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So far Harris Lacey & Swain has created 2130 blog entries.

What are the advantages of Cloud Accounting?

Cloud accounting is becoming more popular as technology develops, and with good reason. Whether you're a business owner, self-employed, or you just want to maximise the efficiency with which you handle your finances, the accounting software has many benefits to offer. Here are just three of the many reasons you should contact Harris Lacey & Swain to learn more about cloud accounting. Making great savings Cloud services can offer you savings in many different ways, but the two most important savings you stand to make are time and money. Using the cloud saves time because it allows you to access [...]

By |November 5th, 2020|Blog|
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Job Retention Scheme (CJRS) has been extended

Job Retention Scheme (CJRS) has been extended; Job Support Scheme (JSS) Postponed Following the announcement by the Prime Minister on the 31 October regarding the new lockdown in England for the commencing 4 November, the CJRS has been extended until December. The Grant will ensure employees receive 80% of their current salary for hours not worked, up to a maximum of £2,500. Businesses will have flexibility to bring furloughed employees back to work on a part time basis or furlough them full-time, employers will be asked to cover National Insurance and employer pension contributions. As with the current CJRS, employers are [...]

By |November 2nd, 2020|Blog|
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Airbnb reporting property rentals details to HMRC

You may have seen in the newspapers that Airbnb will share data with HMRC about the earnings of hosts for property rentals (those who let out property) on its UK platform in the years 2017/18 and 2018/19. It is anticipated that HMRC will use this data to open enquiries into the tax affairs of individuals who have not declared letting income for 2017/18 and 2018/19. The deadline for opening an enquiry into a self-assessment return for 2018/19 is 31 January 2021, if the return was issued and submitted on time. The discovery rules allow HMRC to go back much further, [...]

By |November 2nd, 2020|Blog|
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CGT Business Asset disposal relief lifetime limit just £1 million 

In the March 2020 Budget, it was announced that CGT Entrepreneurs’ relief (ER) was replaced by CGT Business Asset Disposal relief (BADR) for disposals on or after 11 March 2020. It was also announced that the 10% CGT rate would only apply to the first £1 million of qualifying gains in the taxpayer’s lifetime and many business owners have misinterpreted how this limit applies.  Unfortunately claims under the predecessor ER need to be taken into consideration so if £750,000 ER has already been claimed only the first £250,000 of qualifying gains after 11 March 2020 would qualify for BADR. Any [...]

By |November 2nd, 2020|Blog|
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More time to pay Tax due on 31 January 2021

Those taxpayers who may have difficulty paying the tax due under self-assessment on 31 January 2021 can agree more time to pay with HMRC provided the amount outstanding is no more than £30,000. The government have already agreed that amounts due under self-assessment on 31 July 2020 could be deferred until 31 January 2021, but this latest announcement generally allows a further 12 months to pay. A key condition is that the taxpayer does not have any outstanding tax returns, no other tax debts, or other HMRC payment plans set up. The payment plan needs to be set up no [...]

By |November 2nd, 2020|Blog|
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How do I pay my tax bill?

Paying your tax bill in a timely fashion is of the utmost importance. If you're a business owner or you're self-employed, you'll have to either pay self-assessment tax or corporation tax. Failure to do so could lead to fines, sanctions, and maybe even prosecution. But how do you actually pay your tax bill? Your ways to pay There are many ways to pay a tax bill, and it all depends on which you find the most convenient. Your options are: Online/telephone CHAPS (clearing house automated payment system) In person (bank/building Society) Postal cheque (self-assessment only) BACS Direct debit If you [...]

By |October 29th, 2020|Blog|
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How long do I need to keep records for?

Keeping accurate records of your finances is essential. If you're a business owner or are self-employed, accurate financial records will help you complete a correct self-assessment. Records require adequate storage and management, but how long do you actually need to keep them for? How long should you keep your records? How long you should keep your records depends on your business status. For these purposes records can include sales documents, personal expenses, income reports, and any VAT or PAYE documentation, as applicable. Self-employed/limited partnership If you're self-employed you should keep your financial records for a period of at least five [...]

By |October 22nd, 2020|Blog|
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Still considering an Electric Company Car?

Electric Company Car; what you need to know... There is currently a zero P11d benefit for the drivers of electric cars in 2020/21. The legislation for this change is included in Finance Act 2020 which also states that the benefit will be 1% of list price in 2021/22 and then 2% in 2022/23. The zero taxable benefit also applies to hybrid cars emitting no more than 50 grams of CO2 per kilometre with a range using its electric motor of at least 130 miles, but only for cars first registered on or after 6 April 2020. Unfortunately, the range of [...]

By |October 7th, 2020|Blog|
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Get ready to leave the EU on 1st January 2021

Get ready to leave the EU on 1st Jan 2021 The United Kingdom leaves the European Union at 11pm on 31 December 2020 when the transitional period ends. It is still unclear whether a trade deal will have been agreed with the EU by that date, and such an agreement is looking increasingly unlikely. HMRC have started writing to businesses alerting them to important changes from 1 January 2021 and suggesting that they have new procedures in place if they wish to trade with the EU from that date. In particular, businesses will need to submit declarations when importing and [...]

By |October 7th, 2020|Blog|
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Job Support Scheme Starts 1st November

Job Support Scheme The Chancellor has announced a new 6 month Job Support Scheme to help businesses and employees survive the winter months. We are still awaiting full details of the scheme that will replace the current “flexible furlough” scheme but the main features are as follows:- Employers of all sizes will be eligible for the new scheme but large organisations will need to demonstrate that their turnover is reduced as a result of COVID-19. Eligible employees will be those on the PAYE payroll at 23 September 2020 that are working for at least 33% of their usual hours. The [...]

By |October 7th, 2020|Blog|
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