HLAS

Despite the coronavirus lockdowns, HMRC still expect P11D forms reporting expenses and benefits to be submitted by the normal 6 July deadline. Employers need to submit a P11D form to HMRC for each employee you’ve provided with expenses or benefits. Employers also need to submit a P11D(b) form if: You have submitted any P11D forms You have paid employees’ expenses or benefits through your payroll HMRC have asked you to - either by sending you a form or an email Form P11D(b) tells HMRC how much Class 1A National Insurance (at 13.8%) you need to pay on all the expenses [...]

Tax credits customers should be vigilant and alert to potential scams, HM Revenue and Customs (HMRC) has warned. Anyone doing their tax credits renewal who has received a tax or benefits scam email, or text, might be tricked into thinking it was from HMRC and share their personal details with criminals, or even transfer money for a bogus overpayment. Many scams mimic government messages to appear authentic and reassuring. HMRC is a familiar brand, which criminals abuse to add credibility to their scams. If customers cannot verify the identity of a caller, HMRC recommends that you do not speak to [...]

UK gross domestic product (GDP) is estimated to have grown by 2.3% in April 2021, the fastest monthly growth since July 2020, as government restrictions affecting economic activity continued to ease. The service sector grew by 3.4% in April 2021, with consumer-facing services re-opening in line with the easing of coronavirus restrictions and more pupils returning to onsite lessons. April’s GDP remains 3.7% below the pre-pandemic levels seen in February 2020, however it is now 1.2% above its initial recovery peak in October 2020. See: GDP monthly estimate, UK - Office for National Statistics (ons.gov.uk) The latest Office for National [...]

“Without a destination a sailor will never get a favourable wind” Anon. It is easier to get to your destination with a plan. We all know this simple truth. If you are driving from A to B it helps to know where A is and the directions, you need to take. If you have a vision of what you want your business to look like when it is “complete” then you are in a position to drive your business towards the vision and you can monitor how you are doing as you go along. If you do not have a [...]

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 [...]