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NEWS

Explore our blog - you'll discover a selection of useful accounting news articles and all the latest updates from MATCH Accounting.

P11D Submission Deadline 6th July 2021

Payment Deadline: 22nd July Online Are you an employer providing taxable benefits to employees? The P11D deadline is looming – 6 July – which reports all taxable benefits provided to employees in the last tax year to HMRC.   What is a P11D form? The P11D is used to report benefits provided to employees and…

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Bounce Back Loan Scheme’s (BBLS) Pay As You Grow Repayment Plan

FIRST REPAYMENTS SOON DUE – ARE YOURS SET UP AS NEEDED?   The Government has offered increased flexibility for businesses with BBLS loans enabling them to tailor their repayments based on their individual circumstances.   All borrowers should receive identical support under the Pay As You Grow (PAYG) options being offered which are:   Extending…

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Changes to the Coronavirus Job Retention Scheme (CJRS) from July 2021

The UK Government continues to pay 80% of your furloughed employees’ usual wages for the hours not worked, up to a cap of £2,500 per month, to the end of June.   In July, CJRS grants will cover 70% of employees’ usual wages for the hours not worked, up to a cap of £2,187.50. In…

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VAT Deferral New Payment Scheme Deadline 21 June

Have you applied for the VAT Deferral new payment scheme yet? Deadline 21 June 2021   The VAT deferral new payment scheme is open for all businesses who deferred paying VAT due between 20 March and 30 June 2020 and were unable to pay in full by 31 March 2021. If you haven’t done so…

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Xero Multi-Factor Authentication (MFA) Extends To All Users from 1 June

Xero Multi-Factor Authentication (MFA) Extends To All Users from 1 June   Not using Xero accounting software? Feel free to sit this one out. Although all main users will already be aware and have MFA set up, all remaining users will now be asked to follow suit from 1 June or possibly as early as…

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Charitable Donations by an Individual, Sole Trader or Partnership

Previously we covered donations by Limited Companies who have different rules. Today we’ll look at donations to charity or to community amateur sports clubs (CASCs) by individuals, Sole Traders and Partnerships.   These donations are tax free and are called tax relief. If you want to donate to a sports club, check if it’s registered…

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Self Employed Income Support (SEISS) 4th & 5th Grants

The 4th grant covers 1st February to 30th April at 80% of the 3-month average profits and can be claimed from late April. Deadline to claim is 1st June. The 5th and final grant covers 1st May to 30th September 2021 at a reduced rate depending on the reduction in profits of the business and…

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Coronavirus Restart Grant

The Restart Grant scheme supports businesses in reopening safely as COVID-19 restrictions are lifted. Grants are available from 1 April 2021. Eligible businesses in the non-essential retail sector may be entitled to a one-off cash grant of up to £6,000 from their local council. Eligible businesses in the hospitality, accommodation, leisure, personal care and gym…

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Charitable Donations By A Company

Limited companies can pay less Corporation Tax when giving money, equipment or items it makes or sells (‘trading stock’) to a charity or community amateur sports club (CASC). Donating Money You can deduct the value of the donations from your total business profits before you pay tax. You can’t deduct payments that: are loans that…

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Are You Ready For The New Tax Year?

From 1 April 2021 there will be new rates for National Insurance, National Living Wage/National Minimum Wage and statutory payments, changes to expenses and benefits, and Student Loan deductions. Ensure you are ready to make the necessary changes to your payroll records, send your final Full Payment Submission (FPS) and issue P60s to employees. If…

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