Written 5 April 2020 We’ve been asked a lot of questions about the support packages announced by the Government for small businesses over the last few weeks. An important aspect of this was the Coronavirus Job Retention Scheme (CJRS), and in particular the process known as furloughing. This is effectively where a business has no …
The Chancellor announced the latest support for small businesses on Thursday 26th March 2020, in the form of the Self Employment Income Support Scheme. This is aimed at people who are self employed, and importantly were self employed before the beginning of the current tax year. It is aimed at levelling the position of the …
Further to our recent blog about how we are responding to the Coronavirus (Covid-19) pandemic, and in view of the lock down announced yesterday (23rd March 2020), we have the following update: At GBM Accounts, we are still working. All of our employees are now working from home. At the moment, face to face meetings …
The Coronavirus (Covid-19) pandemic is having a profound and unprecedented effect on all aspects of our lives. The situation seems to be changing on a daily basis. In respect of how this affects small businesses, since the Budget on 11th March, there have been further announcements in respect of assistance. There were a raft of …
The rate of development of the Coronavirus (Covid-19) has created an unprecedented atmosphere of uncertainty, which has led to self-isolation, partial travel bans, bans on mass gatherings and panic buying. It will also have a significant effect on small businesses like ours, and the clients we provide services to. In the current climate (as from …
The Chancellor Rishi Sunak delivered his first Budget on 11th March 2020. It was against the backdrop of the development of the Coronavirus, which has turned into a pandemic and is potentially going to have a huge impact on the fabric of society over the coming months. For this reason, there were some business friendly …
Merry Christmas! We would like to wish all our clients a Merry Christmas and a Happy New Year. Opening Times Our office will close at 1.00 p.m. on Friday 21st December and reopen for business on Wednesday 2nd January 2019.
The dividend tax was introduced in April 2016 and the first tax year it related to was 2016/17 (year to 5 April 2017). We have now gone through the cycle a couple of times. It is currently 7.5% if you are a basic rate taxpayer, 32.5% if you are a higher rate taxpayer, and 38.1% …
Here’s my story about how I was invited to the House of Lords to talk about Making Tax Digital for VAT. The issue of Making Tax Digital (MTD) has been with us for a couple of years now. This is HM Revenue and Customs (HMRC) dictating how taxpayers should send information to them. It was …
From 1st April 2019, if you have a VAT registered business with a taxable turnover above £85,000, HM Revenue and Customs (HMRC) are introducing some important changes which will affect you. They are introducing Making Tax Digital for VAT (MTDfV). These may have a significant effect on how you do your bookkeeping. From your first …