News
Simia Wall Client Support (Email 5)
09/03/2021
We hope you are keeping safe during this very trying time, and that you and your family have not been too badly affected by COVID.
We would like to take this opportunity to thank you for your continued business and your understanding in how we have
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BREXIT- GENERAL INFORMATION
03/12/2020
Please find below a summary of the general issues your business needs to be aware of post 01/01/2021.
COMPANY LAW
UK businesses with a branch operating in the EU will become a third country business in the event of no-deal, and so will need to
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Simia Wall Client Support (EMAIL 2)
24/03/2020
Dear Client,
We have now had the weekend to digest what has been an unprecedented week for the UK - where citizens have been asked to isolate, social distance, stay away from family and friends, not panic buy. Businesses, employees, casual workers,
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Simia Wall Client Support (EMAIL 1)
17/03/2020
In view of the current COVID-19 pandemic, we want to send you all our best wishes.
In terms of our services, we have full contingency plans in place to ensure we can continue to offer the best service possible, especially where social isolation and
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Archiving international trade documents
08/04/2021
There are important rules that all businesses must follow to keep business and accounting records accessible if requested by HMRC. The exact documentation that must be held and the time limits for doing so can vary significantly. For example, most
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National Minimum and Living Wage increases 1 April 2021
08/04/2021
The new National Minimum Wage (NMW) and National Living Wage (NLW) rates came into effect on 1 April 2021. The new rate for the NLW is £8.91 which is a 19p increase over last year. The NLW is the minimum hourly rate that must be paid to those aged 23
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Companies can claim super-deduction from 1 April
08/04/2021
The new super-deduction tax break, that will allow companies to deduct 130% of the cost of any qualifying investment from their taxable profits, is available on most new plant and machinery investments that ordinarily qualify for 18% main rate
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Exempt beneficial loans
08/04/2021
An employee can obtain a benefit when provided with an employment-related cheap or interest-free loan. The benefit is the difference between the interest the employee pays, if any, and the commercial rate the employee would have to pay on a loan
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Claims to reduce payments on account
08/04/2021
Self-Assessment taxpayers are usually required to pay their Income Tax liabilities in three instalments each year. The first two payments are due on 31 January during the tax year and 31 July following the tax year.
These payments on account are
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Annual party benefits
08/04/2021
The cost of a staff party or other annual entertainment is generally allowed as a deduction for tax purposes. If you meet the various criteria outlined below then there is no requirement to report anything to HMRC or pay tax and National Insurance.
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5% late penalties apply from 1 April 2021
01/04/2021
Self-Assessment taxpayers that failed to pay their outstanding tax liabilities or set up a payment plan by midnight on 1 April 2021 will be charged a 5% late payment penalty charge.
Under the normal rules a 5% late payment penalty would have been
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New support for High Streets and sea-side towns
01/04/2021
As lockdown measures begin to be eased, a new package of support measures to help high streets and coastal areas across England has been announced by the Communities Secretary Robert Jenrick. The support will be delivered via a new £56 million
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£1.5bn boost for rates relief
01/04/2021
A new Business Rates relief fund will provide a £1.5 billion tranche of support to businesses outside the retail, hospitality, and leisure sectors affected by COVID-19.
Retail, hospitality and leisure businesses have not been paying rates during the
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OTS recommended changes to IHT
01/04/2021
The Financial Secretary to the Treasury has written to the Office of Tax Simplification (OTS) to confirm that HM Treasury strongly supports some key recommendations on changes to Inheritance Tax.
The government announced on 23 March 2021 that it
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Film and TV restart scheme
01/04/2021
The government’s £500 million scheme to kickstart film and television production entitled the Film and TV Production Restart Scheme, helps UK film and TV productions struggling to secure insurance for COVID-19 related costs.
The Scheme allows TV and
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Updating Self-Assessment tax returns
01/04/2021
There are special rules to follow if you have submitted a Self-Assessment return and subsequently realise you need to change it. This can happen if for example you made a mistake like entering a number incorrectly or missing information from the
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Disposing of garden or grounds
25/03/2021
In general, there is no Capital Gains Tax (CGT) on a property which has been used as a main family residence. This relief from CGT is commonly known as private residence relief.
However, there are some grey areas which might result in CGT being due
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Have you claimed too much from furlough scheme?
25/03/2021
HMRC’s guidance makes it clear that any business that makes an error in making a Coronavirus Job Retention Scheme (CJRS) claim must pay back any amount overclaimed. Any claims based on inaccurate information can be recovered by HMRC.
If you’ve
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