Happy New Year!?...

At least it certainly feels like new year for accountants and tax professionals. With the official tax filing deadline of 31st January behind us, it’s assumed we can breathe a sigh of relief that it’s all over for one more year, however just because there’s a filing deadline it doesn’t stop taxpayers from filing their tax returns throughout the year so there shouldn’t really be a last-minute rush each year.

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Get Paid on Time!

When you work for clients you expect to be paid for the work you do. However many small businesses really struggle to get paid on time, if at all and sometimes even invoices are missed. It is so important to make sure you are clear about your payment terms and you have a system in place for your invoicing so that your clients will be clear on how they pay you and when.

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Deferral of the Deferral

One of the first government initiatives announced in response to the coronavirus pandemic was the deferral of the VAT payment due between 20 March and 30 June 2020, until 31 March 2021. However, it was announced that a new deferral scheme would be put in place to extend the payment due date. This went live on 23 February, enabling the outstanding amount to be settled by up to 11 interest-free monthly payments from March 2021. Unlike the initial deferral, you must now join the scheme to be able to claim the deferral.

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Extension To The Furlough Scheme...Again

Confused? On Saturday 31st October, the Prime Minister shared a myriad of graphs whilst announcing a further lockdown in England for November. And if that wasn’t confusing enough, just when we thought we understood the new Job Support Scheme, he instead announced an extension to the furlough scheme. With all the goalposts constantly moving, here’s our guide to help you get your head around the changes.

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