Xero ready for the new VAT rates

Xero ready for the new VAT rates

Last week the chancellor announced a temporary cut in the VAT rate for certain supplies in the hospitality and tourism sector with the standard 20% rate is being reduced to 5% from 15 July 2020 until 12 January 2021. We’re pleased to say that Xero’s got...
Job Retention Scheme – claim details for employers

Job Retention Scheme – claim details for employers

HMRC have now released further information for employers on the procedure to claim grants under the Job Retention Scheme (furlough). Most importantly is the news that the portal to make claims will open on Monday 20th April. An equally pleasing aspect is that claims...
Updated information released on Self Employment Income Support Grant

Updated information released on Self Employment Income Support Grant

HMRC confirms it aims to contact those eligible for the grant by mid-May, with payments expected in early June. Contrary to early information released, there will be an online system to claim the grants, although this has not yet been made available. Further specific...
Tax Planning: Annual Investment Allowance set to reduce

Tax Planning: Annual Investment Allowance set to reduce

The annual investment allowance (AIA) is a capital allowance which allows a 100% tax deduction for qualifying expenditure (most expenditure which qualifies for capital allowances) incurred in an accounting period. This relief is normally capped at £200,000 per annum...
No company car tax from April on pure electric vehicles

No company car tax from April on pure electric vehicles

HMRC rules from 6 April 2020 mean that company car drivers choosing a pure electric vehicle will pay no benefit-in-kind (BIK) tax in 2020/21. In its long-awaited response to the review of WLTP and vehicle taxes, HMRC has removed the previously published BIK rates for...
To VAT or not to VAT, that is the question

To VAT or not to VAT, that is the question

For smaller businesses and sole traders, VAT can be complicated issue. Knowing when is right, or required, to register can be difficult. When does a business need to register for VAT? A business must register for VAT when its taxable turnover exceeds the VAT...