• Rules on waiving income or donating to charities

    HMRC has published a new press release that provides some advice for people choosing to give up their income to support their business or donate to charity during the Coronavirus (COVID-19) pandemic. Employers, directors and employees have several options to support a business or employer, including: Waiving their salary or bonuses before they are paid. […]

  • Estate Agents who may be exempt from Money Laundering registration

    HMRC is responsible for the money laundering supervision of a number of businesses including estate and lettings agents. Estate agency businesses that HMRC is responsible for supervising should be aware of the requirement to register with HMRC and the penalties for not doing so. It is a criminal offence to trade as an estate agency […]

  • Apply for NIC Childcare Credits

    National Insurance credits can help qualifying applicants to fill gaps in their National Insurance record. This can assist taxpayers to build up the amount of qualifying years of National Insurance contributions which can increase the amount of benefits a person is entitled to such as the State Pension. National Insurance credits are available in certain […]

  • Additional funding for charities and social enterprise

    The government’s dormant assets scheme allows money in accounts that have been dormant for at least 15 years to be made available for certain qualifying charitable and community causes. The Culture Secretary, Oliver Dowden has announced that £150 million from dormant bank and building society accounts is to be unlocked to help charities, social enterprises […]

  • HMRC clarify issues relating to furloughed staff

    HMRC confirmed that furloughed workers could take annual leave without breaking furlough, that the employer has to pay full salary for holiday taken by furloughed employees and the employer can continue to claim the furlough grant for employees who are on furlough and holiday concurrently. However, it was unclear whether an employer could require staff […]

  • Calls grow to extend support for the self-employed

    Chancellor Rishi Sunak is being urged to extend the self-employed income support scheme (SEISS), which ends this weekend. The scheme pays lump sums worth 80% of total profits, up to £2,500 a month, over a three-month period starting from March 2020. More than two million of the UK’s five million self-employed population had applied for […]

  • Pension Contributions from your Limited Company

    If you have a limited company, contributing to a pension can bring significant tax advantages. Pension contributions can be treated as an allowable business expense and offset against your company’s corporation tax bill. If you have a limited company, contributing to a pension can bring significant tax advantages. Pension contributions can be treated as an […]

  • Multiple income streams

    An income stream is a fanciful term to describe a source of income. This post examines the value of creating more than one source of income as opposed to relying on just one source. The current rapid and discriminatory lock-down that has forced the closure of leisure, retail and many other firms, has basically placed […]

  • Bounce back business loans

    This is an incentive for small businesses which will allow you to take loans from £2000 – £5000 with no interest to pay for the first 12 months. Eligibility states you can apply as long as you were not undertaking in difficulty as at 31 Dec 19 – In basic terms: – you can’t have […]

  • Companies House Support for Businesses

    Companies House has confirmed that businesses will be provided with additional support to help them meet their legal responsibilities in light of the COVID-19 outbreak. The measures include the following: Companies House will temporarily pause the strike off process to prevent companies being dissolved. This will give businesses affected by the coronavirus outbreak the time […]