COVID GRANT FUNDING from Local Councils

The applications for the small business, hospitality business and rates relief grants are now available. The deadline is 31 March 2021 so please deal with this before this date if you qualify.  The applications are similar on each council site – see below: DUNDEE CITY Dundee City Council website – https://www.dundeecity.gov.uk/coronavirus-covid-19 Click on “Advice for[…]

CORONAVIRUS (COVID-19) GUIDANCE

In these uncertain times I wanted to reach out to you all to let you know we are here to offer support and guidance over the next few months and beyond.   Health and wellbeing are the most important things right now so we made the decision last week that our people are working remotely[…]

RECENT CGT UPDATES

REPORTING PROPERTY GAINS WITHIN 30 DAYS Since 6 April 2020 where UK residential property is disposed of, the resulting capital gain needs to be reported and the capital gains tax paid within 30 days of completion of the disposal. There have been a number of teething problems with the new online reporting system and HMRC[…]

IMPROVING YOUR SALES STRATEGY

In today’s challenging trading environment, a good sales strategy is essential. Talk to existing customers Your current customers are one of your best sources of information. Your existing client base can provide you with valuable feedback about what worked and didn’t work for them during the sales process. Similarly, current customers are an excellent source[…]

PERSONALISATION IN ACCOUNTANCY

Unlike a cosy tweed scarf, there is no one-size-fits-all when it comes to accounting. The ever-changing landscape of 2020 has left businesses revisiting their finances. At MMG Archbold, we create solutions that are unique to our clients and their individual needs. Whether it’s adding alloy wheels to your new car or an extra 5 GB[…]

CHANGES TO CJRS “FURLOUGH” CLAIMS

Note that for the month of August the government will continue to pay 80% of employees’ regular pay for hours that they are furloughed but will no longer pay the associated employer NICs and pension costs. The government support then reduces to 70% in September and 60% in October. Please get in touch if you[…]

HIGH INCOME CHILD BENEFIT CHARGES NOT VALID

A recent tax tribunal has ruled against HMRC who were seeking to raise tax assessments for the high-income child benefit charge (HICBC) for earlier years that had not been reported to HMRC. HICBC is a special tax charge that applies where one member of a couple in receipt of child benefit receives income in excess[…]

INTERACTION WITH VAT FLAT RATE SCHEME

Small businesses with turnover below £150,000 may join the VAT flat rate scheme which makes their VAT accounting much simpler as they pay HMRC a percentage of their VAT inclusive turnover. The temporary reduction in the rate of VAT from 20% to 5% reduces the flat rate percentages for affected businesses as set out below:[…]

VAT TREATMENT OF DEPOSITS

It is fairly common, particularly in the summer holidays, to pay a deposit when booking a hotel or self-catering accommodation but how should the deposit be accounted for? HMRC have confirmed that the hotel has the option of charging VAT according to the ‘basic tax point’ (dates of the stay) rather than the ‘actual tax[…]

MORE DETAILS ON HOSPITALITY VAT REDUCTION

When the Chancellor announced a temporary cut in the rate of VAT for the hospitality sector and attractions in his summer statement on 8 July there were several areas that needed clarification. The reduction applies to supplies made between 15 July 2020 and 12 January 2021. HMRC have now set out more details of which[…]

PROTECTING YOUR BUSINESS AGAINST FRAUD

In these uncertain times, businesses are combatting an increased amount of fraud. Throughout recent months, there have been widespread reports of an uptick in fraudulent websites, charity scams and fake emails purporting to be from banks. This increase in fraudulent activity is being driven by opportunists who are attempting to take advantage of the confusion[…]

CHECKING THE PULSE OF YOUR WORKPLACE

Are you rolling out of a staff survey to analyse the impact of COVID-19? Have you considered how to action the data gathered in a meaningful way? We have experienced change that before 2020, would have seemed unimaginable. As we start to pick apart what might happen next, effective communication has never been more important.[…]