Category Archives: COVID19 Business Hub

Coronavirus is more than a world health emergency, the economic impacts are very real and emergency provisions are being made worldwide in an attempt to support individuals, business and anyone who advises them. HB Accountants are monitoring the COVID19 situation closely and collating resources as conditions unfold

Cash Bonus For Employers Who Take On A New Apprentice

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HIRE AN APPRENTICE AND RECEIVE UP TO £4,000

Any employer hiring new apprentices from 1st April 2021 will be eligible for extended cash bonuses of up to £4,000. Until 30 September 2021, grants of £3,000 per new hire, regardless of the apprentice’s age, will be distributed from the Treasury. This is on top of the £1,000 payment provided for new apprentices aged 16 to 18 and those under 25 with an Education, Health and Care Plan, meaning that some employers could receive £4,000 in total.

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The fourth Self-Employment Income Support Scheme grant is worth up to £7,500 – do you know how to claim?

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Updated: 26 April 2021 – The fourth Self-Employment Income Support Scheme grant is worth up to £7,500 & covers the period from February 2021 to April 2021. The online service to claim the fourth grant will be available from late April 2021. If you’re eligible based on your tax returns, HMRC will contact you in mid-April to give you a date that you can make your claim from. It will be given to you either by email, letter or within the online service.

The Government Gateway is now open for the fourth round of SEISS grants – you will need to login and will then be given a date to return to make your application

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UK Tax Rates for 2021/2022

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HB Accountants have produced a Tax Card which summarises many of the rates and allowances fundamental to your business and personal lives. It’s a great point of reference throughout the coming tax year and contains lots of information on personal, business, employment, property and capital taxes, including any changes.

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What does the UK Budget announcements mean for you and your business?

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Rishi Sunak has set out the UK Government’s plans for recovery. The Chancellor has promised to do “whatever it takes” to help the UK’s pandemic-damaged economy. HB Accountants are here to help you #BeInformed and our budget summary gives to you overview of the key announcements arising for the Chancellor’s speech.

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Construction Industry Reverse Charge Rules New Legislation… are you confused?

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Reading through the updated guidance for CIS NEW VAT Reverse Charge Rule for the Construction Industry might leave you confused. Here we have outlined what you need to consider:

If you supply constructions services, the reverse charge will only apply if you answer “Yes” to ALL of the following questions:

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Tax-Saving Strategies to Implement before 5 April Year End

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Businesses and Individuals should always plan ahead to minimise their tax bill – with the end of the 2020/21 tax year fast approaching, this year more than ever (with the Covid19 pandemic impacting on not only our mental health but our financial health too), begs the question, have you thought about what strategies you can implement into your financial plan to ensure it is as tax-efficient as possible?

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If you haven’t claimed the third SEISS grant, the deadline for applications is fast approaching

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Gov.UK have confirmed a fourth SEISS grant, which will run from February 2021 to April 2021, will be available for self-employed workers. Unfortunately, the Government is yet to provide further details about who can claim and how much help you can get under the fourth grant.

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The Government have extended the £1 million AIA tax break to stimulate investment in UK manufacturing – are you making use of your annual investment allowance?

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Does you business deal with Plant & Machinery? If yes are you making use of your annual investment allowance?

If your business deals with plant and machinery, you might be entitled to use your Annual Investment Allowance (AIA). You could claim up to 100% tax relief on any qualifying plant and machinery assets in the first year of purchase, that are bought outright – not leased. The criteria for these assets are quite rigorous, and exclude cars, but it’s worthwhile checking with your accountant to see if your business qualifies.

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No late filing penalty if your tax return is filed online by 28 February 2021

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HMRC to waive self assessment penalties for one month – HMRC Chief Executive Jim Harra has announced today that If you do not manage to file your Self Assessment tax return online by 31 January you will NOT receive a penalty as long a you file your tax return online by 28 February.

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