Articles & Resources
Support Grants And Loans Update | COVID-19
This week has seen a flurry of changes to the various government support schemes. We have summarised a few in this article. Coronavirus Job Retention Scheme (CJRS) The HMRC portal – where you formally register your claim - should be live as from 20 April 2020. HMRC...
More Coronavirus Tax Support Options
Apart from the main business and personal tax reliefs that have received publicity in the past few weeks, a number of supplementary support items have been introduced. We have highlighted two in this post. Claiming Child Benefit For New-Borns General Register Offices...
Safety First Options For Manufacturing And Retail Sectors
Both of these sectors require people to work in close proximity to each other. The UK Government have issued broad guidelines to reduce the risks for workers from Coronavirus. Manufacturing and processing businesses Manufacturing plays an important role in the...
Tax Planning Options For 2020-21
The 6th April marks the beginning of a new tax, and for the coming year, unprecedented challenges. As with most things in life, problems are a necessary precursor to finding solutions. We have listed below a few reminders of the issues you may want to consider as...
Advice For Applying For A Business Interruption Loan
Guidance has now been updated by The British Business Bank on how to apply for the recently changed Coronavirus Business Interruption Loan Scheme (CBILS). Where to Apply Most of the UK High Street banks can provide a CBILS loan facility. As your present bankers...
Dividends Excluded From Coronavirus Support Calculations
The Self-Employed Income Support Scheme is not available for directors, who will need to seek financial support in other ways during the coronavirus outbreak. When the Government first announced measures to help self-employed workers last week, the information...
COVID-19 | Support For The Self-Employed
Self-employed people are the latest group of workers to be given income support by the Government to help them through the coronavirus crisis. The Self-Employed Income Support Scheme came as welcome news for millions of people who had previously felt left out by...
Local Authority Grants | Registration Forms
As local authorities work to deliver grants of £10,000 or £25,000, we have noticed that new pages are appearing on their websites. Some have already put application/registration forms on their website to no doubt manage the influx of requests and outline criteria for...
Tax Payment Delays For Businesses And The Self-Employed
Further support to businesses and the self-employed to delay payment of various taxes to help them during the coronavirus outbreak was announced by the Government last week. They include: VAT Any VAT that falls due for payment in the period from 20 March, 2020 to 30...
Furloughed Staff | What It Means And How To Claim
Unprecedented state support to help pay the wages of staff left unable to work due to the coronavirus outbreak has been announced by the Chancellor. Rishi Sunak said on Friday that the Government would step in and pay up to 80 per cent of furloughed staff wages up to...
Government Support For Small Businesses During the COVID-19 Outbreak
Small business owners are among those who may be particularly feeling the growing impact of the coronavirus pandemic. In last week’s Budget, the Chancellor announced ways the Government was offering additional support. Statutory Sick Pay (SSP) Small- and medium-sized...
Government Support For Individuals During The COVID-19 Outbreak
The coronavirus (COVID-19) pandemic in the UK is affecting the normal way of life for people in many ways. The Government has announced a number of measures to support individuals as its impact continues to grow. Statutory Sick Pay (SSP) Statutory Sick Pay (SSP) will...
How Will Coronavirus Impact The Budget?
Most political analysts appear to agree that the growing disruption caused by the Coronavirus outbreak combined with continuing Brexit uncertainty are likely to impact demand and supply. A combination that may well result in a slow-down in global economic activity....
Self Employed Vs. Employed | The Pros And Cons
Should you be backing yourself to run your own business? Before you go making any dramatic and life-changing decisions, this article presents a few of the pros and cons of taking the step. The Pros Perhaps the most obvious advantage of being self employed is the...
Mis-Selling Of Leasehold Interests
The Competition and Marketing Authority (CMA) has published information recently that points to evidence of potential mis-selling and unfair contract terms in the leasehold housing market. Their concerns have been listed below: Ground Rents Homeowners having to pay...
Residential Property Sales | 30 Days Or Else
From 6 April 2020, residential property sales that are subject to capital gains tax (CGT) will need to be reported to HMRC within 30 days of the sale. Any CGT due will also need to be paid in this 30-day-period. Property Sales Affected a property that you’ve not used...
Tax Year 2019/20 | Bracey’s Are On Your Side
As we approach the end of the tax year 2019/20, it is worth reflecting on the role of HMRC in our tax affairs. Without a doubt, HMRC, tax legislation and its application, will continue to ensure that you pay your taxes. You can rely on HMRC to pounce if they feel that...
Dormant Money Scheme To Be Expanded
Money untouched for over 15 years in bank accounts has been funding good causes under the Dormant Assets Scheme that launched in 2011. Around £600m has been transferred from High Street banks and building societies to support community initiatives across the UK. The...
Medical Update | GP Pension Tax Charges
New changes are being introduced to the annual allowance pension tax charges for NHS GPs. From 2019/20, clinicians who have reached their annual pension allowance and are subsequently notified of a tax liability, will be able to choose ‘Scheme Pays’ on their pension...
Budget 2020 Predictions
The resignation of chancellor Sajid Javid this month opened the door for Rishi Sunak to take on his role. But, also landed him with the enormous task of preparing the Budget within a month. There was some speculation that the Budget could be delayed. But, Boris...
Discount Is Good News For Pubs
Publicans have a reason to celebrate with the Government’s announcement of a £1,000 business rates discount for pubs. The relief announced on 27 January 2020 will be available to public houses with a rateable value of less than £100,000 and it will apply for one year...
When Does Gifting Become Tax-Free?
There are certain gifts you can make that will not create a capital gains tax (CGT) charge, but care should be taken as there are exceptions. Gifts To Your Spouse Or Civil Partner Ordinarily, you will not pay CGT if you gift assets – that would normally create a...
Breathing Space For Those In Debt
In a recent news story published to the Government website it was announced that a new breathing space period will freeze interest, fees and enforcement for people in problem debt, with further protections for those in mental health crisis treatment. Millions of...
Brexit: What Happens Next
PM Boris Johnson and the Conservatives did what they had vowed to do in last year’s election to ‘Get Brexit done’. Friday saw celebrations and commiserations from the Leavers and the Remainers. The question now is what happens next? We are out of the EU, but what...
Do You Have A Furnished Holiday Lets Business?
Most property owners who let property under the Furnished Holiday Let (FHL) tax rules, submit their income and expenditure details on their tax return each year. Is your FHL business accounts year due on the end of the tax year, 31 March (5 April)? Then, we suggest...
VAT Checklist | Our Top Four Tips
Do you know everything you need to know about VAT? As part of your business planning for 2020, we’ve picked the brain of our VAT expert, Michele Harris, who gives her top four tips when it comes to correctly planning for the all-important, yet somewhat complicated...
When Assets Can Become A Tax Liability
No-one wants to pay more tax than necessary. If you are coming to the end of your trading year, now could be the perfect time to assess your assets to see if there is a way that you could be paying less. There are certain assets that may be carried on your balance...
Last Week In The EU | Advice For Transition Period
On the 31 January, the UK set is set to enter the transition period of Brexit. It’s almost here. The day we have been waiting for since the 2016 referendum. And whichever way you voted, I think everyone will breathe a sigh of relief. But, it isn’t actually the end....
VAT: Understanding The Cash Accounting Scheme
Paying VAT should never reduce your business profits as you are acting as an unpaid tax collector for HMRC. The VAT added to your sales (less any VAT paid on your purchases) is simply collected from your customers (less amounts paid to suppliers) and the difference...
Is Your Home A Tax Free Zone?
You may be at that time in your life when you are thinking of selling the family home where you raised your children in order to downsize ready for retirement. And, in most cases, the property you have lived in for what feels like a lifetime will earn you a nice...
The Accountant Will See You Now | Xero Surgery
If you haven’t heard about cloud-based accounting, let us educate you! In fact, we can introduce you to Xero, our favourite software as a service (SaaS). Accounting In The Cloud If you have a mobile phone – and let’s face it, who doesn’t these days – cloud accounting...
Don’t Forget To Claim For Your Home Office
If you’re a sole trader, you will know about some of the expenses you can claim for against your tax bill. But how many don’t you know? Over the coming months we will share what you can claim and how much. To kick us off – use of the home… The Cost Of Working From...
Staff Spotlight: Meet Dariusz Hunter
Our Edinburgh office were celebrating the one-year anniversary of Accounts Senior Dariusz Hunter on January 7. We’d like to get to know him a little better and find out his thoughts on Bracey’s Accountants one year on… Dariusz, why the accountancy industry? I had...
Don’t Miss January 31st Self-Assessment Deadline
The deadline for filing your Self-Assessment returns is looming and our team members in Hemel Hempstead know just how important it is to be prepared. The Self-Assessment system was introduced into the UK for the first time in 1996/1997. Now in its 24th year, the form...
Top Three VAT Problems
VAT – those three letters can strike fear into even the most hardened business owner. We all kind of know what it entails and yet so many can still end up falling foul of the taxman. Nobody wants that. Bracey’s VAT Director Michele Harris knows the pitfalls and has...
What Will The March 11 Budget Mean For Us?
Budget 2020 confirmed to be taking place on the 11th March 2020. The General Election is a thing of the past. Brexit is all set for January 31, so the next big thing to think about is the Budget. Normally, we would have had an Autumn Budget but with the build-up to...
Is The Flat Rate Scheme Right For You?
Any business owner knows VAT can be a bit challenging – which is why it is so helpful to be able make use of the Flat Rate Scheme (FRS). But while it does simplify the calculation of VAT returns, there are certain circumstances when you may no longer use the FRS. What...
Staff Spotlight: Meet Anna Fursland
Anna Fursland started at Bracey’s Accountants on a six-week work experience placement after leaving school, and eight years later she is still proudly part of the Bracey Bunch. Let’s find out more about the Stevenage-based client manager... Why Accountancy? I was a...
Minimum Wage Rates Increase From April 2020
Businesses that have a significant number of staff paid at Minimum Wage or National Living Wage rates should take note that from April 2020 the rates are increasing. In more detail the changes announced 31 December 2019 are: Annual pay rise of up to £930 for a full...
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