A+ Blog
What Can Trigger an HMRC Compliance Check?
One of the most stressful things that can happen to a business owner is an HMRC compliance check. HMRC is coming under increased pressure by the Treasury to ensure that all tax is paid correctly and fairly. Our view is that, in the wake of the economic problems...
Strategic Framework Business Fund – Covid-19 help for your business
If your business has been adversely affected by the latest lockdown restrictions, you may be able to apply for help from the Strategic Framework Business Fund. Key points: Up to £3,000 per month if your business is forced to close Up to £2,100 per month if your...
Job Retention Scheme Extended Until March 2021
For business owners who employ staff, the news that the Job Retention Scheme - more commonly known as Furlough - has been extended to March 2021 will come as welcome news, especially if business has been slow due to Covid-19. Key points: Furlough extended until March...
Self Employed Income Support Scheme INCREASED
Rishi Sunak the chancellor of the exchequer yesterday announced an increase to the support for the self employed over the winter, to reflect the current health crisis. For November, the grant aid will be 80% of profits rather than 40% as previously announced. December...
Hospitality Industry Welcomes Reduced VAT Rate
The government made an announcement on 8 July 2020 allowing VAT registered businesses to apply a temporary 5% reduced rate of VAT to certain supplies relating to: hospitality hotel and holiday accommodation admissions to certain attractions The temporary reduced rate...
Agreeing a VAT Time To Pay Proposal
If you can’t pay your VAT on time or in full, you should contact HMRC’s Payment Support Service on 0300 200 3835 immediately to make them aware of the situation. By contacting HMRC, you may be able to avoid late payment penalties, which will only make your financial...
Handling Annual Leave on Lockdown
As the lockdown continues to rumble on, and with no clear indication of when it is likely to end, businesses should be considering getting their employees to take some of their holiday entitlement in order to avoid a different crisis when normal business...
Now, more than ever, CASH is King.
I’m a small business owner as well as an accountant. So I’ve seen the inside of many an SME. Here’s the single most important thing I’ve learned: As a leader of a business, especially a small business, your main role, almost your only role, is to ensure the positive...
Do we really need an office?
This is a re-run of an article I wrote for LinkedIn a couple of years ago. Given the current situation we find ourselves in, I thought it was worth dusting off. Kane is now 22 months and 48 kilos. He's still sitting at my feet, and he still eats my trainers. Well, do...
Bounce Back Loan Scheme – More Government Support for business affected by COVID-19
In a welcome boost, small businesses owners can get from £2,000 to £50,000 “within days” from the Government’s brand new Bounce Back Loans scheme. On 27 April 2020, Chancellor Rishi Sunak announced the new scheme, adding to the existing support for small businesses...
Get ready for (re)opening day
These are worrying times for all businesses and salons are feeling it as bad, if not worse, than anyone else. With salons being forced to close their doors for a good few weeks yet, there is zero income coming in. Time to start thinking creatively. Generate cash...
The Coronavirus Business Interruption Loan Scheme
If your business is struggling financially, you may be able to access bank funding through the CBILS scheme. The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support to smaller businesses (SMEs) across the UK that are losing revenue, and...
Acumenica Update: Job Retention Scheme
HMRC PORTAL OPENS 20 APRIL 2020 We now have some much needed guidance on the Job Retention Scheme which will allow employers to recoup 80% of furloughed employees' wages or salaries, up to £2,500 per month. The portal for making the claim is currently in beta testing...
Covid-19 Self-Employed Income Support Scheme How much are you entitled to?
Self-employed people who run their businesses as sole traders or partnerships can receive a grant equivalent to 80% of trading profits for up to three months. This is subject to maximum of £2,500 per month. Who can apply? You can apply for the grant if you run...
Supporting the backbone of Britain
The construction industry is the backbone of Britain, and subcontractors are the backbone of the construction industry. Acumenica are proud to be supporting construction industry subcontractors, especially during these unique and difficult times. The UK tax repayment...
Covid-19 Government Support for Business
The Government have, over the last week, announced a number of measures to support businesses through the current difficult times. While they are by no means perfect, and a number of businesses have fallen through the cracks, it has to be said the government have...
Coronavirus Business Support – Contractors Slip Through The Net Again
While most of the small business community welcomed the Chancellor’s announcement last week that they would support businesses with pay-out of 80% of their self-employed income, the contractor community was once again overlooked. It was confirmed in the announcement...
Covid-19 Measures
What we’re doing to safeguard our team, our clients and the wider community Acumenica would like to announce that, effective immediately, the following measures have been taken in light of the Covid-19 outbreak: We will be not be having face to face meetings with...
Fed Up with IR35 and ready to sack off contracting?
We all know that the pressures of running a contracting company can be massive at the best of times, but in the current climate of IR35 uncertainty, it is becoming, for many, unbearable. We’re finding, rather than put up with this uncertainty, many contractors are...
Beware the VAT registration tipping point
So, there you are, happily working away in your new business, doing decent monthly revenues and hitting your profit targets, when BOOM, someone (maybe your accountant, maybe just a mate) tells you that you need to look at VAT registration. Now, depending on the...
Tax enquiry insurance. Take it seriously.
We take tax investigations very seriously and whilst we always ensure returns are filed in a manner that should limit the possibility of an enquiry HMRC select many cases each year for random enquiries. No-one can afford to be complacent! Obviously if you are selected...
Doing your own books? D-I-Why?
When it comes to accounts and book-keeping, there are some mighty impressive apps around like FreeAgent and HMRC’s own online tools which might tempt some contractors into thinking that they could save themselves a few quid by DIY-ing their accounts. In true “turkeys...
Cash is King? – you’d better believe it!
I’m a small business owner and an accountant. So I’ve seen the inside of many an SME. Here’s the single most important thing I’ve learned: As a leader of a business, especially a small business, your main role, almost your only role, is to ensure the positive cash...
The VAT registration tipping point
So, there you are, happily working away in your new business, doing decent monthly revenues and hitting your profit targets, when BOOM, someone (maybe your accountant, maybe just a mate) tells you that you need to look at VAT registration. Now, depending on the...
Dividend waivers – careful now
We’re often asked about dividends and whether they can be waived. This article explains how to deal with these and how to avoid the “gotchas”. What’s a dividend? A dividend is a distribution of a company’s profits. As dividends are taxed at lower rate, typically a...
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