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NEWSLETTER Thursday, 06 August 2020

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Welcome to this month's issue of the Makesworth Accountants newsletter. 

We hope you find our articles of interest.

National Business awards 2020
Avalara top 100 accountants
HMRC outlines Job Retention Bonus criteria
Treasury sets out next steps for Making Tax Digital
Government announces review of business rates scheme
Eat Out to Help Out now up and running
Chancellor asks OTS to review capital gains tax
Overclaimed COVID grants
Tax implications of providing PPE to employees
Temporary cut in SDLT – Who benefits?
Selling the buy-to-let property at a loss
Claiming the second grant under the SEISS
Maintaining your NIC contributions record during Covid-19
Helping you beat your competition this summer
Makesworth app
 
National Business awards 2020

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Makesworth Accountants are very pleased to announce that we have been nominated in three awards category of SME National Business awards 2020.

Business person of the Year Service Excellence High Grow Business of the Year -Finalist These nominations show the hard work our team and firm have mustered to provide the high quality services to our clients throughout the years. With our motto - Helping You Grow - we contributed the growth of our client, resulting in our own growth. We will not stop here and hence, despite the adverse circumstances we are providing services to our clients going above and beyond.  Read more
 
Avalara top 100 accountants

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The Accounting Top 100 social media leaderboard ranks accounting professionals based on their overall presence, influence, and engagement on social media platforms.

Each user’s rank is determined by that user’s Kred Influence and Outreach scores in addition to a list of custom metrics, and all updated rankings are displayed in new leaderboards generated every two weeks.

 Read more
 
HMRC outlines Job Retention Bonus criteria

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HMRC has outlined the eligibility requirements for the Job Retention Bonus (JRB) that follows the furlough scheme as part of the government's measures to support the economy through the COVID-19 lockdown.

A self-employed individual or member of a partnership who meets the eligibility criteria and whose business has been adversely affected by Coronavirus on or after 14 July 2020 can claim the second grant under the SEISS. As with the first grant, HMRC will write to traders who they believe to be eligible to make a claim.

 Read more  
 
Treasury sets out next steps for Making Tax Digital

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On 21 July, the Treasury set out the next steps in its plan to extend Making Tax Digital (MTD) to all businesses and those taxpayers that file self assessment returns.

Currently, businesses above the VAT threshold of £85,000 are required to comply with Making Tax Digital for VAT (MTD for VAT).

 Read more
 
Government announces review of business rates scheme

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The government has published a call for evidence on the overhaul of the business rates system that applies in England.

The government announced at the 2020 Budget in March that it would conduct a review of the business rates system in England. It is seeking views from businesses, business representative organisations, local authorities, rating agents, others involved in the operation of the system and anyone interested in the business rates or wider tax system.

 Read more  
 
Eat Out to Help Out now up and running

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On 1 August, the government's Eat Out to Help Out scheme began operating at eateries across the country.

The scheme was announced by Chancellor Rishi Sunak in his Summer Economic Update. It provides a 50% reduction of up to £10, for sit-down meals in participating cafes, restaurants and pubs across the UK from Monday to Wednesday every week throughout August 2020.

 Read more
 
Chancellor asks OTS to review capital gains tax

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Chancellor Rishi Sunak has asked the Office of Tax Simplification (OTS) to carry out a thorough review of capital gains tax (CGT).

In a letter to the OTS, the Chancellor requested that the independent office review CGT and aspects of the taxation of chargeable gains in regard to individuals and small businesses.

 Read more  
 
Overclaimed COVID grants

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Taxpayers who have received CJRS or SEISS grants are urged to doublecheck their entitlement as the 90 day period to inform HMRC of any overclaimed amounts is now law.

Finance Act 2020 includes legislation that the Coronavirus Job Retention Scheme (CJRS), Self-employment Income Support Scheme (SEISS), Coronavirus Statutory Sick Pay Rebate Scheme and coronavirus business support grants are taxable. As well as including HMRC powers to recover grant payments to which the taxpayer is not entitled and penalty provisions.

 Read more
 
Tax implications of providing PPE to employees

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The Covid-19 pandemic has seen many employees being required to wear personal protective equipment (PPE) at work. The way in which this is provided and the extent that it is needed to enable the employee to undertake the duties of their employment will determine the associated tax implications.

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HMRC have published guidance on the treatment of certain expenses provided to employees during the Coronavirus pandemic. While this covers the provision of PPE, there are some gaps.

 Read more
 
Temporary cut in SDLT – Who benefits?

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To boost confidence in the property market and to maintain the momentum that has been gained since the easing of lockdown, the Government has announced a temporary increase in the residential stamp duty land tax (SDLT) threshold. From 8 July 2020 until 31 March 2021, the residential SDLT threshold is increased from £125,000 to £500,000.

Above £500,000 the normal residential rates apply. SDLT applies to properties in England and Northern Ireland.

 Read more  
 
Selling the buy-to-let property at a loss

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The Covid-19 pandemic has caused financial hardship for many and the need to release funds may lead to a decision to sell a buy-to-let or second property. While the temporary increase in the residential SDLT threshold may give the property market a boost, it is still possible that the sale of the property may result in a loss.

Where a loss is realised, how can this be used?

 Read more
 
Claiming the second grant under the SEISS

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Claims for the second grant under the Self-Employment Income Support Scheme (SEISS) can be made from 17 August 2020 onwards.

Who can claim?

A self-employed individual or member of a partnership who meets the eligibility criteria and whose business has been adversely affected by Coronavirus on or after 14 July 2020 can claim the second grant under the SEISS. As with the first grant, HMRC will write to traders who they believe to be eligible to make a claim.

 Read more  
 
Maintaining your NIC contributions record during Covid-19

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The Covid-19 pandemic has meant that many people will suffer a reduction in income in 2020/21. Not all individuals are eligible for support under the Coronavirus Job Retention Scheme or the Self-Employment Income Support scheme, and those who are eligible for the grants will not generally receive their full pay.

Where income drops this may have an effect on the National Insurance contributions payable and the individual’s contributions record, which in turn determines their entitlement to the state pension and contributory benefits. A person reaching state pension age on or after 6 April 2016 needs 35 qualifying years to receive the full single tier state pension.

 Read more
 
Helping you beat your competition this summer

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Picking up in many sectors as we enter the “new norm”, but many of you could be asking yourselves:

How can I now differentiate my business? How can I optimise my sales? What is the best marketing strategy for my business? To guide you through these questions (and more), Makesworth accountants have invested in securing the expertise of Amit Sodha, an ActionCOACH Business Accelerator, to deliver a FREE and exclusive webinar for Makesworth clients. From this webinar you will learn some tried and tested strategies which have proven to generate steady profits during previous recessions and which have also proven to work during this pandemic too.  Read more
 
Makesworth app

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ACCOUNTING JUST GOT SMARTER.

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If you would like to discuss any of these articles in more detail, please call us in the office. 


Kind regards

Makesworth Accountants

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Meet Sanjay


Sanjay is the founder of Makesworth Accountants and has a huge impact in transforming the firm into a fast-growing business. He sits in ACCA Practitioner’s Panel Network and has been interviews by ACCA as an influential figure for his enthusiasm for wanting to make a difference and influence younger generations.

 Visit website  Linkedin  Twitter

Makesworth Accountants

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In preparing and maintaining this newsletter every effort has been made to ensure the content is up to date and accurate. However, laws and regulations change continually and unintentional errors can occur and the information may be neither up to date or accurate. Makesworth Accountants makes no representation or warranty (including liability towards third parties), express or implied, as to the accuracy, reliability or completeness of the information published in this newsletter. The articles shared with you in this email are intended to inform rather than advise. If you do or do not take action as a result of reading this newsletter, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

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