HLAS

If your business moves goods between the UK and countries in the EU, they will need to follow new customs and tax rules. Their business will be affected by the new rules if they: buy goods from an EU seller and bring them into the UK send goods they’ve sold to a buyer in an EU country have not exchanged money, but need to move equipment they use for their business, between the UK and the EU. You can now apply for the SME Brexit Support Fund. Smaller businesses can get up to £2,000 to pay for practical support, including [...]

The Notification of the Airport and Ground Operators Support Scheme gives funding to airports and airport ground crews affected by COVID-19. The aim was to open the scheme in January (2021) and ensure grant payments were made to eligible businesses by the end of the financial year. Grant payments would be made using powers in sections 7 and 8 of the act. Section 8(8) of the act states that financial assistance for any one project shall not exceed £30 million, except so far as such excess has been authorised by a resolution of the House of Commons. The need to act and [...]

Join Companies House latest live webinars for quick and useful guidance. The webinars cover a range of topics, including: starting a limited company and your responsibilities to Companies House and HMRC how intellectual property such as patents, trademarks and copyrights can affect your business guidance on starting a community interest company (CIC) how to register company mortgages and other charges at Companies House how to restore a company to the register During the webinar, you can ask questions using the on-screen text box. Their online team of experts will do their best to answer all your queries, or direct you [...]

HMRC has issued a template with the details of the employees you are claiming for (on or after 27 May 2021). If you are claiming for 16 to 99 employees on or after 27 May 2021, you will need to upload a file containing the following information for each employee: full name National Insurance number (or payroll reference number if you do not have this) payroll reference number (sometimes called a pay identify or staff number) furlough start and end date (using the format DD/MM/YYYY) full amount claimed (pounds and pence) normal hours (using decimals, for example 7.5) actual hours [...]

The ONS has published its latest paper on how the relationship between UK public sector monthly income and expenditure leads to changes in deficit and debt for the financial year ending 31 March 2021. The figures are subject to adjustment but show the stark reality of the effect of Covid-19 on the UK economy and the extent of government support Public sector net borrowing (excluding public sector banks) in the financial year ending (FYE) March 2021 is estimated to have been £303.1 billion, £246.1 billion more than in the year to March 2020 and the highest nominal public sector borrowing [...]

The current guidance from the 17 May is to continue to work from home where you can and when travelling within the UK, you should aim to do so safely and plan your journey in advance. After some confusion last week, there is also revised government guidance if you live in an area where the new COVID-19 variant is spreading. The government advises that you should try to: meet outside rather than inside where possible keep 2 metres apart from people that you don’t live with (unless you have formed a support bubble with them), this includes friends and family you [...]

A recent case before the tax tribunal has confirmed that all of a company’s shares are ordinary shares except those that carry a fixed rate of return. This is crucial as CGT business asset disposal (BAD) relief requires a shareholder to be entitled to at least 5% of a company’s ordinary share capital in addition to being an officer or employee of the company, and for the company to be a trading company or the holding company of a trading group. These conditions need to be satisfied throughout the 24 months prior to the disposal of the shares. This two-year [...]

Despite the coronavirus lockdowns HMRC still expect P11d forms reporting expenses and benefits to be submitted by the normal 6 July deadline. Remember that reimbursed expenses no longer need to be reported where they are incurred wholly, exclusively and necessarily in the performance of the employee's duties. Dispensations from reporting are no longer required, although HMRC would expect internal controls to be in place.

These are the suggested reimbursement rates for employees' private mileage using their company car from 1 June 2021. Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel LPG 1400cc or less 11p (10p) 8p (7p) 1600cc or less 9p 1401cc to 2000cc 13p (12p) 9p (8p) 1601 to 2000cc 11p Over 2000cc 19p (18p) 13p (12p) 14p (12p) Note that for hybrid cars you must use the petrol or diesel rate. You can continue to use the previous rates for up to 1 month from the date the new rates apply.