IR35 has come into force from 6 April 2021. IR35 is anti-avoidance tax legislation designed to assess whether a contractor is a genuine contractor rather than a ‘disguised’ employee, for the purposes of paying tax. Disguised employees refers to workers who receive payments from a client via an intermediary, for example, their own limited company, and whose relationship with their client is such that had...
A UK Freeport will be a geographical area with a diameter up to 45km which is closely linked to a sea port, airport or rail port. Eight new freeports in England are due to enter operation in late 2021, confirmed in the 2021 Budget. Areas due to receive the reintroduction of the freeport, are located in East Midlands Airport, Felixstowe & Harwich, Humber, Liverpool City...
It has been announced that the portal for applications for the fourth Self-Employment Income Support Scheme (SEISS) Grant, will open on 22 April. Self employed workers have been waiting since February for further guidance about the fourth SEISS Grant, which has been promised since October, but was not confirmed until the 2021 Budget on 3 March. Late Opening of the Fourth SEISS Grant Portal A...
Making life easier for the client is a key principle at Prestige Business Management. It’s always a small challenge to quantify exactly how much value we add by the way we work with our clients. This is one reason why we are proud to introduce to you MLM Accountant. Our specialist branch and brand of accounting for Multi Level Marketing Businesses. Targeted Accounting Knowledge Prestige...
The government confirmed in November 2020 that Making Tax Digital (MTD) will be extended to apply to corporation tax. It was announced that MTD for corporation tax will come into practice in 2024 and will be enforceable from 2026. Making Tax Digital (MTD) makes it mandatory for businesses to keep digital accounting records and complete their VAT submissions to HMRC via an Application Programme Interface...
Tide offers powerful, simple banking for modern businesses. Tide alternative bank account designed to reduce the time small to medium enterprises (SME) need to dedicate to their accounting. Prestige Business Management is proud to introduce Tide as our newest, professional partnership. Introducing Tide Banking At Prestige Business Management we take partnering with the right software and services very seriously. So we can offer you a...
The budget 2021, dubbed the spend now tax later budget, ‘meets the moment with a three-part plan to protect the jobs and livelihoods of the British people’ according to chancellor Rishi Sunak. The chancellor outlined that his ‘three part plan’ consists of business support for workers still being affected by coronavirus, paying for the response and investment in economic growth. Budget 2021 Headlines Tax super-deduction...
The 2021 budget announced limited support for self-employed workers and contractors. Chancellor Rishi Sunak told the British workers on Wednesday that his 2021 budget ‘meets the moment with a three-part plan to protect the jobs and livelihoods of the British people’. Mr Sunak outlined that his ‘three part plan’ consists of business support for workers still being affected by coronavirus, paying for the response and...
Last week the chancellor’s centrist approach saw his odds as the favourite for next conservative leader jump from 4/1 to 2/1, which equates to a 33 percent chance that Rishi Sunak will succeed Boris Johnson. It’s true that for most of the pandemic so far he has been the runaway favourite for the succession, due to the chancellor’s centrist approach to financial aid, which has...
Budget day expectations are usually highly anticipated with much speculation in the weeks leading up to it. This year however we are witnessing an absolute clamour for information from a Treasury under pressure for a sustained, rapid response, to continually unfolding events. So here is what to expect on budget day. Support packages will remain a hot topic. Last year’s budget on 11 March 2020,...
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