlough 8.4 million jobs, protecting people’s livelihoods. In addition the government’s self-employment income support...
Millions of UK employees are now working from home due to the coronavirus outbreak. If you are an employee working from home, you could be eligible to claim a working from home tax refund for the extra expenses that you incur as a result, such as gas and electricity. Typically as an employee working from home during Covid-19, you will be making great savings by...
As Parliament came to a close, HMRC has issued new “guidance” that announced the delay, a 12-month delay until October 2020, of the domestic VAT reverse charge for constructions services. With major construction industry unease, the delay has been greatly appreciated by the sector. More and more businesses publicly stated their unpreparedness for the October 1 deadline. Especially when one considered the October 31st, 2019...
HM Revenue & Custom have quietly slipped out new guidance shortly before the next major deadline in the timeline in the Making Tax Digital (MTD) rollout. For the uninitiated, MTD is a UK Government scheme that has a “vision” in which the tax administration system for UK taxpayers and businesses alike is more efficient and even simpler for taxpayers to navigate. The new guidance surrounds...
HMRC’s Making Tax Digital changes are coming and businesses are unprepared for these new changes. According to Accountancy Age, a third of VAT-registered businesses are not even ready for the Making Tax Digital start date. Furthermore, senior sector bodies like the ATT, ICAEW and CIOT have all voiced their concerns regarding the MTD deadline – even going so far as to suggest a possible delay?...
The Bad, The Ugly and The Out-of-this-World At Prestige Business Management we understand the pressures faced by small businesses in the lead up to tax return time. Trying to file your return and find all your expenses so you can make sure your accounts are up-to-date can be challenging. However, for some plucky self-employed business professionals some claims and expenses have been found to be...
New and Updated Information can be found here: A Complete Guide to Tax on Crypto Bitcoin, arguably the most popular and indeed the most successful cryptocurrency was launched on the market in 2009. Now, there are over 1,600 cryptocurrencies and digital tokens flying about the market. Where there has been a rise in cryptocurrency, there has also been a rise in the number of people...
MTD or Making Tax Digital is a scheme by HMRC to transform their current tax system to make it much easier for businesses and individuals to deal with their tax and VAT obligations. Though there have been some hold-ups since the idea was announced, HMRC is now beginning to roll the scheme out to businesses and in April 2019, businesses will be mandated to use...
If you have a spare room in our home, have you ever thought about renting it out? The government’s Rent a Room scheme is a great way to earn a little extra cash and improve your bank balance, and today, we’re going to outline everything you need to know. Let’s get stuck into the Rent a Room scheme and find out what it is, how...
If you are a contractor – or hire contractors – off the payroll, it is essential that you understand HMRC’s IR35 tax legislation. The UK government is planning to arrange a consultation of IR35 non-compliance in the next year, and this could mean problems for many private sector businesses of all flavours. But what is IR35 and what will any potential changes mean? Let’s take...
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