Blog
Cloud Accounting for the post-pandemic era
Posted 14th June 2021 at 10:01 am
Over the last 18 months, the world has got much more used to remote working, and solutions which facilitate it, such as cloud-based software. Here at E R Grove we have been offering cloud based accountancy solutions for our clients for some time now, so if you haven’t yet taken advantage of these, now might be the perfect time to check them out! What are the benefits of Cloud Accounting? Cloud Accounting is a web-based software which you can access anywhere, anytime and through any device, giving you more flexibility to run your business than traditional bookkeeping processes. It... Read more
Reimburse private fuel by 6th July to avoid fuel benefit
Posted 8th June 2021 at 9:34 am
One consequence of the recent periods of lockdown 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 by 6 July 2021 for the 2020/21 tax year. If not, the benefit needs to be reported on the employee’s form P11d for 2020/21. Note that the CO2 emissions percentage for the car is multiplied by the £24,500 notional list price used to... Read more
Brexit Support Fund
Posted 31st May 2021 at 4:24 pm
The Brexit Support Fund provides grants to small and medium-sized traders to access practical support to help them deal with changes to the trade rules with the EU, provided that they do not already import or export goods from or to a non-EU country. Eligible businesses can apply for grants of up to £2,000. A business can apply for the Brexit Support Fund if: it is established in the UK for at least 12 months (or holds Authorised Economic Operator Status) it has not previously failed to meet tax or customs obligations; it has 500 or fewer employees; it... Read more
Restart your recovery from Covid-19
Posted 21st May 2021 at 4:14 pm
Two government schemes are available to help businesses rebuild after the disruption of the Covid-19 pandemic. In this blog we look at the Restart Grant Scheme and Recovery Loan Scheme and how these could benefit your business. Restart Grant Scheme Businesses in certain sectors in England can apply for the restart grant scheme to help them reopen as Covid-19 restrictions are lifted, and businesses have been able to claim for these since 1st April via their local council. The amount of the available grant varies by sector. For example, eligible businesses in the non-essential retail sector may be entitled... Read more
SEISS: Grants 4 & 5 information
Posted 17th May 2021 at 7:12 pm
The Self-Employment Income Support Scheme (SEISS) was late arriving compared to other forms of government support to mitigate the effects of the Covid-19 pandemic, and has been changed and altered frequently over the last year. The details of the final two SEISS grants are discussed below. SEISS Grant 4 Grant 4 of the SEISS is a departure from the previous grants, which were much vaguer when it came to what qualified as being ‘adversely affected’ by the Covid-19 pandemic. In order to qualify for Grant 4, you now have to prove a significant reduction in trading profits as a... Read more
CJRS: The final phase
Posted 17th May 2021 at 6:50 pm
Launched at the start of the Covid-19 pandemic, the Coronavirus Job Retention Scheme (CJRS) has been an instrumental part of the government’s strategy to protect businesses and jobs during this challenging period. There have been some alterations to the CJRS along the way, and the scheme now provides furloughed and flexibly furloughed employees with grants equal to 80% of their ‘usual’ pay for their unworked hours. The final phase of the CJRS runs from 1 May 2021 to 30 September 2021. To benefit from a grant in the final phase of the scheme, a claim does not have to... Read more
Benefits in Kind Tax Changes for 2021/22: Your essential guide
Posted 14th May 2021 at 7:33 am
In this blog, we outline the key benefits in kind tax changes that you need to know about for the tax year 2021/22. Look out for our other blogs detailing the changes to other types of tax this tax year. Employer-reimbursed coronavirus antigen tests In addition to the existing National Insurance disregard which continues into this tax year, a statutory exemption will be introduced (with retrospective effect for 2020/21 as well as covering in 2021/22) to prevent an income tax charge arising where an employer reimburses an employee for the cost of a Coronavirus antigen test. Home office... Read more
National Insurance Changes for 2021/22: Your essential guide
Posted 9th May 2021 at 12:08 pm
In this blog, we outline the key personal tax changes that you need to know about for the tax year 2021/22. Look out for our other blogs detailing the changes to other types of tax this tax year. The Class 1 National Insurance lower earnings limit remains at £120 per week. However, the Primary Threshold is increased to £184 per week and the Secondary Threshold to £170 per week, while the Upper Earnings Limit is increased to £967 per week. Both the Upper Secondary Threshold for under 21s and Apprentices also rise to £967 per week. The Main... Read more
Corporation Tax & VAT Changes for 2021/22: Your essential guide
Posted 7th May 2021 at 8:55 am
In this blog, we outline the key corporation tax and VAT changes that you need to know about for the tax year 2021/22. Look out for our other blogs detailing the changes to other types of tax this tax year. Corporation Tax The Corporation Tax Rate remains unchanged at 19% for the financial years 2021 and 2022. From April 2023 however, companies with taxable profits of more than £250,000 will pay corporation tax at a main rate of 25%. A small profits rate of 19% will apply to companies with profits of £50,000 or less. Companies with profits of... Read more
Personal Tax Changes for 2021/22: Your essential guide
Posted 4th May 2021 at 11:32 am
In this blog, we outline the key personal tax changes that you need to know about for the tax year 2021/22. Look out for our next blogs detailing the changes to other types of tax this tax year. Income Tax Allowances, Rates & Thresholds The Personal Allowance has been frozen for five years, remaining at £12,570 until April 2026. (Apart from those whose adjusted net income exceeds £125,140, who are not eligible for the personal allowance). The Married Couple’s Allowance has been increased to £9,125 for 2021/22. To be eligible for this allowance, one spouse or civil partner must... Read more