June 2021 News Update – featuring additional news developments from our newsletter series. Stay informed with the latest news in business support and financial affairs. Spike in Inflation Will be Temporary According to the Office for National Statistics (ONS), inflation rose sharply last month, driven in part by price rises in products like cars, chips and furniture and disruption to the supply chain. The rate...
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...
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...
A dividend is a reward of value, which can be paid out either as cash or in the form of additional product, distributed to the shareholders in return for their investment in a company’s equity. Usually a dividend takes the form of a payment from the company’s net profits. How to Distribute Dividends The majority of a company’s profits is retained within the company to...
The Confederation of British Industry (CBI) has called upon the Chancellor for an emergency £7.6bn injection from the Treasury, because the economy cannot wait until budget day, due to the latest lockdown in the UK. The CBI which is the UK’s leading employers’ organisation, has warned Rishi Sunak that businesses cannot afford to wait for several weeks until budget day on 3 March, to secure...
Self Assessment Deadline Extension Article Amended on 25 January On 25 January HMRC announced that self-assessment customers will not receive a penalty for their late online tax return if they file by 28 February. Taxpayers are still obliged to pay their bill by 31 January. Interest will be charged from 1 February on any outstanding liabilities. Taxpayers who cannot afford to pay their tax bill...
The Construction Industry Scheme (CIS) VAT reverse charge will come into force on 1st March 2021. The CIS VAT reverse charge was due to commence in October 2019, but this was delayed twice, firstly as a result of Brexit and then the outbreak of COVID-19. The construction industry reversed charge will apply to supplies of construction work in the UK. When the reverse charge applies...
Small businesses in England can access £20m of funding via a professional services grant, which includes accountancy advice. Since the recent announcement of the new winter economy plan, which replaces the autumn budget due to unprecedented economic uncertainty due to COVID-19, we have a clearer understanding of the government’s predictions for the UK’s economy over the coming months. Ministers say they have introduced one of...
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