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Unravelling the jargon: what is a support bubble?
27/10/2020
The following notes are copied from the GOV.UK website. At first glance, it would appear that the definition of a support bubble should be fairly easy to grasp. Don’t hold your breath. Basically, a support bubble is a close support network between a household with only one adult in the home (known as a single-adult household) and one Read more...


Handling food? Wash, those hands
27/10/2020
If you are considering any change to your business activities that will involve handling any packaged food or raw ingredients, as you would expect, there are a raft of regulations that you will need to consider and adopt. The Department of the Environment has published considerable guidance on the GOV.UK website. Simply Google Read more...


New cashback scheme proposed
22/10/2020
The government has announced plans to allow customers to get cashback from shops without needing to make a purchase. At the moment, cashback is only available to those who buy goods. The new proposals have been put in place to help protect the UK’s cash system following a steady decline in the use of cash. This process has accelerated Read more...


Closing a limited company
22/10/2020
There are a number of reasons why you may decide to close your limited company. This could be because a limited company structure no longer suits your needs, your business is no longer active, or the company is insolvent. You will usually need the agreement of all the company’s directors and shareholders to close down the company. The Read more...


Brexit countdown importers
22/10/2020
As we have reported previously, the UK government has confirmed that it will neither accept nor seek any extension to the Brexit transition period which expires on 31 December 2020. The EU has formally accepted this position. This means that the process for importing goods from the EU will change from 1 January 2021. HMRC has published Read more...


Brexit countdown exporters
22/10/2020
The Brexit transition period is due to end on 31 December 2020 and this means that the process for exporting goods to the EU will change from 1 January 2021. Current guidance published by HMRC states that from 1 January 2021, businesses will need to make customs declarations when exporting goods to the EU. This is what you currently have Read more...


Clock ticking on the Annual Investment Allowance
22/10/2020
The Annual Investment Allowance (AIA) allows for a 100% tax deduction on qualifying expenditure on plant and machinery to be deducted from your profits before tax. The relief is normally capped at £200,000 per annum but was temporarily increased to £1 million for a 2-year period from 1 January 2019 to 31 December 2020. This means that Read more...


Distributions in anticipation of striking off rules
22/10/2020
The Extra Statutory Concession (ESC) - C16 was a well-used extra-statutory concession that allowed company directors to treat final distributions as a capital disposal and close down their business in an efficient manner. ESC C16 was withdrawn in March 2012 and replaced by s1030A Corporation Tax Act 2010 (CTA 2010) provisions. This move Read more...


Starting rate of Income Tax for savings
22/10/2020
In the current tax year, anyone with taxable income of less than £17,500 will have no tax to pay on their savings income - interest received. This figure is calculated by adding the £5,000 starting rate limit for savings (where 0% of the interest is taxable) to the current £12,500 personal allowance. However, this £5,000 starting rate Read more...


When you can or can’t use the VAT Cash Accounting Scheme
22/10/2020
Under standard VAT accounting, VAT is payable on sales whether or not the customer has paid and can lead to a claim for Bad Debt Relief. Under the Cash Accounting Scheme, VAT does not need to be paid over until the customer has paid. A business can enter this scheme provided their estimated VAT taxable turnover for the next VAT year is Read more...



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