Our summary of the Economic Update provides an overview of the key announcements arising from the Chancellor’s speech.
Please find below updated information on the following points:
– VAT deferral payment schemes
– The new National Minimum Wage rates
– Self Assessment Tax Payments.
The VAT Reverse charge on Construction Services is being introduced by HMRC from 1st March 2021 in response to organised criminal attacks on the VAT system in the construction sector.
The Coronavirus Job Retention Scheme (CJRS) and the Self-Employment Income Support Scheme (SEISS) both have upcoming deadlines that you should be aware of.
HMRC has announced that to assist taxpayers, they can if they wish, pay their Self Assessment liabilities in instalments.
Following the Prime Minister’s announcement last night, businesses that operate in retail, hospitality and leisure will be forced to close until at least February half-term. Following this announcement, there has been a further £4.6 billion released in new lockdown grants to support businesses and protect jobs.
The Brexit transition period has now ended. If your business trades goods with Europe, you will need to be aware of the changes that came into effect as of 1 January 2021.
Here is a summary of the available grants and business support schemes. We will continue to provide the latest updates on grants and business support, as and when information becomes available to us.
There are a number of grants and business support schemes available which you may be eligible for. We will continue to provide the latest updates on grants and business support that is available.
BPR Heaton are delighted to announce the strengthening of our team by welcoming Freddie Tamang. As one of Yorkshire’s largest independently owned Chartered practices, investing and developing our work force is extremely important to us to ensure that we uphold high standards of service to our clients.
It is now time to start preparing for our new relationship with the EU and the new rules which commence on 1 January 2021.
Late in the evening of 10 November 2020 HMRC issued further guidance regarding the Coronavirus Job Retention Scheme (CJRS).
We are now able to provide further information regarding the announcements made this week, covering the extension of the Coronavirus Job Retention Scheme (CJRS) and the Self-Employed Income Support Scheme (SEISS).
Following the announcement on Saturday of a new national lockdown, additional financial support is being provided by Government. This includes the extension for a month of the Coronavirus Job Retention Scheme (CJRS) with employees receiving 80% of their current salary for hours not worked and grants for business forced to close in England.
Following Rishi Sunak’s announcement last Thursday on how Government is providing support to help employers retain their employees through the Job Support Scheme (JSS) we want to update you with our understanding of the scheme.
HMRC have issued further guidance in regards to the Job Retention Bonus which we summarise below:
Yesterday the Chancellor announced a number of measures to assist employers and businesses during the Covid19 Pandemic.
BPR Heaton are delighted to announce the strengthening of our team by welcoming Cameron Beer.
Following on from our previous communications, we would like to remind you of the upcoming changes to the Coronavirus Job Retention Scheme (CJRS).
The Chancellor’s plan to kick start the economy came in the form of a Summer mini budget.
Read the key announcements here.
Since the start of the pandemic lockdown and all the issues this has created for businesses up and down the UK the focus for many owners, directors and indeed government has rightly been surviving this unprecedented period of shutdown.
On 1 June we outlined proposed changes to the Coronavirus Job Retention scheme. A significant volume of further guidance has now been issued and the following is only a summary, touching on some of the key points and does not go into detail on every matter.
Over the course of the pandemic the UK government has introduced various schemes each with the aim of supporting various sectors of the UK economy and society. Much of the support has been by way of grants, such as the small business grant, the Retail, Hospitality and Leisure Grant and the furlough scheme…
On Friday the Chancellor announced details of future changes to the government’s coronavirus support schemes. The key details are outlined below:
The Department for Business, Energy and Industrial Strategy has just published guidance on workers entitlement to holiday and holiday pay during the COVID-19 pandemic.
HMRC have brought forward the date from which claims under the Self-Employment Income Support Scheme (SEISS) can be made. Claims will now be able to be made from 13 May 2020.
From the 4th of May, the Government’s Bounce Back Loan scheme will be made available. The loan scheme aims to help small and medium-sized businesses to borrow between £2,000 and £50,000.
Updates that HMRC have now issued in respect of the Job Retention Scheme.
Topics include:
Deferring self-assessment payments on account due in July 2020
Coronavirus Business Interruption Loan (CBIL) Scheme update 1/4/20
Topics include:
Self-employment Income Support Scheme
The conditions for eligibility
Topics include:
Furloughed workers
COVID-19 Briefing – Gordons Solicitors
Topics include
Coronavirus Jobs Retention Scheme
What is a “Furloughed” employee?
Deferral of VAT and Income Tax
Nursery businesses – Rates holiday
Coronavirus Business Interruption Loan Scheme
Topics include:
Coronavirus Business Interruption Loan Scheme
Grants
Tax – Time to Pay arrangements
The current Covid19 outbreak is bringing many financial challenges to UK businesses and as such the government is announcing various support packages which seem to be changing on a daily basis. Below is a summary of the announcements as we understand them today and some practical issues to consider. We will endeavour to keep you up to date as we are made aware of further details.
Kick your finances into shape and start 2020 in the best possible way with our New Year money checklist for your finances.
The maximum Employment Allowance (EA) will increase from £3,000 to £4,000.
Employers will only be eligible for EA if their total qualifying employers’ secondary Class 1 NIC liability in the tax year ending 5 April 2020 is under £100,000.
The government has confirmed that the National Living Wage (NLW) will rise from its current level of £8.21 per hour to £8.72 per hour from 1 April 2020.
Let me start by posing an interesting question. As a business owner, what would you do if you had a machine that could make widgets without the need for any raw materials?
Since 2013, hundreds of thousands of parents have lost some or all their child benefit, currently worth £1,789 a year for a family with two children.
Are you putting off filing your tax return? Is it something you’d rather worry about next year? 31st January is ages off!
Getting your tax return submitted early could bring you several benefits. We look at 9 reasons why we think getting your tax return prepared and submitted early is a great idea.
There are many people who already know what a ‘Help to Buy ISA’ is, and some that may even have one, but for those who don’t, there is a deadline looming which you shouldn’t let pass by accidentally.
After 30 November 2019 you will not be able to open any new Help to Buy ISA’s and if you do qualify and don’t open one, that could mean missing out on up to £3k tax-free.
The new SRA Accounts Rules will be effective from 25 November 2019.
The new rules are more outcome focussed and with the number of rules being reduced from 52 down to only 13, they are also much shorter!
In preparation of the UK leaving the EU, businesses should now take immediate action to manage the associated impacts of leaving the EU, whether in a deal or no deal scenario.
The VAT Reverse charge on Construction Services is being introduced by HMRC from 1st October 2019 in response to organised criminal attacks on the VAT system in the construction sector.
If you deal in Construction, you will need to be aware of the changes being brought in by HMRC and it is important you plan ahead for them as they could impact on your cashflow.
From the first quarter starting on or after 1 April 2019, most VAT registered businesses, with a taxable turnover above £85,000, must keep their records digitally and use MTD compliant software to submit their VAT Returns to HMRC.
It gives us great pleasure to announce that Alex Moors has been appointed as an Associate of BPR Heaton.
Alex joined us in September 2011 and very quickly became a key member of the management accounting team…
The latest phase of the Digital Growth Voucher scheme is NOW OPEN and will close on Friday 26th October, 2018 and will provide the chance for even more businesses to undertake digital transformation projects.
The Big Four accountancy firms and the other larger nationals clearly realise that it’s a seller’s market when it comes to audit services – their audit fees have jumped by over 10% over the last year.
Despite the increase in the audit threshold both small and larger companies rely on us for a better deal. We offer first-rate audit services, but with a more client focused approach.
Your company may qualify for an audit exemption.
BPR Heaton are delighted to announce the further strengthening of the team by welcoming two new members of staff.
Sunday 17 June 2018 witnessed BPR Heaton continue their support as a sponsor of the Pudsey Legal 10k run, in addition to fielding a team of 5 courageous runners in the event.
Dividend allowance cut from £5,000 to £2,000 per annum from April 2018.
Responding to the latest economic forecasts from the Office for Budget Responsibility, Mr Hammond revealed that the economy is expected to grow at the slightly faster rate of 1.5% in 2018, compared with the 1.4% forecast in the Autumn Budget.
A reminder that the National Minimum Wage (NMW) is set to increase on 1st April 2018.
Employers may be required to increase the amount of their contributions into their automatic enrolment pension.
BPR Heaton are proud to have been able to help sponsor The Royal British Legion-Horsforth Branch.
The Voom Tour, Leeds
Victoria Gardens – The Headrow, just outside Leeds Art Gallery, Leeds
From the 1st April 2017, a new flat rate VAT percentage of 16.5% will apply to certain businesses using the Flat Rate VAT Scheme.
Small Limited company accounts were previously prepared using the Financial Reporting Standard for Small Entities (FRSSE). However, the FRSSE is withdrawn for Accounting Periods Commencing 1 January 2016 (therefore usually year-ends of 31 December 2016 onwards) and replaced by either:r…
As an employer, you’ll have to pay the Apprenticeship Levy each month from 6 April 2017 if you have an annual pay bill of more than £3 million or are connected to other companies or charities for Employment Allowance which in total have an annual pay bill of more than £3 million.
A reminder that the National Minimum Wage (NMW) is set to increase on 1st April 2017.
As 2016 draws to a close and businesses from across our region reflect on the good and the bad of another year passed, many it seems, have had a common anchor holding them back from progress and growth over the last 12 months. Digital technology.
A summary of the Autumn Statement delivered by Chancellor Philip Hammond on the 23rd November 2016
BPR Heaton staff ran in the Leeds Colour run and raised £758.00 for the St Gemma’s Hospice
A reminder that the National Minimum Wage (NMW) will increase from 1 October 2016 as follows
Here at BPR Heaton we have an experienced team dedicated to providing owner managed businesses of all sizes from start- ups to established companies with both strategic and day to day business support.
From a fixed price of £99 + vat per month you can put your mind at rest and be assured that we will look after your finance function freeing you up to concentrate on your business.
Raising awareness of Sepsis, along with vital funds for The UK Sepsis Trust.
BPR Heaton are excited to, once again, be exhibiting at this year Buy Yorkshire Conference being held in the Royal Armouries, Leeds in May.
Originally introduced in 2014, the national insurance contributions ( NICs )employment allowance is for the purpose of supporting businesses and charities in helping them to grow by cutting the cost of employment
BPR Heaton are pleased to once again support this years Pudsey 10k run organised by Pudsey Pacers in aid of raising funds for Marie Curie.
April 2016 sees significant changes to the rules on the taxation of dividends, which could have a significant impact on the amount of tax you pay. This factsheet provides an overview of the new system, together with information and advice to help keep your tax bill to a minimum
This is a “fast” moving issue ( forgive the pun ) with rules and regulations changing frequently and manufacturers developing new technology at a similar if not quicker rate, it is therefore worth looking at some of the ways you can keep the tax charge down to a minimum.
Keeping adequate business records plays a key role in effectively monitoring the performance of your business, as well as ensuring that you comply with the requirements of HM Revenue & Customs (HMRC).
From April 2016, the government will introduce a new mandatory National Living Wage (NLW) for workers aged 25 and above, initially set at £7.20 – a rise of 50p relative to the current National Minimum Wage (NMW) rate. That’s a £910 per annum increase in earnings for a full-time worker on
PENROSE BUSINESS BROKERS
No Chartered accountancy client offering would be complete without the expertise and resource to help you sell, or add to, your existing business.
The government had concluded that companies will not be required to have an audit for the financial years commencing on or after 1 January 2016 if at their balance sheet date, they satisfy at least two out three criteria, in general for two consecutive financial years.
The new – and long awaited – UK GAAP – FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, has arrived with the first financial statements hot off the press for the year ended 31 December 2015.
In the light of recent floods, the effect to local business has been devastating with claims in Kirkstall Road alone amounting to £ millions BPR Heaton spoke to independent insurance brokers to ascertain how working together can help protect clients in the future.
From April 2016 an employer can choose to include benefits in kind paid to their directors and employees through the payroll.
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