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Practice News

SME Brexit Support Fund is Open For Applications

Posted 16/03/2021 The SME Brexit Support Fund could give you up to £2,000 to help with training or professional advice, if your business has up to 500 employees and no more than £100 million annual turnover.  Traders can apply for up to £2,000 in total through two types of grants:  Grant for Training: The grants can…Read More

Pre Year End Tax Planning

Posted 12/03/2021 NMW & Employment Allowance National minimum wage rates from 1st April 2021 Age of Worker Rate per Hour Age 23+ £8.91 21 and 22 £8.36 18-20 £6.56 Under 18 £4.62 Apprentice £4.30 Beware of traps for employees getting older, they need to be moved up the scale Don’t forget the employment allowance up…Read More

March 2021 Budget Summary

Posted 09/03/2021 Full guidance was issued by HM Treasury to support the Budget on 3rd March 2021: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/966868/BUDGET_2021_-_web.pdf The main points are summarised below. CJRS FURLOUGH SCHEME EXTENDED TO 30 SEPTEMBER The current version of the furlough scheme that started on 1 November 2020 was scheduled to end on 30 April 2021. The chancellor announced…Read More

The New VAT Rules For Construction Sector Start on 1 March 2021

Posted 09/02/2021 INTRODUCTION New VAT rules are due to come into effect this March which will impact on accounting for VAT for transactions in the construction sector. The new rules are called “the domestic reverse charge for supplies of building and construction services”. The new “reverse charge” system of VAT accounting will affect sub- contractors…Read More

Small Firms in Line for Business Interruption Insurance Pay Out

Posted 20/01/2021 The Financial Conduct Authority (FCA) has won its court case to get insurers to pay out for business interruption due to the first lockdown in the spring of 2020. The Supreme Court says it “substantially allows” the appeal by the FCA and hospitality groups. The decision affects approximately 370,000 policyholders and over £1billion…Read More

Additional £1,000 Grant Announced for ‘Wet-led Pubs’

Posted 02/12/2020 A one-off £1,000 grant for ‘wet-led pubs’ across tiers 2 and 3 in lieu of Christmas trade has been announced. Pubs that predominantly serve alcohol rather than provide food will be eligible for the grant. The payment will be a one-off for December and will be paid on top on the existing £3,000…Read More

Annual Investment Allowance Provisional £1 million cap Extended

Posted 17/11/2020 The Government has announced that it is extending the current temporary level of the Annual Investment Allowance (AIA) of £1,000,000 by one year covering 1 January to 31 December 2021; the legislation will be introduced before the end of the financial year. This extension gives enhanced tax relief and simplifies taxes on plant…Read More

Job Retention Bonus Withdrawn

Posted 09/11/2020 Within last weeks guidance regarding the Job Retention Scheme being extended, a paragraph was also included to say that the Job Retention Bonus will no longer be paid in February 2021. The Government have stated that an alternative retention incentive will be put in place at the appropriate time. For details of the…Read More

Self-Employment Income Support Scheme (SEISS) Grant Extension

Posted 09/11/2020 Last week, the Chancellor announced that the UK Government is increasing the overall level of the next SEISS grant from 55% to 80% of trading profits. This grant will cover a three-month period from the start of November until the end of January. The UK Government will pay a taxable grant which is…Read More

Government extends Job Retention Scheme (Furlough) to March 2021

Posted 09/11/20 As the lockdown has now started for England and continues elsewhere, the Government has extended the Coronavirus Job Retention Scheme (CJRS) across all regions of the UK. The Chancellor announced that CJRS will be extended until the end of March 2021 for all parts of the UK. For claim periods running to 31…Read More

A message from Hammond McNulty.

4th November 2020 Following the Prime Minister’s announcement of a second national lockdown the first and most obvious thing to say is that the wellbeing of our clients and employees is our number one priority. We will remain open throughout lockdown and will continue to be here to help you and your business, as we…Read More

The Coronavirus Job Retention Scheme (CJRS) – Extended

Posted 04/11/2020 The CJRS has been extended until December. This was due to end 31 October. The Grant will ensure employees receive 80% of their current salary for hours not worked, up to a maximum of £2,500. Businesses will have flexibility to bring furloughed employees back to work on a part time basis or furlough…Read More

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