Help to Grow – Digital Scheme (HGDS)
What does the Scheme aim to do? What cost does the discount not cover? What is the eligibility criteria? The person applying for the discount must be: What is the Financial Assistance threshold? What is the De Minimis threshold? What are the approved software types? Who are the approved CRM suppliers? Who are the approved […]
Three alternatives to a pay rise
As inflation rises and the cost of living crisis bites, accountancy firms could consider alternatives to pay rises with share schemes as one option There are three options that could potentially help employers and employees alike: 1. Consider enterprise management incentives (EMI) Employees are granted options to acquire shares at a point in the future […]
The “Coca-Cola” Van Case
The result of the case The Court of Appeal found in favour of HM Revenue & Customs (HMRC) that certain types of modified crew cab vehicles should not be classed as ‘vans’ for income tax and national insurance purposes but as cars instead. Click here for judgement1. What does the tax legislation say a van […]
The Plastic Packaging Tax (PPT)
What is the aim of the PPT? PPT is an environmental tax designed to provide a financial incentive for businesses to use recycled plastic in the manufacture of plastic packaging. Who could be affected by PPT? Businesses that manufacture or import plastic packaging, including if you import packaging which already contains goods. Examples might be […]
The New HMRC late payment penalty regime
1. LPP What is the aim? To bring the LPP regime in line for both VAT and income tax. When will the new penalty regime start? For VAT – From 1st January 2023. From an income tax perspective, for those self-employed and property landlords who will be caught by Making Tax Digital for Income Tax […]
The Muddied Termination Waters
When employers make an employee redundant and a ‘redundancy payment’ is made, it is easy to make the wrong decisions on the tax and national insurance (NI) position of such a payment, especially if it is made up of several constituent parts. There has been many a HMRC enquiry further on down the line which […]
Do you control more than one business?
Do you control more than one business? Are they VAT registered or about to become VAT registered? Do they not only trade with unconnected businesses but also between themselves? Is there a cash flow problem arising from one of your entities having to charge VAT on a supply of goods or services to another one […]
Cost of Living Support
The Energy Profits Levy A windfall tax will be charged on the profits of oil and gas companies at a rate of 25%. The levy will raise around £5 billion over the next year. It will be used as part of the package to support people struggling with rising energy costs. There will be a […]
Service Charges Tips/Gratuities
What is a service charge? It is added to the customer’s bill before being presented to them. It could be either discretionary or mandatory. For it to be discretionary it must be made clear to the customer that it is a voluntary contribution (e.g. reflected on the bill). Mandatory Service Charges (MSC) VAT at the […]
Collect funds with Asset Finance
Asset finance can be used for purchasing new and used cars, coaches, light and heavy commercial vehicles, plant machinery and office equipment. With the help of asset finance solutions, you can buy equipment for your business without spending a large sum in one go.
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