Business News
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HMRC focuses on backlog of work by shuttering telephone services
HM Revenue & Customs (HMRC) has announced that it is having to prioritise its essential services by temporarily closing some of its telephone hotlines, following a surge in enquiries during and since the pandemic. It has said that it is focusing on stabilising its phone service and tax credits/child benefits service at the start of… Read more
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Company tax returns must include COVID-19 grants says HMRC
Taxpayers are being reminded that COVID-19 support grants or payments should be declared on company tax returns as they are taxable. HM Revenue & Customs (HMRC) has issued a reminder that the filing deadline for company tax returns (CT600) is 12 months after the end of the accounting period it covers. The deadline to pay… Read more
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Avoid the pitfalls of the SEISS scheme
Thousands of taxpayers benefited from the Self-Employment Income Support Scheme (SEISS) as the pandemic raged over the last two years, before its closure last year. The scheme, which involved five grant payments, was set up by the Government to provide support for the self-employed, for example sole traders, provided certain eligibility criteria were met. However,… Read more
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How to make the most of cloud-based accounting software
The cloud is king in the world of accounting, with a vast range of software and applications available, designed to be easy to use by businesses and their owners. The beauty of cloud accounting is that the software can be accessed anywhere that has an internet connection on a range of devices. Good accounting software… Read more
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Cash flow statements – How to avoid errors that damage your business
A cash flow statement provides data about all cash inflows a company receives from its operations and investments. It tells you how much cash is entering and leaving your business in any given period. Along with balance sheets and income statements, it is vital for managing your small business accounting and making sure you have… Read more
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Retain key staff with salary sacrifice schemes
While the national job vacancy boom is good news for job seekers, it could be a nightmare for businesses keen on retaining high-quality staff. While a pay rise is always welcome it may not always be the most tax or National Insurance efficient approach when compared with other benefits, including salary sacrifice, that could be… Read more