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Clients are our business and we never forget this.


Updated HM Treasury instructions re: CJRS
01/07/2020 - More...
On 26 June 2020, the Chancellor, Rishi Sunak made a further (third) Treasury Direction under sections 71 and 76 of the Coronavirus Act 2020 concerning the Coronavirus Job Retention Scheme (CJRS). There are a number of important changes to the way the revised scheme works that started to come into effect from 1 July 2020, the date that

Government support for pubs, cafes and restaurants
01/07/2020 - More...
The government has confirmed a further easing of lockdown as pubs, cafes, restaurants, hotels, hairdressers and cinemas have been given permission to reopen in England from 4 July. The launch date has been dubbed as Super Saturday. These changes will see a further move towards the reopening of certain businesses that can operate by

Financial help for debt advisers
01/07/2020 - More...
The government has announced that an extra £37.8 million will be made available to support debt advice providers during 2020-21. The distribution of the money will be overseen by the Money and Pensions Service (MaPS). MaPS will set out the process for allocating funds in the coming weeks to charities for debt advice and to other

Reporting Capital Gains on residential property
01/07/2020 - More...
The Capital Gains Tax (CGT) reporting and payment date for UK residents that sell a residential property changed from 6 April 2020. This change means that any CGT due on the sale of a residential property needs to be reported and a payment on account of any CGT due made within 30 days of the completion of the transaction. In practice,

Vehicle MOT dates
01/07/2020 - More...
The government has announced that mandatory MOT tests for car, motorcycle and van owners in England, Scotland and Wales are to be reintroduced from 1 August 2020. This means that all drivers whose vehicle is due for an MOT test from 1 August will be required to get a test certificate to continue driving their vehicle. The government is

Trusts and CGT
01/07/2020 - More...
A trust is an obligation that binds a trustee, an individual or a company to deal with the assets such as land, money and shares which form part of the trust. The person who places assets into a trust is known as a settlor and the trust benefits one or more beneficiaries. The trustees make decisions about how the assets in the trust are

IHT exemption for gifts out of income
01/07/2020 - More...
It is possible for wealthier taxpayers to take advantage of the IHT exemption for gifts and payments that are paid as normal expenditure out of income. This is a very flexible exemption from IHT as there are no specific requirements, for example, making fixed, regular gifts to the same person. With proper planning this can be a

Stock valued at net realisable value
01/07/2020 - More...
One of the acceptable methods to value stock is at the lower of cost and net realisable value (NRV). NRV is broadly defined as the estimated selling price of an asset less any disposal costs. HMRC provides the following guidance in their Business Income Manual. The realisable value is the expected sale price of the relevant stock in the

Shielding measures to be relaxed in England from 1 August 2020
30/06/2020 - More...
From 1 August 2020 onwards, it is intended that the shielding programme will be paused in England so clinically extremely vulnerable people will no longer be advised to shield. From an employment perspective, this means that, if they cannot work from home, shielding employees can then return to their workplaces, provided they are

What are debits and credits?
30/06/2020 - More...
You may have come across the terms debit and credit and perhaps wondered exactly what do they mean? Certainly, if you are a bookkeeper or accountant you will or should understand their significance. The first book on the subject was written by Italian mathematicians in 1494. Essentially, double entry means that every transaction that

30/06/2020 - More...
Literally, the word depreciation means a reduction in the value of an asset over time. It recognises the fact that if you buy assets for your business – cars, plant, computers etc – as time marches on the value of those assets will decrease. In double entry bookkeeping terms, the value of an asset is reduced by the amount

Tax Diary July/August 2020
25/06/2020 - More...
1 July 2020 - Due date for Corporation Tax due for the year ended 30 September 2019. 6 July 2020 - Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs. 19 July 2020 - Pay Class 1A NICs (by the 22 July 2020 if paid electronically). 19 July 2020 - PAYE and NIC deductions due for month ended

SEISS extended to new parents
24/06/2020 - More...
The government has announced that the scope of the Self-employment Income Support Scheme (SEISS) will be extended to help new parents. The newly announced measures are designed to help new parents whose trading profits dipped in 2018-19 because they took time out to have children. The change in the scheme will allow parents, including

Drawings, profits and tax
24/06/2020 - More...
If you are self-employed – this article does not apply to the directors and shareholders of limited companies – there is often a mis-match between the amount you draw from your business and your tax bill. When times are good profits may be high, but you may have decided to keep your personal drawing from the business to a

Option to defer VAT payments ends 30 June 2020
24/06/2020 - More...
The option to defer your VAT payments ends on 30 June 2020. 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. Businesses that took advantage of deferring their VAT payments should consider the following: Re-establish any cancelled direct

Why footfall is important
24/06/2020 - More...
All businesses have customers, According to HMRC, even they have customers… Sales are the amount of goods and services that you provide your customers and there are three main features that affect your annual turnover: Number of customers Price Footfall The first is fairly obvious, the more customers you can acquire, the

New guidance for shop owners
24/06/2020 - More...
The HM Government guidance titled Working safely during COVID-19 in shops and branches has been updated. The updates relate to managing product handling and returns, the test and trace service, safer travel and managing security risks. The guidance is relevant to all retail stores, bank branches, post offices and other open money

Time to revisit VAT Flat Rate Scheme?
24/06/2020 - More...
The VAT Flat Rate scheme is intended to simplify the way a business accounts for VAT and reduce the administration costs of complying with the VAT legislation. There can also be a decent VAT saving for those using the scheme. The scheme is only open to businesses that expect their annual taxable turnover in the next 12 months to be no

Basis periods if accounting date is changed
24/06/2020 - More...
The assessment of self-employed or partnerships profits is usually relatively straight-forward if the accounting date, to which annual accounts are prepared, falls between 31 March and 5 April. However, overlap profits can arise where a business year end date is not coterminous with the end of the tax year. Overlap profits can happen in

When the cash basis scheme may not be suitable
24/06/2020 - More...
The cash basis scheme helps many sole traders and other unincorporated businesses who benefit from a simpler way of managing their financial affairs. The scheme is not open to limited companies and limited liability partnerships. The scheme allows qualifying businesses to use the cash basis when recording income and expenditure. However,

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Kemp Hall Chartered Certified Accountants

19 Victoria Street
Tel: 01278 787307



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