Category Archives: Blog

Furlough grant reduces to 70% for July

For the month of‌‌ July the CJRS Furlough grant support from the government via HMRC reduces to 70% of the employee’s usual pay for hours not worked. This is despite the fact that “Freedom Day” in England has been delayed four weeks to 19 July 2021, and now called “Terminus Day”. The government support to…

We are recruiting for a Recently Qualified Chartered Accountant (part time considered)

We are looking to recruit a recently qualified Chartered Accountant to join our growing team in Carlisle.  This is a great opportunity for a team player who believes there’s more to accounting than balance sheets and spreadsheets. We’ve earned a reputation for honesty, integrity and fairness and we’re committed to serving our local community. The…

Carlisle City Council – Second Round Local Recovery Grant applications

Carlisle City Council are opening a second round of applications for the Local Recovery Grant (ARG) on Monday 12 July. Funding is limited so applications will close on Monday 19 July. To apply for this fund you do not need to have applied for a business grant before. For further details go to www.carlisle.gov.uk/news-and-events/business-support

Check that your shares qualify for CGT business asset disposal relief

A recent case before the tax tribunal has confirmed that all of a company’s shares are ordinary shares except those that carry a fixed rate of return. This is crucial as CGT business asset disposal (BAD) relief requires a shareholder to be entitled to at least 5% of a company’s ordinary share capital in addition…

Beware mini-umbrella company fraud

HMRC are urging businesses to look out for the use of mini-umbrella companies (MUCs) to pay contractors supplying their labour via agencies and other intermediaries. Businesses need to be aware of the financial and reputational risks of such entities in their labour supply chain and carry out due diligence to minimise those risks. You may…

How to propel your business forward in a pandemic

It goes without saying that Covid-19 has had an enormous impact on businesses and on the people who run them.  There’s an ancient Chinese proverb that says “The gem cannot be polished without friction, nor man perfected without trials”.  Although it has been an immensely hard time for some, and vulnerable at best for others,…

Not all benefits need to be reported on form P11D

Despite the coronavirus lockdowns HMRC still expect P11d forms reporting expenses and benefits to be submitted by the normal 6 July deadline. Remember that reimbursed expenses no longer need to be reported where they are incurred wholly, exclusively and necessarily in the performance of the employee’s duties. Dispensations from reporting are no longer required, although…

Car benefit reduced where unavailable

P11d forms reporting benefits in kind provided to employees and directors need to be submitted to HMRC by 6 July. Where a company car is “unavailable” for private use for 30 or more consecutive days the benefit is proportionately reduced. During the various lockdown periods many employees and directors have not been using their company…

Extended loss carry back

The government has announced a temporary extension to the loss carry back rules for trading losses of both companies and unincorporated businesses. For accounting periods ending between 1 April 2020 and 31 March 2022 losses can be carried back 3 years, capped at £2m per year for the extended 2 years. Extended loss carry back…

Reimburse private fuel by 6 July to avoid fuel benefit

Another consequence of the lockdown periods is that employees may have driven fewer private miles in their company cars, particularly where they have not been driving to the office. If they are to avoid being taxed on the provision of private fuel they need to fully reimburse their employer for the cost of private fuel…