Here are a few important reminders which may be relevant to you this month. VAT deferral If you deferred a VAT payment that was due between 20 March 2020 and 30 June 2020, this will need to be settled in full by 31 March 2021. If you cannot afford to do this, you can opt … Read More
What did we learn from the 2021 Budget Announcement?
After an extremely turbulent year in the business world, the team at Competex awaited the 2021 budget announcement with bated breath. While the last year has proved to us that nothing is certain, Rishi Sunak’s announcement will help many businesses get some clarity on what the future may hold for them in the short to … Read More
How to prepare for the Off Payroll Working (IR35) changes in April 2021 [CHECKLIST]
The government looks set to go ahead with the changes to IR35 for the private sector from April 2021, and from this date onwards, the responsibility for determining the IR35 status of any contractor role will pass to the end-client. This means that contractors will no longer have control over the process by which their … Read More
February Small Business Update
This month, there are a few different news items which are of interest to small business owners. Take a look below. Grant from local authorities (Local Restrictions Support Grant) If you own a business with rateable premises on which you pay business rates, you may be eligible for a grant from your local authority if … Read More
Brexit and VAT – what are the changes from 1 January 2021?
You may be wondering what changes, if any, might affect you from 1 January 2021. If you provide consultancy services, there is little to no change, and just the first few paragraphs here will be relevant. Here is a summary of the main points. Services Services provided to businesses or individuals outside the UK If … Read More
How can I get the best deal on Professional Indemnity Insurance?
Professional Indemnity Insurance (PII) is essential for protecting you against the cost of legal actions for negligence. However, PII is becoming an increasingly higher cost for businesses. Why is PII so costly? Over the past few years, the insurance industry has suffered huge losses due to the Grenfell tragedy and as a result of FCA … Read More
Coronavirus Update – UK Government financial support October 2020
Financial and other help from the Government: Update October 2020 There have been a number of recent updates on financial and other help available from the Government due to Covid, so we thought it might be useful to provide you with a summary of the things that could be important to you. You may already … Read More
Coronavirus Job Retention Scheme Closes on 10th June
If you have stopped working due to the Coronavirus, and you paid yourself salary in 2019/20, you may wish to consider furloughing yourself and claiming a grant from HMRC under the Job Retention Scheme. The scheme is available to directors and employees. You must not carry out any work for the company whilst on furlough … Read More
Coronavirus UK Government financial support – update
Here is the latest detailed update from our accountants regarding the Government support packages that are available to anyone whose work or business is affected by coronavirus. The information is based on our current understanding of the guidance issued, which seems to be changing daily! If additional facts come to light or are published which … Read More
Coronavirus UK Government financial support – what is available?
Here is our next update on financial help available from the Government during the time of coronavirus. The following is our understanding of the various schemes available, based on the information published to date. It should not be relied on for advice at this stage but is intended to give an indication of how they … Read More