Blog
Do you pay tax on Prize Money?
Posted 9th March 2021 at 11:42 am
If you’re lucky enough to win big money, your first thought is unlikely to be about your tax responsibilities, but more likely to be about how you’re going to spend it! At some point down the line, however, it is of course important to consider the tax implications of winning money. Fortunately, the rules are not too complicated if you win money that is unrelated to your profession – for example from gambling, the lottery or a radio phone-in competition. In these circumstances, you do not have to pay tax. If, however, you win a prize or award... Read more
Theatre Tax Relief
Posted 8th March 2021 at 11:27 am
Times have been particularly tough for the theatre and live arts sector over the last 12 months, and particularly so for those organisations who already relied on a combination of public funding and ticket sales to keep them afloat. With the theatre sector hoping for a return to normal by the Autumn, companies will be looking for ways to save money, and fortunately there is already a government scheme that can help them to do so. Theatre Tax Relief is one of the Creative Industry tax reliefs – a group of 8 Corporation Tax reliefs that allow qualifying companies to... Read more
Video Games Tax Relief
Posted 6th March 2021 at 2:19 pm
Companies who make video games may qualify for tax relief under the government’s Creative Industry tax reliefs – a group of 8 Corporation Tax reliefs that allow qualifying companies to increase their amount of allowable expenditure. This can reduce the amount of Corporation Tax the company needs to pay, or in the case of a loss, may allow them to convert some or all of this loss into a payable tax credit. Your company can claim Video Games Tax Relief if: the video game is intended for supply to the general public at least 25% of core expenditure is... Read more
Fee Protection: What is it and why do you need it?
Posted 3rd March 2021 at 12:05 pm
Fee Protection insurance covers you for the costs associated with an HMRC investigation, so that you aren’t left with a huge bill for accountancy fees associated with fighting your claim. You might think that since you know you aren’t cheating HMRC, you don’t need to worry about being investigated. Unfortunately, that isn’t the case, and you could find yourself subject to an investigation at random even if you haven’t done anything wrong. As part of the investigation your accountant will need to spend considerable time collating and presenting evidence which challenges HMRC’s assertions. They will need to go... Read more
Museums & Galleries Tax Relief
Posted 2nd March 2021 at 2:25 pm
It’s probably fair to say that Museums and Galleries are not traditionally thought of as big powerhouses of the economy! But their cultural and educational value cannot be underestimated. With the pandemic closing most of these venues for at least some period of time over the last 12 months, there have been some tough times, and worries about how the sector will get ‘back to normal’ over the coming months. Fortunately, there is already a government scheme which can help museums and galleries save on the costs of mounting exhibitions. Museums and Galleries Tax Relief is one of the... Read more
National Minimum Wage Increase
Posted 24th February 2021 at 8:52 am
The government has announced that from 1st April 2021 the National Minimum Wage rates are increasing, and the age from which workers become eligible for the higher National Living Wage will be lowered from 25 to 23 years of age. The National Living Wage will increase by 2.2 per cent from £8.72 to £8.91, and will be extended to 23 and 24 year olds for the first time. For workers aged under 23, there have been smaller increases in recognition of the risks to youth employment which the current economic situation poses. Bryan Sanderson, Chair of the Low Pay... Read more
TV Tax Relief
Posted 16th February 2021 at 10:22 am
Let’s face it, we’ve all been watching A LOT of TV over the past year! With an ever-increasing demand for content in a growing market, production companies have been tangling with stringent Covid-19 safety restrictions to create new programmes and series, to fill the gaps in our schedules and provide content for streaming platforms. Adapting to ‘the new normal’ of filming during Covid-19 has raised production costs, but fortunately there are already three government schemes that enable tax relief on certain types of TV projects. These schemes are part of the Creative industry tax reliefs – a group... Read more
Be my Valentine: navigating workplace romance
Posted 9th February 2021 at 8:24 am
With our social lives severely curtailed at present, for many people their only regular human interaction is with their work colleagues. This may lead to employees being more open and unguarded with each other, resulting in a deepening of relationships from just colleagues into real friendships. But what happens when this tips over into something more? Employees might think they are safe from the dangers of an office romance when screens and social distancing are in place, but in fact these barriers can often heighten any romantic feelings – giving you a ‘star-crossed lovers’ complex that might ordinarily have fizzled... Read more
Spruce up your home office
Posted 2nd February 2021 at 9:45 am
A year on from the start of the pandemic, those of us who were just ‘making do’ with our home working space might finally have to admit that things are not going ‘back to normal’ anytime soon, and it’s time for a bit of investment. Whether your budget is large or small, with a bit of creativity you can transform your home office space into a haven of calm and productivity. Save your back with a proper chair The best investment you can make for your home office is a proper chair. It doesn’t need to look like you... Read more
The E R Grove suite of services
Posted 26th January 2021 at 9:32 am
You may think of us as ‘just’ your accountant, but here at ER Grove we offer all kinds of different services that you might not be aware of. These are designed to complement each other, so adopting two or more of our services could save you a significant amount of time, and even money! Accounts & Auditing Obviously you knew we did accounts, the clue is in our name, right?! But did you also know that we are Registered Auditors, authorised to carry out audit work by the Institute of Chartered Accountants in England and Wales (ICAEW) for a... Read more