Industry News Nottingham : tcp chartered accountants

Industry News

Capital or debt?

Capital or debt?

What is the difference between capital and debt, and why is the distinction important? One important distinction is that capital represents the amount of funds introduced by shareholders,

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What is pensions credit?

What is pensions credit?

Pension Credit is an income-related benefit made up of 2 parts - Guarantee Credit and Savings Credit. Guarantee Credit tops up your weekly income if it’s below £173.75 (for single people)

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Claiming Self-Employed Income Support Scheme grants

Claiming Self-Employed Income Support Scheme grants

Under the third Self-Employed Income Support Scheme (SEISS) grant, claimants received up to 80% of average trading profits for November and December 2020, and January 2021. This meant that a

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Inheritance Tax - tax-free gifts

Inheritance Tax - tax-free gifts

We wanted to remind our readers of the Inheritance Tax (IHT) implications of making cash gifts during the current tax 2020-21 tax year that ends on 5 April 2021. You can give away up to

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Capital Gains Tax exemptions

Capital Gains Tax exemptions

As with Income Tax personal allowances, taxpayers have an annual exempt amount for Capital Gains Tax (CGT) which is forfeited if not used. The annual exemption for individuals in 2020-21 is

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Government to publish range of tax consultations

Government to publish range of tax consultations

In a recent HM Treasury press release it has been confirmed that the government will publish a number of tax-related consultations and calls for evidence at the end of March. These

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VAT Agricultural Flat Rate Scheme

VAT Agricultural Flat Rate Scheme

Businesses that use the flat rate scheme pay VAT as a fixed percentage of their VAT inclusive turnover. The VAT Agricultural Flat Rate Scheme is a variant of the flat rate scheme

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Outcome of the Uber case

Outcome of the Uber case

The Supreme Court has handed down a landmark judgement in the Uber case. The Supreme Court unanimously upheld the decisions of earlier courts and has found that Uber drivers are ‘workers’

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Tax Diary March/April 2021

Tax Diary March/April 2021

1 March 2021 - Due date for Corporation Tax due for the year ended 31 May 2020. 2 March 2021 - Self-assessment tax for 2019/20 paid after this date will incur a 5% surcharge. 19 March 2021

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Emerging from lockdown

Emerging from lockdown

The Prime Minister has set out the government’s objectives for easing lockdown restrictions. If the planned opening of schools, social interactions and businesses is achieved without

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What is overtrading?

What is overtrading?

A reminder that traders who buy and sell goods - wholesalers or retailers - need to be wary of the financial consequences if, as expected, pent up consumer activity leads to a surge in

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Marriage Allowance tax break

Marriage Allowance tax break

If you are entitled to the marriage allowance and have not yet applied, then you could receive a payment of up to £1,188 from HMRC. HMRC used the occasion of Valentine’s Day to remind

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Added protection for pension savers

Added protection for pension savers

The new Pensions Scheme Act received Royal Assent on 11 February 2021. The Act covers a number of important pensions-related issues and has faced a long journey through parliament, starting

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Simplified export declarations

Simplified export declarations

Following the end of the Brexit transition period, businesses need to make customs declarations when exporting goods to the EU as well as to the rest of the world. Businesses can make

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Guidance for paying deferred VAT updated

Guidance for paying deferred VAT updated

The coronavirus VAT payment holiday gave businesses the chance to defer the payment of any VAT liabilities between 20 March 2020 and 30 June 2020. The option for businesses to defer their

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Tax breaks working from home

Tax breaks working from home

Employees who are working from home may be able to claim tax relief for any additional costs due to home working. No tax relief will be due if employers reimburse employees for the

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Buying equipment for your job

Buying equipment for your job

Employees who need to buy substantial equipment to use as part of their employment may be able to claim tax relief. In most cases they can claim relief based on the full cost as it usually

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How much do your customers owe you?

How much do your customers owe you?

Many business owners are buoyed by turnover; if it’s sold it’s as good as money in the bank, but is it? What are your credit terms? How many days do you allow your customers to keep your

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Financial outcomes for your business

Financial outcomes for your business

There are three possible financial outcomes for your business, each with their own challenges: Make a profit Breakeven, or Make a loss Making a profit Clearly, this will be your

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Why keeping adequate accounting records is important

Why keeping adequate accounting records is important

A recent investigation by the Insolvency Service resulted in the sole director of a Leicester clothing manufacturer being jailed for six months after failing to provide adequate company

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Accounting for import VAT on your VAT return

Accounting for import VAT on your VAT return

Following the end of the transition period, businesses registered for VAT can account for import VAT on their VAT return, often referred to as postponed VAT accounting. For most businesses,

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Self-Employment Income Support Scheme

Self-Employment Income Support Scheme

Claims for the third Self-Employed Income Support Scheme (SEISS) grant closed on 29 January 2021. Under this grant, the self-employed received up to 80% of average trading profits for

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Bounce Back Loans scheme changes

Bounce Back Loans scheme changes

The Bounce Back Loans scheme was launched in May 2020 to provide financial support to businesses across the UK that were losing revenue and disrupted cashflow as a result of the COVID-19

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VAT and overseas goods sold to customers in the UK

VAT and overseas goods sold to customers in the UK

Following the end of the Brexit transition period, new rules on tax and duty now apply on goods sent to the UK from overseas. These changes are meant to ensure that goods from EU and non-EU

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