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The Chancellor, Rishi Sunak continued with his campaign to support the business and jobs community today, 8 July 2020, as firms engage with the disruption caused by the coronavirus outbreak and the measures taken to control infection.
The main ... read more
Redundancy process map
Acas has published a process map for employers who are having to consider making redundancies due to coronavirus. The interactive tool has been designed to help employers better understand redundancy processes, required steps and good practice when ... read more
The new reality
It may be some time before we could state with some certainty that it was back to business as usual; usual being the business environment before the arrival of Coronavirus.
What has changed?
The major change has been the dampening of demand due to ... read more
What is working capital?
Accountants would say that working capital is the difference between current assets and current liabilities. It is the capital of a business used in day to day trading operations.
Current assets are generally those that can be converted into cash ... read more
Updated HM Treasury instructions re: CJRS
On 26 June 2020, the Chancellor, Rishi Sunak made a further (third) Treasury Direction under sections 71 and 76 of the Coronavirus Act 2020 concerning the Coronavirus Job Retention Scheme (CJRS).
There are a number of important changes to the way ... read more
Government support for pubs, cafes and restaurants
The government has confirmed a further easing of lockdown as pubs, cafes, restaurants, hotels, hairdressers and cinemas have been given permission to reopen in England from 4 July. The launch date has been dubbed as Super Saturday. These changes will ... read more
Financial help for debt advisers
The government has announced that an extra £37.8 million will be made available to support debt advice providers during 2020-21. The distribution of the money will be overseen by the Money and Pensions Service (MaPS). MaPS will set out the ... read more
Reporting Capital Gains on residential property
The Capital Gains Tax (CGT) reporting and payment date for UK residents that sell a residential property changed from 6 April 2020. This change means that any CGT due on the sale of a residential property needs to be reported and a payment on account ... read more
Vehicle MOT dates
The government has announced that mandatory MOT tests for car, motorcycle and van owners in England, Scotland and Wales are to be reintroduced from 1 August 2020. This means that all drivers whose vehicle is due for an MOT test from 1 August will be ... read more
Trusts and CGT
A trust is an obligation that binds a trustee, an individual or a company to deal with the assets such as land, money and shares which form part of the trust. The person who places assets into a trust is known as a settlor and the trust benefits one ... read more
IHT exemption for gifts out of income
It is possible for wealthier taxpayers to take advantage of the IHT exemption for gifts and payments that are paid as normal expenditure out of income. This is a very flexible exemption from IHT as there are no specific requirements, for example, ... read more
Stock valued at net realisable value
One of the acceptable methods to value stock is at the lower of cost and net realisable value (NRV). NRV is broadly defined as the estimated selling price of an asset less any disposal costs.
HMRC provides the following guidance in their Business ... read more
Shielding measures to be relaxed in England from 1 August 2020
From 1 August 2020 onwards, it is intended that the shielding programme will be paused in England so clinically extremely vulnerable people will no longer be advised to shield. From an employment perspective, this means that, if they cannot work from ... read more
What are debits and credits?
You may have come across the terms debit and credit and perhaps wondered exactly what do they mean?
Certainly, if you are a bookkeeper or accountant you will or should understand their significance.
The first book on the subject was written by ... read more
Literally, the word depreciation means a reduction in the value of an asset over time. It recognises the fact that if you buy assets for your business – cars, plant, computers etc – as time marches on the value of those assets will ... read more