Category: Articles

The Making Tax Digital (MTD) initiative introduced fundamental changes for VAT in 2019 with the ambition to ease businesses’ tax monitoring and ensure they are paying the right amount of VAT. From April 2019, businesses with a taxable turnover exceeding £85,000 had to submit MTD compliant VAT returns and maintain their VAT records in digital…

As we all know, the focus of the last few months has been on Covid-19, not Brexit. However, let’s not forget that the UK left the European Union on 31 January 2020 and will end its transition period on 31 December 2020.  During the transition period the UK is still following EU rules and trade…

The last few weeks have seen a huge upheaval as organisations respond to the COVID-19 crisis. In these uncertain times, many Heads of Internal Audit and Chairs of Audit Committees may be wondering how internal audit can remain effective and relevant. Jessica Wills explains more. In some businesses, internal audit may be rapidly moving down…

The implementation of IFRS 15 revolutionised how many technology companies recorded revenue from contracts with customers. But the new regulations are complicated, and we are often asked by our clients to explain how they work – particularly in relation to the treatment of licences. To simplify matters for tech businesses, we have drafted this overview…

Government support for start-up businesses. The government has announced a £500 million ‘Future Fund’ to invest in start-up businesses affected by the COVID-19 pandemic. The Fund, launched in May 2020, will provide unsecured government loans ranging from £125,000 to £5 million to UK-based unlisted companies, subject to at least equal match funding from private investors.…

For many companies, the various measures that the government has introduced to help mitigate the impact of COVID-19 will not be enough. While furlough may be a valid option for reducing payroll costs for those employees who simply have insufficient work, many businesses will still need to retain at least a skeleton staff and those…

The Companies (Miscellaneous Reporting) Regulations 2018 introduced several new and enhanced disclosure requirements for UK companies, effective from periods commencing 1 January 2019. In addition, major recent socio-political events – chiefly Brexit and the COVID-19 pandemic – will require businesses to report additional information in their accounts. But what are the new requirements and how…

Time to adapt and stand out The optimistic outlook that emerged following the General election has long-since vanished. Nobody could have foreseen the shock effect a virus would have on business, borders and daily life – and the markets continue to struggle with the uncertainty about the length and severity of the disruption that COVID-19…

The Chancellor recently announced further changes to Entrepreneurs’ Relief (ER) or Business Asset Disposal Relief, as it is now known. These affect disposals on or after 11 March 2020 and certain disposals before that date. ER reduces the Capital Gains Tax (CGT) rate from the higher rate of 20%, down to the reduced rate of…

In his Spring Statement, Chancellor Rishi Sunak announced that the Government will invest £48.8m in a new public sector counter fraud authority over the next three years to “step up” efforts against fraud and “recover millions of pounds”.

You’ll typically need to submit a business plan to the lender to prove your business is viable and that you have a strategy for repayment and growth.

The contactless limit on the amount you can spend using contactless bank and credit card payments increases today (15 October) from £45 to £100.