Topical Tips

We believe we are more than just your average accountancy firm. Our goal at Barnes Roffe is to engage our clients through a proactive relationship, which provides you with the resources and tools you need to enable you to take charge of your finances with confidence. Tax news, audit news and any new accounting news ... with the help of our topical tips, you can enjoy the benefit of being regularly informed of up to date accounting news updates which are most likely to be relevant to you and your business. So why not offer your business more. Take a look at our latest topical tips and see how they can help you. PLEASE NOTE: The Archive is a historical resource and by the very nature of these tips the details of tax law might have changed since they were published, so contact your Barnes Roffe partner before acting on any matter contained in these tips.

September 10, 2020

TT330: Cash flow forecasting in uncertain times

The phrase ‘cash is king’ is one commonly used in times of financial crisis that make cash a more valuable asset than holding other forms of investments.  However, for businesses, it is much more than that and it becomes a critical success factor to turn profit into cash to pay debts as they fall due.
September 04, 2020

TT329: Small Business Support Grants

£20 million in Small Business Recovery Grants On 30 July, the Government announced a new grant scheme to help small businesses recover and adapt from the challenges arising as a result of the Covid-19 crisis. The package of funding is supported by the England European Regional Development Fund (ERDF).
August 25, 2020

TT328: Will you be due a corporation tax refund?

With many industries facing uncertain times due to the COVID-19 pandemic, with those worse affected being the hospitality, tourism and aviation sectors, HMRC have issued an update to their guidance on repayments of corporation tax.
August 11, 2020

TT327: Temporary reduced rate of VAT and impact on flat rate schemes

From 15 July 2020 the hospitality, holiday accommodation and attraction sector will benefit from a temporary reduction in the rate of VAT from 20% to 5%. This temporary VAT rate will run until 12 January 2021.
July 28, 2020

TT326: R&D tax relief – Still a valuable relief despite the AHK case

Even in these difficult times the government want companies to claim R&D tax relief, where appropriate. The benefit of the SME scheme, for companies that have less than 500 employees and for some companies that have 500 or more employees, is that the corporation tax deduction for qualifying spend is increased by 130%.
July 10, 2020

TT325: Self-assessment July 2020 payment on account deferral

A reminder to ALL self-assessment taxpayers, not just the self-employed, that you are eligible to defer your July 2020 payment on account until January 2021.
June 25, 2020

TT324: Waiving Remuneration

With the ongoing pandemic, many employees and directors have made some tough choices in respect of their remuneration with many deferring or potentially waiving some or all of their package. Waiving is simple to implement and results in you being taxed on what you are paid.
May 28, 2020

TT323: VAT: Failure to pay invoices, a reminder

In the current economic climate, businesses are facing immense pressure placed upon their cashflows and consequently, delaying payments to suppliers, including between connected companies.  This can cause a potential VAT ‘headache’.
May 14, 2020

TT322: Raising Finance For Your Business

In the current economic climate, the raising of finance for your business can prove a major challenge.  As a consequence, businesses are looking for increasingly varied ways of raising funds.
April 30, 2020

TT321: Remote Working “The New Norm” – tips to maximise productivity

Prior to the current Covid-19 pandemic, working from home in many industries was not considered appropriate or practical, with figures released by the Office of National Statistics (ONS) suggesting that only 30% of UK employees ever worked from home during 2019 (with just 5% mainly working from home).
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