HINTS AND TIPS
The latest hints and tips from our blogPlease note: The information contained in this site is provided for information purposes only and is of a general nature. It is not a substitute for specific professional advice related to your own circumstances. You are recommended to obtain specific professional advice before you take any action.
Personal tax planning for 2021/22
What’s changing for the new tax year? If there’s one thing to take away from Spring Budget 2021, it’s taking charge of your personal finances is going to be increasingly important over the next five years. With the financial fallout from COVID-19 over the last year...
Caseron Insider – April 2021
Each month we bring you the latest tax and business updates with our Insider Newsletter. Take a look at this month's insights below, or download our Newsletter and read it at your leisure.Highlights Three-month extension for business rates holiday in England New...
National Insurance Planning for 2021/22
For employers, employees and the self-employed. Our state pension, benefits, health service and more are all funded by National Insurance contributions (NICs). These are paid in different ways and at different rates by employers, employees and the self-employed, and...
IR35 in the private sector
Off-payroll working in the private sector Are you prepared for changes to the IR35 rules? Exactly a year later than planned, changes to the off-payroll rules – known as IR35 – will take effect in the private sector next month. The emergence of COVID-19 put paid to the...
The Spring Budget 2021
Setting out the road to recovery The Chancellor has attempted to strike a balance between continuing to prop up the businesses worst affected by COVID-19, while setting out a roadmap to wean the UK economy off this emergency support. In his second Budget and 14th...
Caseron Insider – March 2021
Each month we bring you the latest tax and business updates with our Insider Newsletter. Take a look at this month's insights below, or download our Newsletter and read it at your leisure. Highlights Opt-in to VAT deferral new payment scheme by 31 March 2021 Personal...
How to plan for your retirement
Get on track for a comfortable retirement. If you have a defined contribution pension scheme – whether private or through your employer – your retirement savings have probably been hit quite hard by the COVID-19 pandemic over the past 12 months. That’s because pension...
Complying with your tax obligations
Meeting your obligations amid COVID-19 disruption. It’s not often that HMRC makes exceptions to its tax deadlines or late-filing penalties, but the past year has, as in so many ways, been different. Between optional deadline deferrals, new payment schemes and...
Caseron Insider – February 2021
Each month we bring you the latest tax and business updates with our Insider Newsletter. Take a look at this month's insights below, or download our Newsletter and read it at your leisure. Highlights Hardest-hit businesses offered new government grants of up to £9,000...
Strategies for exports after Brexit
Reaching international markets in 2021 and beyond. The UK has left the EU, and for British exporters, that presents both opportunity and uncertainty. There’s potential for businesses to branch out to new markets outside of the EU, but that comes with a new set of...
Construction sector: Reverse charge VAT
The effects on supply chains from 1 March 2021. Those working in the UK’s construction industry will have to handle and pay VAT differently from 1 March 2021, unless there’s another last-minute Government U-turn. This is when the VAT domestic reverse charge for...
Caseron Insider – January 2021
Each month we bring you the latest tax and business updates with our Insider Newsletter. Take a look at this month's insights below, or download our Newsletter and read it at your leisure. Highlights Annual investment allowance remains at £1m until 2022 HMRC issues...
Tax efficient ways to be generous this Christmas
Christmas is a time of generosity and festive frolick, however, it can also be a tax trap for the overly generous employer. Here are a few tips on how to avoid unwanted taxes. The Annual Christmas Party Everyone likes a good party Reasonable costs of entertaining...
Gains on UK residential property
Reporting and paying within 30 days. Earlier this year, a new rule requiring capital gains tax on UK residential property to be reported and paid to HMRC within 30 days kicked in. This ushered in another change to tax rules affecting residential property owners,...
How to measure cashflow in your business
Planning ahead to boost your business’s resilience. During what would normally be the busiest period of the year for businesses in retail, hospitality and other sectors, many will now be keeping a close eye on their cashflow as they deal with the impacts of COVID-19....
Caseron Insider – December 2020
Each month we bring you the latest tax and business updates with our Insider Newsletter. Take a look at this month's insights below, or download our Newsletter and read it at your leisure. Highlights VAT-registered traders urged to prepare for life after Brexit...
Spending Review 2020: The economic damage of COVID-19
Chancellor declares “economic emergency”. Had everything gone to plan this year, the Chancellor would have been delivering his Autumn Budget speech. Instead, Rishi Sunak declared an “economic emergency” alongside a slimmed-down spending plan to see him through until...
To flip or not to flip your main residence
The pros and cons of changing your main residence. With property being one of the most reliable investments around in a period of historic low-interest, many money-savvy people these days end up owning additional properties. They might rent them out, live in them or...
Business asset disposal relief
Entrepreneurs’ relief is no more (in name at least). Last March, one of the headline-grabbing measures announced in what will be the only Budget speech of 2020 surrounded what we knew as entrepreneurs’ relief. The relief was designed to be an incentive for...
Caseron Insider – November 2020
Each month we bring you the latest tax and business updates with our Insider Newsletter. Take a look at this month's insights below, or download our Newsletter and read it at your leisure. Highlights Govt. extends Furlough scheme ahead of lockdown in England Third...
Finance cost relief for residential lets
Life after mortgage interest relief for landlords. Historically, landlords have enjoyed generous income and capital gains tax reliefs which helped make residential property an attractive investment for those looking to add to their monthly incomes or provide for...
Taxes to consider when moving home
A property tax shake-up fuels a house buying surge. If you are considering moving home in the second half of 2020/21, you are by no means alone. In the month leading up to 8 August 2020, 149,000 properties were put on the market – the highest number since before the...
Caseron Insider – October 2020
Each month we bring you the latest tax and business updates with our Insider Newsletter. Take a look at this month's insights below, or download our Newsletter and read it at your leisure. Highlights Commission set to recommend national living wage freeze Chancellor...
Chancellor throws new jobs lifeline to save the UK economy
Emergency jobs package to replace furlough scheme. With the furlough scheme winding down and local lockdowns on the increase to try and curb the rising tide of coronavirus, it was almost inevitable the Chancellor would have to step in again. On 24 September 2020,...
Valuing a Business? How much could yours be worth?
Four main methods for valuing a business. Whether you’re making exit plans or you want to give confidence to investors, knowing the value of your business is a vital step. From the inside, it might be hard to say what that value is. You’ve put long hours of hard work...
Getting on top of your self-assessment tax return
Why 2019/20 is the year to get your self-assessment tax return done early With everything that’s happened so far this year, it might be easy to forget your obligations to file a tax return for 2019/20 by midnight on 31 January 2021. The coronavirus pandemic and...
7 Tips for keeping great VAT records
Our top tips for keeping good VAT records Good housekeeping in the 'financial' sense is essential for keeping on top of your bookkeeping and VAT records. 1. Keeping trading records in good order Not only must you keep the records HMRC wants, but they must be ordered...
Caseron Insider – September 2020
Each month we bring you the latest tax and business updates with our Insider Newsletter. Take a look at this month's insights below, or download our Newsletter and read it at your leisure. Highlights Video-witnessed wills become legal in England and Wales Businesses...
Business tax planning in 2020/21
Managing and planning business tax during COVID-19. Even among those who follow good tax-planning practice and maintain forecasts running several years forward, it is unlikely that many foresaw the dramatic end to the 2019/20 tax year. With the arrival of COVID-19 and...
Post-COVID-19 support for businesses
New measures announced in economic update. Since the Budget in March, businesses have seen a stream of different support schemes and policies announced to help them manage the financial impacts of the coronavirus lockdown. When Chancellor Rishi Sunak stood in the...
Turn Profit Into A Habit Not An Annual Event
You should not have to wait for your annual accounts to be prepared before you know whether or not you have made a profit. What you need to do is implement the three Pillars of Profit to embed profit into your daily activities. We’ll show you how!
Caseron Insider – August 2020
Each month we bring you the latest tax and business updates with our Insider Newsletter. Take a look at this month's insights below, or download our Newsletter and read it at your leisure. Highlights Capital gains tax under review as Treasury considers overhaul...
Caseron Insider – July 2020
Each month we bring you the latest tax and business updates with our Insider Newsletter. Take a look at this month's insights below, or download our Newsletter and read it at your leisure. Highlights UK economy slumps into recession after record contraction in April...
HMRC resumes investigations after COVID-19
What to expect from tax probes in 2020/21. After temporarily pausing tax investigations as COVID-19 business support measures rolled out earlier this year, HMRC has restarted probes into businesses and individuals’ tax affairs. The Revenue has also started to direct...
Passing on wealth to the next generation
How to pass on wealth to the next generation. There are many ways to reduce or eliminate the inheritance tax payable on your estate without using trusts. But for some, especially if you are very wealthy, they may not be enough. For others, the control that trusts...
Caseron Insider – June 2020
Each month we bring you the latest tax and business updates with our Insider Newsletter. Take a look at this month's insights below, or download our Newsletter and read it at your leisure. Highlights Relief as Sunak extends furlough scheme until the end of October...
Planning for redundancies in 2020
With redundancies on the rise due to the coronavirus, is it time you understood how termination payments work in 2020? Beyond the human tragedy of COVID-19 is an economic one. Swathes of the UK economy have been flatlining and a rising redundancies rate is inevitable...
Capital goods scheme for VAT
How it works and interacts with capital allowances. The VAT capital goods scheme affects input VAT recovery relating to high-value capital assets. Input VAT is a tax incurred on most purchases made by VAT-registered firms, and they can usually reclaim it from HMRC in...
Coronavirus Job Retention Scheme
As part of changes to the Coronavirus Job Retention Scheme (CJRS), HMRC have outlined some important dates that may impact you in the coming weeks if you have furloughed or plan to furlough staff.
The scheme will close to anyone who hasn’t been furloughed for 3 weeks by 30 June, so you will only be able to claim for employees after that if they have been furloughed for a full three-week period at any time before the end of June.
Discretionary Grant Fund
The national Discretionary Grant Fund, which is being administered by local authorities, is now open for local applications from businesses and charities who meet the Government’s criteria. The fund has been set up by the Government to accommodate certain small...
Is your business built for profit?
Is your business built for profit? Does it generate repeatable, sustainable and generous profit? Profits that you are happy with and allow you to take home the level of pay that you want? Or is it more of a profit dribble? Take the Profit Hacker Quiz: How many of...
Inheritance tax planning in 2020/21
What to consider during the COVID-19 lockdown. Coronavirus has many people reflecting on their own mortality. So if you have more time on your hands during the lockdown, planning your estate may be a wise way to spend it. Benjamin Franklin observed there are only two...
Building a business that can afford to pay you
One of the most stressful and overwhelming challenges of running and building a business - is making sure YOU get paid. When you are working flat out and there is not enough money in your business to pay you - it's enormously stressful, frustrating and demotivating....
Working from home during COVID19
Can employees reclaim any expenses whilst working from home? On Monday 16 March 2020, Prime Minister Boris Johnson told the public to work from home where possible in an attempt to contain the ongoing coronavirus outbreak in the UK. For more than 1.7 million people it...
Caseron Insider – May 2020
Each month we bring you the latest tax and business updates with our Insider Newsletter. Take a look at this month's insights below, or download our Newsletter and read it at your leisure. Highlights Tax group demands VAT simplification of food and drink rules...
Coronavirus support for businesses
Options to limit the financial damage of Coronavirus It’s hard to believe that Rishi Sunak has only been the Chancellor since Valentine’s Day, given what he’s had to deal within a matter of weeks since. On the back of delivering a Spring Budget, Sunak has revealed an...
Personal tax changes for 2020/2021
What you need to know for the tax year. The Government left it to the very last minute to announce its tax plans for 2020/21. Fortunately, Chancellor Rishi Sunak had few surprises up his sleeve in last month’s Spring Budget. Three of the main taxes in the UK – income...
Caseron Insider – April 2020
Each month we bring you the latest tax and business updates with our Insider Newsletter. Take a look at this month's insights below, or download our Newsletter and read it at your leisure. Highlights COVID-19 postpones off-payroll extension to the private sector...
COVID-19 – 15 things we are doing to help our clients
COVID-19 15 things we are doing to help our clients get through these turbulent times.
HMRC’s approach to taxing cryptocurrencies
HMRC updates tax guidance for Cryptocurrencies. Since the launch of Bitcoin in 2009, cryptocurrencies have grown steadily into the public consciousness, and the taxman’s too. Once the realm of geeks and hackers, cryptocurrencies are becoming more mainstream. In late...
Join Profit Hackers
Join our FREE Bloody Brilliant Business Club
Join our FREE Bloody Brilliant Bookkeeping Community
