Profit and turnover levels are often the two most prominent factors business owners consider. However, the significance of cash should not be underestimated. Increased cashflow scrutiny is often afforded in more challenging times, but can be equally important in supporting future growth plans. Challenging times Cashflow problems are typically one of the first signs a […]
Magma Chartered Accountants are delighted to announce seven new promotions across its Audit, Business Services and Tax divisions. George Wake and George Newton, in Magma’s Audit & Accounts team, have both been promoted to Assistant Manager, with Louise Kirkland and Fiona Porter also appointed Business Services’ Assistant Managers. In the tax teams, Hayley Anstee is […]
With the consequences of the COVID-19 pandemic still pertinent across so many industries, business owners may find it more valuable than ever to focus on their core business – and look to outsource back-office tasks such as payroll and bookkeeping. So what are some of the advantages to outsourcing? Saves your business money Outsourcing may […]
Chancellor Rishi Sunak has delivered his Budget 2021 against the backdrop of the extraordinary economic challenges resulting from the COVID-19 pandemic. In this Budget 2021 summary we provide some details of the tax changes announced that will be of interest to owner managed businesses, entrepreneurs and private clients. We hope you enjoy reading this and […]
HMRC has updated guidance on how to register for the online service to pay VAT payments deferred between 20th March and 30th June 2020 due to the covid-19 pandemic. Last year saw the Government provide VAT registered businesses with cash flow help during the first lockdown by offering to defer their VAT liability arising between […]
Legislation will be introduced to extend the 100% first year (capital) allowances (FYAs) for low CO2 emission cars, zero-emission goods vehicles and equipment for gas refuelling stations by 4 years from April 2021. On the back of the Prime Minister, Transport Secretary and Business Secretary announcing the end of the sale of new purely petrol […]
HM Revenue & Customs (HMRC) has recently confirmed that the annual parties exemption in ITEPA 2003 s 264 can apply equally to virtual parties, such that the cost of providing food, entertainment, equipment and other expenses which may be incurred in hosting a virtual event, will be exempt, subject to the normal conditions of the […]
The Job Support Scheme(JSS) which was due to start on 1 November will now be delayed as the Prime Minister has announced a one-month extension to the CJRS to ensure furloughed employees continue to receive 80% of their wages. The extended CJRS puts the level of support back up to August, when the government was […]
The existing furlough scheme (CJRS) will end in a matter of days, and will be replaced on 1st November by the Job Support Scheme (JSS) which will run until 30 April 2021. This will work differently depending on whether a business is open or closed. A business that is open but experiencing reduced demand due […]
Chancellor Rishi Sunak has announced further measures to support businesses covering three main areas: The new Job Support Scheme means that for six months from 1 November the Government will top up the wages of those workers on reduced hours. Employees must work at least 33% of their regular hours, for the remaining hours not […]
