Updated HM Treasury instructions re: CJRS
On 26 June 2020, the Chancellor, Rishi Sunak made a further (third) Treasury Direction under sections 71 and 76 of the Coronavirus Act 2020 concerning the Coronavirus Job Retention Scheme (CJRS).
There are a number of important changes to the way the revised scheme works that started to come into
Government support for pubs, cafes and restaurants
The government has confirmed a further easing of lockdown as pubs, cafes, restaurants, hotels, hairdressers and cinemas have been given permission to reopen in England from 4 July. The launch date has been dubbed as Super Saturday. These changes will see a further move towards the reopening of
What are debits and credits?
You may have come across the terms debit and credit and perhaps wondered exactly what do they mean?
Certainly, if you are a bookkeeper or accountant you will or should understand their significance.
The first book on the subject was written by Italian mathematicians in 1494.
Essentially, double
Depreciation
Literally, the word depreciation means a reduction in the value of an asset over time. It recognises the fact that if you buy assets for your business – cars, plant, computers etc – as time marches on the value of those assets will decrease.
In double entry bookkeeping terms, the value of an asset
SEISS extended to new parents
The government has announced that the scope of the Self-employment Income Support Scheme (SEISS) will be extended to help new parents. The newly announced measures are designed to help new parents whose trading profits dipped in 2018-19 because they took time out to have children.
The change in the
Drawings, profits and tax
If you are self-employed – this article does not apply to the directors and shareholders of limited companies – there is often a mis-match between the amount you draw from your business and your tax bill.
When times are good profits may be high, but you may have decided to keep your personal
Option to defer VAT payments ends 30 June 2020
The option to defer your VAT payments ends on 30 June 2020. The Coronavirus VAT payment holiday gave businesses the chance to defer the payment of any VAT liabilities between 20 March 2020 and 30 June 2020.
Businesses that took advantage of deferring their VAT payments should consider the
Why footfall is important
All businesses have customers, According to HMRC, even they have customers…
Sales are the amount of goods and services that you provide your customers and there are three main features that affect your annual turnover:
Number of customers
Price
Footfall
The first is fairly obvious, the more
New guidance for shop owners
The HM Government guidance titled Working safely during COVID-19 in shops and branches has been updated. The updates relate to managing product handling and returns, the test and trace service, safer travel and managing security risks.
The guidance is relevant to all retail stores, bank branches,