HLAS

If you received a Coronavirus Job Retention Scheme (CJRS) grant or an Eat Out to Help Out payment, you will need to do both of the following: Include it as income when calculating your taxable profits in line with the relevant accounting standards. Report it separately on your Company Tax Return using the Coronavirus Job Retention Scheme and Eat Out to Help Out boxes. You should record all other taxable COVID-19 payments as income when you calculate your taxable profits. Please talk to us if you require our help in disclosing grants and other support to HMRC. See: Corporation Tax [...]

HMRC is reminding their Self-Assessment taxpayers that they must declare COVID-19 payments in their tax return for the 2021 to 2022 tax year. More than 2.9 million people claimed at least one Self-Employment Income Support Scheme (SEISS) payment up to 5 April 2022. These grants are taxable and should be declared on tax returns for the 2021 to 2022 tax year before the deadline on 31 January 2023. SEISS payments The SEISS application and payment windows during the 2021 to 2022 tax year were: SEISS Four: 22 April 2021 to 1 June 2021 SEISS Five: 29 July 2021 to 30 [...]

In the light of a recent article in The Times last week, the HMRC Press Office issued the following tweet: “By acting quickly to pause payments and implement additional checks on claims we have protected £46 million of public money. We have also arrested 8 people suspected of conspiring to submit over 100 fraudulent R&D claims” The current rules allow small and medium-sized companies undertaking qualifying research and development expenditure to claim a tax refund equivalent to 33.35% of the expenditure. This is because the relief is currently 230% of the amount spent and any resulting loss can be surrendered [...]

Hessle-based Yorkshire accountancy firm Harris Lacey and Swain have appointed 2 new Partners to continue their growth and service development Highly qualified accountant Laura Drew has moved into the role after 9 years, latterly, as Harris Lacey and Swain’s Head of Audit. Laura holds her BFP, ACA, and FCCA accreditations and has worked in the accountancy industry for 12 years. [See Laura’s LinkedIn profile here.] Laura says: “I am delighted to join with Richard Lacey and Richard Tucker to help develop the firm further, to have my long term colleague Lucy alongside is fantastic” Lucy Jessop has also moved into [...]

The ultimate aim of every serious business person is to build a company that has value, so that it can be sold or transferred, allowing the entrepreneur to exit gracefully and profitably. Recently, we have been helping a number of our entrepreneur clients develop exit strategies. There are many issues to consider: When do you want to retire? Can the business be sold to your employees? Is a trade sale more likely? Are there children involved? How much is the business worth? What needs to be done to enhance the value of the business? How long will it take? Do [...]

The valuation of business goodwill for tax purposes is very subjective and is often a contentious area. HMRC have recently updated their guidance in their Shares and Assets Valuation Manual. The guidance makes a distinction between goodwill for Capital Gains purposes and goodwill within the corporate intangibles regime where accountancy principles apply. The accounting rules define goodwill as the difference between the overall worth of a business when it changes hands and the value of its identifiable (including intangible) assets. The HMRC guidance goes on to state that the goodwill of a business is the “attractive force” which brings in [...]

The Prince’s Countryside Fund and Forest Holidays have teamed up to create The Rural Start-Up Fund, an exciting opportunity for rural businesses to receive financial support as they embark on a new business venture. One of the biggest barriers to setting up a new business is the initial financial demand, and this, coupled with the challenges of working rurally, is why the fund is striving to support new entrepreneurs across the United Kingdom. A total of £5,000 is available in the Rural Start-Up Fund in 2022 to be awarded to one winning business or shared between a number of rural [...]

Wellbeing has always been very important for SME business owners. With almost four in ten (39%) SME business owners saying that rising costs are affecting their emotional wellbeing, according to new research by Three Business, it’s more important than ever. Almost half (45%) of SME business owners say that mental health support is just as valuable to their business, as financial and technological aid. Find out more about what the research findings are telling us about the challenges facing SME business owners at the following online webinar 2 November 2022. See: The Importance of Wellbeing for SME Business Owners Tickets, [...]

Innovate UK and Innovate UK EDGE have opened for applications a new accelerator programme for innovative companies in the ocean sector. The tailored five-month incubation programme will be delivered in partnership with COVE, a global innovation centre for ocean technology located in Nova Scotia, Canada. The programme includes participation at Canada's premier event for the ocean technology sector, the H20 Conference, including the opportunity for companies to demonstrate their technology offering to industry experts and prospective customers at COVE Demo Day. To apply for this programme, you must: be a UK-based company be a business with fewer than 500 employees [...]

The UK Government have updated their Energy Bills Support Factsheet and has set out action to support people and businesses with their energy bills and tackle the root causes of the issues in the UK energy market through increased supply. Contents include: Support for households Support for businesses and non-domestic properties Reform to address long-term issues in the UK’s energy sector Other help See: Energy bills support factsheet - GOV.UK (www.gov.uk)