News


Office Opening Times and Links to Government Guidance in England & Wales
20/03/2020
Coronavirus (COVID-19) - our office remains open for the drop off or collection of manual books, Monday to Friday 9am to 5pm. However, we will be holding all future meetings over the phone or internet. Please use the telephone or email to contact us as normal. Stay safe and be well. FOR LATEST GOV.UK guidance to employers and Read more...


The Mortgage Guarantee Scheme
22/04/2021
One of the measures announced at the Budget was the introduction of a new Mortgage Guarantee Scheme to help home buyers purchase property. The scheme was officially made available from Monday, 19 April 2021. The new scheme is designed for prospective home buyers who only have a small deposit and are therefore unable to obtain mortgage Read more...


Recovery Loan Scheme
22/04/2021
The new Recovery Loan Scheme was launched on 6 April 2021. The new scheme allows businesses of any size to access loans and other kinds of finance between £25,000 and £10 million. The scheme will remain open until 31 December 2021 (subject to review). The scheme is intended to provide further support to businesses to help them recover Read more...


Keeping self-employed tax records
22/04/2021
If you are self-employed as a sole trader or as a partner in a business partnership, then you must keep suitable business records as well as separate personal records of your income. For tax purposes, the business records must be held for at least 5 years from the 31 January submission deadline for the relevant tax year. For example, Read more...


Treasury directive re fourth SEISS grant
22/04/2021
HM Treasury has published a further Treasury Direction made under the Coronavirus Act 2020, ss. 71 and 76, which modifies and extends the effect of the Self-Employment Income Support Scheme (SEISS). The new Direction mainly deals with the expansion of the SEISS from 1 February 2021 to 30 April 2021, officially referred to as the SEISS Read more...


Correcting errors on VAT returns
22/04/2021
Where an error on a past VAT return is uncovered, businesses have a duty to correct the error as soon as possible. As a general rule, any necessary adjustment can be made on a current VAT return. However, in order to be able to do so, there are three important conditions that must be met: The error must be below the reporting Read more...


Small trading tax exemption for charities
22/04/2021
The tax treatment of charities can be complex. Many charities trade either as part of their charitable interests or to raise funds. As a first step, any charity hoping to benefit from any beneficial tax treatment needs to be recognised as a charity for UK tax purposes by HMRC as well as meeting other criteria. A charity will not pay tax Read more...


Vaccine for your business
20/04/2021
There is a poignant similarity between the effects of COVID on us personally and our businesses. Thankfully, the possible dire consequences of catching the Coronavirus bug are being countered by a variety of vaccines. Fingers crossed that these will ease the pressure on the NHS and minimise the distress that this dreadful virus has Read more...


A reminder that not all costs are costs…
20/04/2021
Costs are defined as something that has to be paid or spent to acquire something. Costs include the acquisition of: An object, say material required to convert into saleable goods. A service, for example, sub-contact labour or A right, the rates you pay to occupy business premises. In your accounts, these costs would appear as Read more...


HMRC’s new penalty regime
15/04/2021
HMRC’s new points-based penalty regime for late submission and payment will start from 1 April 2022. The changes will apply in the first instance to the submission of VAT returns for VAT return periods beginning on or after 1 April 2022. The penalty regime will then be extended to Making Tax Digital (MTD) Income Tax Self-Assessment Read more...

The latest news on changes in taxation – if you would like to talk about any of this in more depth, please contact us.

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Office 10, Broadaxe Business Park
Presteigne
Powys
LD8 2UH
Phone: 01544 260215
Email: sfh@shousego.co.uk

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