Category Archives: Uncategorized

CJRS “Furlough” Grant Scheme from 1 May 2021 – 30 September 2021

Lately a few of our clients have asked to clarify how much government support is available to their employees from the CJRS “furlough” grant scheme. The fourth version of the scheme started 1 May 2021 and will run until 30 September 2021. Eligibility from 1 May 2021 In order to be included in a CJRS…

How will Making Tax Digital (MTD) apply to you?

Every taxpayer in the UK, whether a business or individual, will have a Digital Tax Account set up with HMRC and all tax data will be held in one place in this Digital Tax Account (but not all at once). Paper records will no longer be sufficient or allowed. For VAT registered businesses with a…

Capital Gains Tax (CGT) Changes

i.     PRIVATE RESIDENCE RELIEF  Draft legislation to be included in the next Finance Bill will make important changes to the calculation of CGT private residence relief. As announced in the Autumn 2018 Budget, there will be a reduction in the final period exemption to just 9 months and stricter conditions for letting relief to…

Taking a lodger? Don’t forget to claim “rent a room” relief

HMRC are carrying out a review of rent a room relief to discover whether the scheme, introduced back in 1992 provides the right incentives for the rental market. The current scheme exempts from tax, gross rents up to £7,500 where rooms within the taxpayer’s main residence are rented out. Most accountants that responded to the…

How to change the direction of your business (and stay profitable)

Changing the direction of your existing business is challenging, hard and time-consuming work – and certainly not an enterprise for the faint hearted! But, on the flipside, when a chance is carried out well it can also be a highly rewarding and profitable move for you and your business. How, then, do you decide if…

How to change the direction of your business (and stay profitable)

Changing the direction of your existing business is challenging, hard and time-consuming work – and certainly not an enterprise for the faint hearted! But, on the flipside, when a chance is carried out well it can also be a highly rewarding and profitable move for you and your business. How, then, do you decide if…

4 ways to improve your farming business: 2. Understand tax and capital gains

Getting a better understanding of your tax liabilities is a fundamental tool in improving the financial success of your farm or agricultural business. As we highlighted in our previous blog, it’s vital that you have a clear focus on maintaining positive cash flow and have profitability built into your farm’s business model.  And one of…