Chancellor Rishi Sunak has delivered his summer statement with an emphasis on jobs and the economic recovery. I will go through the main points raised; however, the detailed guidance hasn't been published yet.
Job Retention Bonus
Employers will receive a one-off payment for every employee who has been furloughed and who remains continuously employed until 31st January 2021. To be eligible, employees will need to fit in ...Read More
Chancellor Rishi Sunak's announced on Friday updates to the Furlough scheme and a second SEISS grant, below are the main points that you need to know.
Job Retention Scheme
The government announced a few weeks ago that the CJRS was to be extended until 31st October, on Friday Chancellor Rishi Sunak gave us more information on the changes however further guidance will be published o...Read More
A few weeks ago the government announced that there would be another grant fund available to those that had missed out on the rates grants. This is a discretionary fund for the local council to administer from guidelines given to them by the government.
The original guidelines however were quite bemusing as one of the criteria excluding people from applying was if they had received or were eligible for SEISS (Self-Employed Income Support Scheme). Th...Read More
The government has announced another scheme to help out small businesses. As the Coronavirus pandemic continues to cause disruption to our 'normal lives', it is hard to see the light at the end of the tunnel.
The new Bounce Back Loans (BBL) could be the answer for many small businesses. Unlike the CBILS, which are very difficult and time consuming to get, the BBL is very simple and straight forward. There are no cashflow forecasts needed, no credit checks and no long delays before an answer is reached, and fun...Read More
Automated data entry
Receipt Bank simplifies the time-consuming, monotonous task of data entry so you can spend more time on actively making your business a success.
Receipt Bank has many ways in which you can upload your bills, take a picture using your smart phone or tablet app, scan and upload, email or use drop box to save your documents, receipt bank will then scan the drop box and upload all new documents. In addition, you can opt to post your receipts to Receipt Bank and they will upload them all for you.
There are several ways to get the receipts into Receipt Bank, such as the phone app, which utilises your phone’s camera; drag and drop documents into the web-based app; email docs to ...Read More
With the 2017/18 self-assessment tax return deadline well out of the way, attention is now turning towards Making Tax Digital, the key element of the Government’s tax administration plans.
What exactly is Making Tax Digital (MTD)?
Making Tax Digital (MTD) is an HMRC initiative designed to make sure the UK tax system is both effective and efficient whilst being easier for taxpayers.
Effective because taxation records will be more accurate, with fewer opportunities for errors, miscalculations and even fraudulent activity.
Efficient because the automation of the taxation process will make it faster, helping businesses, accountants and HMRC save valuable time.
Easier because using the correc...Read More
More than 11.5 million people were required to file their 2017/18 Self Assessment tax returns by the 11.59pm deadline on January 31st. Of those, 93.68% were submitted on time, which set a new record according to HMRC.
The number of taxpayers who filed online reached more than 10 million for the first time, with over 700,000 returns being submitted on the deadline day itself, and the peak hour being between 4pm and 5pm with a whopping 60,000 returns submitted.
HMRC have released this year’s statistics :
- 11,564,363 total Self Assessment tax returns due.
- 10,833,177 returns received (93.68%).
- 735,258 taxpayers filed their returns on 31 January.
- 10,129,234 returns were filed online (93.5% of total filed).
However, desp...Read More
DL Accounts Ltd is a family run business which aims to take the stress out of your accounting needs whilst keeping it affordable.
Offering a wide range of services from a basic tax return to the most complex Limited company accounts, we pride ourselves on giving the same personable experience to all clients regardless of business size or type.
Please contact us to arrange your free first consultation where we will discuss your accounting needs and offer a no obligation quote. Plus if you’re already a client and you recommend a friend, you will get a £25 discount off your next set of full accounts, for each successful recommendation.... Read More
Philip Hammond recently delivered his second Budget as chancellor. Here are some of the key points of his speech :
Stamp duty to be abolished immediately for first-time buyers purchasing properties worth up to £300,000.
Tobacco will continue to rise by 2% above Retail Price Index (RPI) inflation, equivalent to 28p on a pack of 20, while the minimum excise duty on cigarettes introduced in March will also rise. Duty on hand-rolling tobacco will increase by additional 1%.
Duty on beer, wine, spirits and most ciders will be frozen, equating to 1p off a pint of beer and 6p of a typical bottle of wine. However, duty on high-strength “white ciders” to be increased in 2019 via new legislation.
Fuel duty rise for petrol and diesel cars scheduled for A...Read More
Making Tax Digital (MTD) is part of the government’s plan to make it easier for businesses to stay on top of their day-to-day accounts. HMRC wants to be one of the most digitally advanced tax administrations in the world – improving efficiency, effectiveness and ease of compliance. The plans signal a major change for and the end of paper accounting for millions across Britain.
So what does all this mean in simple terms? Firstly, communications with HMRC will become automated, making it crucial to maintain up-to-date accounts. Secondly, tax summaries will need to be submitted at least quarterly through software, so that HMRC have an accurate view of accounts.
Sounds complicated, so here at DL Accounts we’re committed to making the transition painless and stress free for every client. We’re getting prepared right now, and making sure that all our clie...Read More