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Understanding audit reports – Opinions

Once an audit of your company is completed your auditor will provide you with a full, detailed audit report and they are likely to request a meeting to go over this with you to clarify any points within it.  If your company does not regularly conduct...

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The ATED return for 2021-22 is due by 30 April 2021

The Annual Tax on Enveloped Dwellings (ATED) return for 2021 to 31 March 2022, and any tax due for the year, is due by 30 April 2021.  What is the ATED? The ATED is a system that came into force on 1 April 2013 regarding UK residential...

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New off-payroll working rules come into force: what you need to know

Medium and large employers are now required to determine the employment status of contractors after major changes to the off-payroll working rules came into force this month. Here’s what you need to know. What are the off-payroll working rules? A contractor who works like an employee, but is...

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New legal minimum wage comes into force

The new minimum rate of pay for workers in England came into force on the 1 April 2021. According to the Government, around two million of the UK’s lowest-paid workers will benefit from the rise in the National Living Wage (NLW) and National Minimum Wage (NMW). Under...

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Could the current timings for payment of tax change?

Millions of taxpayers in the UK could face earlier tax payments as part of the Government’s 10-year strategy to build a “trusted, modern tax administration system”. Due to the challenges of the current tax-payment timings, it is considering bringing tax payments “closer to real-time”. A Government spokesperson...

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The Furlough Extension – Changes Ahead

The Government announced during the 2021 Budget that the Coronavirus Job Retention Scheme (CJRS), more commonly referred to as furlough, will now be extended until the end of September this year.  First introduced around a year ago, the scheme has provided an essential lifeline to employers,...

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The impact of Brexit and COVID-19 on audits

It is now more than a year on from the start of the pandemic and several months since the Brexit transition period ended.  These events have had a significant impact on businesses of all sizes, including audited and unaudited firms.  One of the roles of an audit...

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Businesses are missing out on ‘significant’ revenue due to unclaimed VAT

UK businesses are losing 12 per cent of their revenue because they are failing to reclaim VAT, the latest research has revealed. The data comes from a report that surveyed finance and business leaders in the UK, exploring how businesses have been recouping money following the...

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The upcoming R&D tax relief PAYE cap – What you need to know

The rules regarding R&D (research and development) tax credit claims for the SME scheme are changing from 1 April 2021. This could affect the ability of some businesses to obtain the full benefit from this important tax relief as a new PAYE cap on qualifying R&D...

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Gender pay gap – what does this mean for pensions?

Research suggests that the average woman in her twenties today will retire with £100,000 less in her pension than her male peers.  If women want to close their gender pay gap, experts say they have to work around an extra 40 years, as women have lower...

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Budget 2021: what you need to know about the Recovery Loan Scheme

The Recovery Loan Scheme will help businesses restart and recover from the Covid-19 pandemic, the Government has announced. But what is the Recovery Loan Scheme and how does it work? In this blog, we’re answering the questions you need to know. What is the Recovery Loan Scheme? Launching...

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Government Start Up Loans attributed to rapid rise in new companies

The number of new businesses registered at Companies House grew significantly during the final six months of 2020, the latest statistics have revealed. The quarterly reports, found here, suggest that British entrepreneurship has continued to thrive despite economic uncertainty. According to the figures, the number of new...

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Overcoming common payroll challenges and the benefits of outsourcing

Keeping on top of payroll poses a huge challenge for businesses of all shapes and sizes – which is why it is prudent to seek specialist advice and consider the benefits of outsourcing your payroll. During the last 12 months, the payroll processes of many businesses...

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Small businesses handed £7.8 billion through local authority grant schemes, figures reveal

More than £7.8 billion in grant funding has been delivered to small businesses through local authority grant schemes, it has been revealed. The research, published by the Department for Business, Energy & Industrial Strategy (BEIS), serves as a reminder of the support available to firms affected...

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Overdrawn Loan Accounts and S455 tax

If at the end of the financial year a director, shareholder or other related party to a company has an overdrawn loan account then an additional tax may be due. The tax itself is often referred to as “S455 tax” as this corresponds to the...

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