News and Articles

My advice to someone starting a business takes account of all the failures I have observed over the years as a practising management accountant. Running a business exposes you to new challenges and often to extreme competition. (Think of the effects of Trip...

Normally a Company can carry back a loss against its previous year. The budget announced a temporary extension to allow losses to be carried back up to three years. This can trigger a refund of tax paid in these previous years. In detail, Companies having accounting...

Covid-19 successor loan now up and running The 2021 Budget announced a replacement of the Bounce-Back and other Covid loan schemes. It is called the Recovery Loan Scheme (RLS) and is now open to applications. It runs until December 2021, subject to review. You apply...

Many things have changed because of the pandemic. We have changed, and we hope, for the better. We plan to do all our Client’s tax returns early this year in order to give you peace of mind. Thus, you will know how much tax you need to pay well in advance, and know that a major pain has been removed from your mind.

The New Apprenticeship Incentive Scheme has just been announced and is available to all employers to support the recruitment of new apprentices. As an employer, you will be eligible for up to £3,000 for each new apprenticeship opportunity created from 1 April 2020 to...

Driving License style penalty points for late filing of taxes by the self employed HMRC will be scrapping their system of fixed penalties and replacing with a points system. It will apply to 12 million people who file annual tax returns and small businesses who file...

It was announced by HMRC on Monday that they have effectively extended the 31st January deadline for filing a 2019-20 tax return until 28th February. They stated that they will not charge the automatic £100 penalty for the late filing, provided the return is filled by 28th February. This eleventh hour change of heart is a victory for common sense as more than 3 million people have still not filed their 2019-20 tax return.

Selling low values parcels into Europe Do you sell low value items into Europe? Are you a so-called distance seller? Under the new UK and EU simplification rules, there will be an exemption for distance sellers of €150 or £135 on any consignment. This protocol saves...

Minimum wage up a shocking 9% from April So, an early warning – Minimum wage rates in the UK will, on first glance, increase on 1st April by around 2%. The headline rate for adults goes from £8.20 to £8.36. However, in a concurrent change, the higher National Living...

Tax returns and Covid Well one thing has not changed because of Covid. The deadline for online filing of your personal tax return is still 31st January 2021, just over 6  weeks away. If you still must file, my accountancy practice Baxterworld, may be able to help. We...

As if coronavirus wasn’t enough to contend with, UK businesses are now having to navigate importing and exporting through new Brexit borders.   The EORI number was introduced on 1st July 2009 to trace imports and exports within the EU.  Up until 31st December...