Contributions towards capital expenditure
A wide variety of grants or subsidies are available to businesses and can be received in addition to their ordinary business income. It is important to identify these contributions and to establish whether they are capital or revenue in nature.
Funding which facilitates capital expenditure, such as
Sale of income in exchange for capital amount
A capital sum received by an individual in respect of the sale or relinquishment of income derived from their personal activities can sometimes be treated as earned income and chargeable to Income Tax. If this is the case, the amount charged to Income Tax is not also charged to Capital Gains
Registration of partnerships with HMRC
A Partnership is a relatively simple way for two or more persons (or legal entities) to set up and run a business together with a view to profit. Partnerships can take many forms. Legal persons other than individuals can also be partners in a partnership.
There are two main types of partnership, a
Filing deadlines for company confirmation statement
As well as filing accounts with Companies House, there is an important requirement to check that the information Companies House has about your company is correct. This is facilitated by the filing of an annual company confirmation statement. The confirmation statement was introduced in June 2016
Temporary extension to the Help to Buy scheme
The Help to Buy equity loans scheme is open to both first-time buyers and home movers on new-build homes in England with a purchase price up to £600,000. The Help to Buy equity loans provide a low-interest loan towards the deposit. The loan is interest free for the first 5 years. New home buyers
Job Support Scheme for closed businesses
The CJRS or furlough scheme ended on 31 October 2020 and has been replaced by the Job Support Scheme (JSS). This JSS has been designed to help businesses and employees deal with a fresh spike of the virus and a winter of uncertainty.
The JSS is now split into two parts, the JSS Open for businesses
Venues required to enforce rule of six
Since 18 September 2020, many designated venues in England have been required to enforce the rule of 6. The ‘rule of 6’ bans any social gathering of more than 6 people, except under limited circumstances such as if a single household or support bubble includes more than 6 people.
Services included
Carry back charitable donations
If you pay Income Tax at the basic rate no additional relief is due on your charitable donations. However, if you are a higher rate or additional rate taxpayer then you can claim tax relief on the difference between the basic rate and your highest rate of tax. This relief is given by increasing your
JSS – financial impact test for large employers
The Job Support Scheme (JSS) Open is available from 1 November 2020 for businesses that remain open but with employees working reduced hours. Employees must work at least 20% of their usual hours, paid as normal, in order to qualify for the JSS Open. The employee will then receive 66.67% of their
JSS fraudulent claims
The Job Support Scheme (JSS) has replaced the Coronavirus Job Retention Scheme (CJRS) which came to an end on 31 October 2020.There are significant concerns that between 5%-10% of claims made under the CJRS were fraudulent or made in error.
There are additional anti-fraud measures in place to help