You could qualify for retail, hospitality and leisure relief if your business is mainly being used as a: You can contact your local council to find out if you’re eligible. What you will get If you are eligible, you could get: You may be able to get retail, hospitality and leisure relief on top of other…Read More
From 6 April 2023, the timeframe for making voluntary National Insurance contributions is changing. To ensure that you don’t miss out on topping up your qualifying years, we advise that you check your record before this date. Qualifying years and the new state pension In general, to qualify for the maximum ‘new state pension’ (received…Read More
There is an app for everything! A well-used cliché but also a truth, and never more when it comes to accounting software. There are providers a-plenty: Xero, Sage, QuickBooks, Freeagent and ClearBooks. Even banks are getting on board, providing dedicated tools to analyse bank transactions for business purposes. In fact, HMRC’s Making Tax Digital compliance…Read More
Millions of households are facing a rise in energy costs, alongside increases in the cost of council tax, water bills and other utilities and there is a warning of fresh energy bill price rises in October. Energy prices have been affected by the Ukraine war and pressure on suppliers. There are continuing delays and shortages…Read More
At CFW Accountants we provide services you’d usually expect from an accountancy firm; tax returns and accounts. However, we’d like you to know that we can provide MORE than the usual! In recent years running a business has become more onerous. More and more requirements are being put upon business owners, taking more and more…Read More
DO YOU OPERATE A PAYROLL SCHEME? DON’T FORGET TO CLAIM THE ANNUAL EMPLOYMENT ALLOWANCE The Employment Allowance enables eligible employers to reduce the amount of National Insurance payable to HMRC by up to £4,000 per tax year. THE IMPORTANT PART: The allowance is not claimed automatically – you will need to take action every new…Read More
If you sell a second residential property, did you know that it may need reporting to HMRC and CGT tax paid within 60 days of the sale? What do I need to do if I sell a second residential property? New HMRC reporting requirements came into force in April 2020. If you’re an individual, selling…Read More
On the 21st December, Chancellor Rishi Sunak announced a package of one-off grants, statutory sick pay support and further funding for the arts and culture. The announcement includes: Businesses in the hospitality and leisure sectors in England will be eligible for one-off grants of up to £6,000 per premises, plus more than £100 million discretionary…Read More
With the Christmas festivities approaching and the dilemma for some as to whether the staff Christmas party goes ahead, here is a quick reminder of the tax rules for the current tax year. Is a Christmas party tax exempt? Christmas parties are not a taxable benefit on your employees providing the following conditions are met:…Read More
As part of ongoing support for businesses, Government grants are continuing to be opened for applications through local Growth Hubs. Currently the SEMLEP Growth Hub, covering businesses across the South East Midlands including in Bedfordshire, Northamptonshire and Milton Keynes, has reopened applications to its Recovery and Resilience Grant scheme. This scheme offers match funding to…Read More
The fifth grant under the Self-Employment Income Support Scheme (SEISS) will be available from late July 2021. If HMRC believe an individual may be eligible to make a claim they will contact them in mid-July to provide a date that the claim can be made from. A claim must be made on or before 30…Read More
As part of ongoing support for businesses, Government grants are continuing to be opened for applications through local Growth Hubs. Currently the SEMLEP Growth Hub, covering businesses across the South East Midlands including in Bedfordshire, Northamptonshire and Milton Keynes, has reopened applications to its Recovery and Resilience Grant scheme. This scheme offers match funding to…Read More
The Coronavirus Job Retention Scheme (CJRS) continues to run until 30 September 2021, with staged decreases in the claims that can be made. Currently 80% of usual wages for the hours employees do not work can be claimed, up to a cap of £2,500 per month. The amount that can be claimed begins to change…Read More
SEISS grants continue to the end of September 2021 in line with employee furlough payments. The 4th grant closed on 1 June 2021 and the 5th grant, covering May 2021 to September 2021, will be open to claims from late July 2021. As with previous grants, the 5th grant will be paid out in a…Read More
In March 2021 the UK Government announced the Restart Grant scheme to support businesses in the non-essential retail, hospitality, leisure, personal care and accommodation sectors with a one-off grant, to reopen safely as COVID-19 restrictions are lifted. The Restart Grant scheme has been open for applications from 1 April 2021. Businesses are eligible for a…Read More
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