MAKING TAX DIGITAL DURING COVID-19

Three things that have made lockdown manageable: my daily walk, many chocolate biscuits, and the cloud. No, not the cloud I watch float by my window as I daydream about my next getaway, but cloud accounting. It’s tough to comprehend what the past few months would have consisted of if the movement towards making tax[…]

PHISHING – TAKE CARE AND BE AWARE

The phrase ‘phishing’ is an analogy of an angler throwing out a baited hook in the hope that you will bite! Disguised as an important email from a colleague, friend, or business, phishing is becoming more sophisticated and appears to be the on rise throughout the Coronavirus pandemic. According to cybersecurity company KnowBe4, Coronavirus-related phishing[…]

MORE DETAILS ON SELF-EMPLOYED GRANT SCHEME

Like the CJRS scheme for employers, the initial HMRC guidance on the grant scheme to support the self-employed and members in partnerships was also very vague. The self-employed income support scheme (SEISS) allows the self-employed to claim 80% of their average profits for the period up to 2018/19, limited to £2,500 a month, initially for[…]

LEADING A REMOTE TEAM DURING UNCERTAIN TIMES

The uncertainty faced by businesses around the world will test even the greatest managers and leaders. There are some key steps that you can take to ensure your team feel supported, engaged, and ready to tackle what comes next. Communicate and then communicate some more Uncertainty produces anxiety throughout your team, other employees, your firm’s[…]

CONSIDERING YOUR POST-LOCKDOWN STRATEGY

Now is the time to start considering how you can grow your business after lockdown, focusing on potential goals, opportunities or cultural change. Set out your goals The current disruption being experienced by businesses across the world is a huge challenge. However, it may also be an opportunity for your firm. Start by thinking about[…]

CGT PRIVATE RESIDENCE RELIEF CHANGES GO AHEAD

The latest finance bill includes important changes to private residence relief that took effect from 6th April 2020. The first change is to limit to just 9 months for the period prior to disposal that counts as a period of deemed occupation and thus exempt from CGT even though the owners are not living in[…]

IMPACT ON THE HIGH-INCOME CHILD BENEFIT CHARGE

With many employees and the self-employed being furloughed, being made redundant, or making lower profits, their income for 2020/21 may fall below the £50,000 limit at which child benefit starts being taxed. The charge is 1% for every £100 that adjusted net income exceeds £50,000 multiplied by the child benefit claimed in respect of the[…]

COVID-19, WE ARE HERE FOR YOU

At MMGA, we are working around the clock to ensure that we can offer you the best possible advice throughout the Coronavirus outbreak. As you will have seen in our recent Bean Counter updates, we now have a dedicated web page to provide you with up-to-date information which can be found here. I would also[…]

DIGITAL ACCOUNTING UPDATES

HMRC PASSWORD UPDATES HMRC will be changing its password rules this month, we recommend that use the HMRC password reset service to create a new password. You should then use your new password to access HMRC’s services from FreeAgent/QBO/Xero. If you choose not to reset your password, you may not be able to access HMRC[…]

2020 BUDGET ANNOUNCEMENTS

On the 11th of March, the 2020 budget was announced by Chancellor Rishi Sunak. We have summarised the relevant updates, including those that have recently been amended by Covid-19. We hope you find this information useful. As always, if you have any further enquiries please don’t hesitate to get in touch with a member of[…]