Small business news

A New VAT Deferral Payment Scheme has just Opened

HMRC have confirmed that businesses that deferred VAT payments between March and June 2020 will be eligible to join the new scheme where they can pay the deferred VAT in smaller monthly instalments. This will now give businesses the option to pay their deferred VAT in...

COVID-19 causes manufacturers to accelerate digital adoption

According to the 2021 Digital Transformation Assessment conducted by The Manufacturer and IBM, 67% of manufacturers have accelerated their adoption of digital technologies as a result of the coronavirus pandemic. Only 16% have suspended their digital adoption...

More time and greater flexibility to repay Bounce Back Loans

The Chancellor has announced a new ‘Pay as You Grow’ initiative to help the 1.4 million small businesses who took out government-backed Bounce Back Loans.  Borrowers will have the option to: Extend the length of their loan from six to ten years. Make interest-only...

Are manufacturers becoming more sustainable?

In recent years slowing down climate change by reducing emissions has become a top priority for many countries around the world. In 2019 the UK government signed a legally binding target of net zero emissions by 2050. A survey of senior figures (managing directors,...

DAC6 – How have the rules changed since leaving the EU?

DAC6 is a system of mandatory reporting of cross-border tax arrangements, where these affect one or more EU member states and fall into one or more particular characteristics (hallmarks). Following the UK leaving the EU, DAC6 will no longer be applied in its entirety....

ATED – Can you claim annual relief on your residential property?

Annual Tax on Enveloped Dwellings (ATED) is an annual tax that requires limited companies owning UK residential properties with a value of more than £500,000 to complete an ATED return. You must complete an ATED return if your property: Is located in the UK Is a...

VAT Deferral Guidance

HMRC has issued some guidance to taxpayers that deferred their VAT payments between 20 March and 30 June 2020 and still have payments to make. HMRC is advising taxpayers who deferred their VAT payments to: pay the deferred VAT in full on or before 31 March 2021 or opt...

Brexit Business VAT Guide

Brexit Deal – A VAT guide for businesses.   The UK and EU have completed a deal so that trade can be done between the two entities without tariffs or quotas. However, further negotiations are on-going, for example in the area of services where there is currently...