The Accountancy Blog from Seagrave French

There were rumours that CGT rates were going to be increased at the Budget. These eventually proved to be incorrect, but there are still commentators that feel it is only a matter of time before changes are made with the huge COVID 19 related borrowing to finance for...

The national living wage will rise 59 pence from £8.91 to £9.50 from 1 April 2022 The Treasury has announced that the Chancellor will increase the national living wage by 6.6% which is expected to give a full-time worker, working 35 hours per week, an extra £1,000 per...

A little bit of free advice... How to avoid a double tax charge on your SEISS! We’re now in the middle of the period for submitting the client’s self-assessment tax returns for 2020/2021 and these should include the SEISS payments made to taxpayers affected by the...

In our handy guide to tax filing deadlines, we provide a guide to key dates 1 October  Corporation tax payment for companies with 31 December 2020 year-end 5 October  Notify charge ability for income tax/capital gains tax for 2020/21 if not registered for...

Andrew Hosking, Carl Jackson and Andrew Andronikou, managing directors at business advisory firm Quantuma, have been appointed joint administrators of Derby County Football Club.

The Coronavirus Job Retention Scheme (CJRS) is due to end on 30 September 2021. For claims relating to August and September 2021, the government will pay 60% of wages up to a cap of £1,875 for the hours the employee is on furlough. Claims for September must be...

Everything in the digital ecosystem seems challenging for businesses. But if you are prepared, nothing can stop your business from scaling new heights. Are you running a small business or have the responsibilities of a big enterprise? Do you know how to grow it in a...

Today marks the sixth anniversary of the creation of Seagrave French, see the founder’s story here. But what have we learned in those 6 years? People first  We love our clients and we’ve learned over the years that the secret to a successful business is working only...

Job vacancies have hit a record high as the UK's labour market continues to rebound, according to the latest figures. The number of vacancies hit 953,000 in the three months to July, the Office for National Statistics (ONS) said. The unemployment rate fell to 4.7% in...

Can you remember the pleasures of the daily commute? Before the Covid-19 pandemic.   Numerous people struggle to believe that we have not been near our offices in over a year or, at most, have paid only the occasional visit, due to working from home.   After all, this...

The R&D tax credit scheme was launched in the UK to encourage innovation. It was used to incentivise businesses to invest in scientific and technological R&D. The reward? A substantial corporation tax deduction or cash payment from HMRC, depending on set...

Find out the turnover figures you’ll need before you claim, where to find them and how they affect your grant amount. Before you claim You must: Work out your turnover for 12 months from 1 April 2020 to 6 April 2020. Find your turnover from either 2019 to 2020 or 2018...

The disconnect between self-assessment and the UK Property Reporting Service for paying CGT. Since April 2020, UK residents have been required to calculate, report and pay CGT on their UK residential property gains within 30 days of completion. Most of the tax...

Find out how to ask for authorisation, manage your client's account and how to send returns as an agent. Before you start Before you can manage your client’s Capital Gains Tax on a UK property account, you’ll need to check that they have set up their own account....

The economy is bouncing back from the covid-19 pandemic, with consumer spending expected to increase at service and hospitality-focused businesses, which is great news for stocks. As the spending is expected to increase, it will result in a boost for the economy in...

The Paychex | IHS Markit Small Business Employment Watch, compiled from aggregated payroll data of approximately 350,000 clients on the Paychex human capital management (HCM) suite, has been released and has given us some important information  The Small Business Jobs...

The current crypto market has been in an uproar recently with Elon Musks influence swaying the stocks in unpredictable ways to bitcoin crashing. We would like to take this time to mention the tax implications of cryptocurrency and how it will affect you! Anyone buying...

ACCA is the Association of Chartered Certified Accountants. This association has a community of 227,000 members and 544,000 future members based in 176 countries and regions that upholds the highest professional and ethical values. ACCA and The Corporate Finance...

If you are just starting out in business, you might be considering how to manage your incomings and outgoings. A business bank account is essential for every new business and depending on your business entity, as it might even be a legal obligation.  Either way, a...

Double-entry bookkeeping is a system of accounting for financial transactions that has been used for hundreds of years. It underpins every cloud-based bookkeeping system, banking system and reporting system used by businesses globally.  It allows a business to track...

Gift Aid Problems At some point, most people give to charity in one form or another. This could be done by simply donating unwanted clothes, books, etc to the local charity shop. There can also be a donation via a site like Just Giving, or there may be ongoing...

Due to the covid-19 pandemic, working from home has opened up new opportunities for other businesses, it's allowed more people to continue their business operations while prioritising staff and their customer health and wellbeing as part of their public health...

COVID-19 has caused businesses to experience long delays when getting a VAT number after submitting the registration form. This year, HMRC acknowledged the delays and asked companies to be patient while the backlog was worked through. However, a new business to VAT...

The deadline for the P11D forms is 6 July 2021. In most cases, this is a routine exercise. Due to COVID19, some additional consideration may be required. HMRC have published guidance about specific items that need some thought because of the pandemic. COVID19 testing...

Since April 2020, UK resident taxpayers have been required to report increases on residential property and pay the tax due within 30 days of completion. One of the critical features of the reporting government is that this 30-day reporting is only required when tax is...

What is the definition of being classed as a millionaire? A millionaire is someone whose net worth is equal to or more than one million pounds. Depending on the currency, a certain level of prestige is associated with being a millionaire.  Anyone with any income can...

When I get asked why a client should be appointing me as their accountant I always go back to my founders' story, I find that tells them all they need to know about me. A founder story is also useful to find out about why they are in business. The details can be...

Finance Bill amendments Following the Budget in early March, the current Finance Bill was published on 11 March 2021. Since that date, a number of amendments have been made. Of the most significant, the following stand out in particular. A clause in Schedule 2 that...

It struck me the other day that we were approaching our 1 year Anniversary of moving into our new SFHQ Offices. What an interesting year it has been! With lockdown putting pressure on so many businesses and health concerns rampant, it's been a year that I doubt many...

4 reopening mistakes employers are making  As businesses start to reopen due to the Covid-19 pandemic there are certain mistakes they should avoid.   Mistake 1: Assuming your people feel safe It will be a long while before the majority of our people feel truly...

Chancellor Rishi Sunak announced the restart grant scheme in his recent budget speech, the scheme aims to help Britain’s economy recover from a suffering year brought on by the Covid-19 pandemic. The Chancellor said, ‘I hope the grants will breathe new life into...

As the pandemic began most people expected the property market to suffer. With the prospect of the biggest economic slump on record. Instead, the reverse happened. Property prices soared. Mortgage approvals leapt and property experts began talking about a pandemic...

Amazon and Shopify allow businesses to operate well outside of the geographic area than they otherwise would be able to. This has allowed some entrepreneurs to grow very rapidly. We already have several clients who have done very well with this model. Amazon and...

If you move goods between the UK and countries in the EU, you need to follow new customs and tax rules. Your business will be affected by the new rules if you: buy goods from an EU seller and bring them into the UK send goods you’ve sold to a buyer in an EU country...

There has been an unusual amount of support for businesses struggling due to Covid-19. But, back at the start of the crisis, there were delays in the various schemes being set up. Additionally, a high number of newer businesses were ineligible. Many company owners...

Many companies use 31 March as the accounting reference date. Now is an excellent time to review the position of directors' current accounts for close companies. It is a standard error, if a company charges an interest rate on a loan that is made to the participators...

Based on the budget, an announcement was said that loss relief provisions available to both unincorporated businesses and companies would be temporarily extended. There are differences in the way this will operate between the two types of business vehicle....

Budget The Budget came through on 3 March 2021. None of the speculated tax changes, e.g. raising CGT came to pass, although the corporation tax's primary rate will increase in 2023. Several allowances, such as the personal allowance and CGT annual exempt amount, has...

The current tax year ends on 5th April, what should you be thinking about? Capital Expenditure Many self-employed businesses have a year-end that is the same as the tax year and so any capital expenditure that you are considering in the next couple of months could be...

We are expanding our team in the management information department with the recruitment of a new addition to the A-Team. We will be introducing the individual in the next few weeks, once all the paperwork is sorted. This is to help with the huge amount of new work we...

We’re always banging on about making sure you have a regularly updated will, if you haven’t done that then you should get it sorted now. If you have got the will done then the next job is a lasting power of attorney (LPA). The LPA allows your chosen representatives to...

According to reports, the number of people leaving the UK during 2020 was "unprecedented". The Economic Statistics Centre of Excellence reported that as many as 700,000 left London alone in the 15 months to September 2020. This brings the question of tax residence...

The tax return filing deadline for 2019/20 has now passed. Where taxpayers have struggled to pay any tax they owed by the 31 January deadline. It is still possible to set up an instalment plan, or "time-to-pay", arrangement. In the right circumstances, this can be...

Covid-19 There have been few announcements related to Covid-19 support this month. There was an amendment to the terms of the Pay As You Grow scheme for repaying Bounce Back loans. So a borrower will be able to take a six-month repayment holiday without needing to...

When preparing a tax return, it is easy to look at a dividend statement from a VCT and think it's exempt and file it away. Of course, in most cases, this is enough. But, sometimes a little more care is needed. Dividend exemption Where an individual acquires qualifying...

A business receiving support payments for Covid-19 needs to ensure the receipt is recorded as taxable income for corporation tax purposes. For unincorporated businesses using the cash basis, this is straightforward enough. But, where the accounts are prepared using...

One of the consequences of Brexit is that exports of goods from GB to customers based in the EU are now zero-rated. But, if the consignment is valued at more than £22 there will be an import VAT liability at the other end. This isn't too much of a problem for B2B...

  With the UK having been adversely affected by the coronavirus (COVID-19) pandemic, Chancellor Rishi Sunak presented the 2021 Budget against a backdrop of ongoing economic hardship. Our Budget Summary provides an overview of the key announcements arising from...

We've been planning something special for a long time! The marketing boys have had us all be movie stars for a day, a few screenshots are below to act as a teaser. Watch this space as we'll soon be releasing something very special!

Let's look at a few things that have been conveniently forgotten about the rumoured budget changes... Of course, at the time of writing, the March 2021 budget hasn't actually been announced, but there has been enough discussion and enough supposed leaks, rumours, and...

As a result of the Covid-19 crisis, many businesses are currently experiencing reduced turnover. In many cases, the business is VAT-registered, and some owners are asking whether they can now deregister. What are the rules here, and is it always advisable to do so?...

The battle against Covid-19 is the biggest challenge we’ve faced in Britain in a generation or more. Beyond government rules and guidelines on meeting people, social distancing and hygiene, there are other things we can do. Something we can all do is check-in on...

Read part 1 here. I recently offered some advice on keeping focused in your business as we go move further into this new year. I talked about managing costs and the quality of management information. What’s your management and staff Plan B? What I mean by that is, if...

The events of last year generated levels of uncertainty, and even volatility, in the day-to-day lives of many businesses. Early 2021 looks much the same. Temporary closures, working from home, cash flow, accessibility to and communication with clients and customers...

If your business invests in any kind of scientific, technological or, in some circumstances, manufacturing research and development, you may be eligible for enhanced tax relief or a refund from HMRC. One of the popular misconceptions to put to one side is that this is...

The Chancellor of the Exchequer has announced further business support for those in the retail, hospitality and leisure sectors as the country enters another lockdown until at least the February half-term, in addition to the grants given during the previous Tier 2 and...

With the country entering Tier 4, it is inevitable that COVID-19 will be at the centre our of thoughts, and with further announcements soon to come related to business, here's a recap of what you need to know: Extension of furlough scheme The Coronavirus Job Retention...

Bounce back Fraud has had an unexpected impact – and now new businesses need urgent help from the Chancellor. Let's look at the situation. It is currently extremely difficult for a start up business to open a business bank account. The main high street banks are not...

Corporations are scrambling to plug holes in their budgets because of chancellor Rishi Sunak’s selection to quietly scrap a £10bn bonus scheme for firms that keep formerly furloughed employees. In July, bosses had been told they could get £1,000 for each worker they...

    Check to see if you can claim here!   You may be able to claim tax relief for additional household costs if you have to work at home on a regular basis, either for all or part of the week. This includes if you have to work from home because of...

If you’ve had a bad year due to the virus then it might be worth getting your accounts to the taxman nice and early this year so that any loss relief claim is at the front of the queue. A company making a loss this year can make a claim to carry the loss back to the...

Always face the direction you’re travelling - seems pretty obvious, right? When you’re driving (or cycling, running or electric scootering) you wouldn’t dream of facing backwards - would you? Of course, anybody would know, you must look forward, watching out for any...

We do more than accounts. We’re business advisors as well – first and foremost in fact. If a client wants to grow their business, we can get involved on a more strategic, advisory level to help guide them. We offer what we call, internally, a ‘business transformation...

Read part 1 here Read part 2 here Well, actually, let’s consider a couple of industries that aren’t getting much help… One sector that has been particularly hit is the events industry. It’s as though it’s somehow slipped through the semi-safety net. When you can’t...

Read part 1 here Covid-19 has turned the UK business world on its head in many sectors. The government is offering support, but is that support being spread evenly? The newly introduced Coronavirus Job Support Scheme is either creative or complicated – depending on...

Covid-19 has disrupted business in ways we haven’t seen before. Many sectors – particularly those with small businesses at their core – are doing it tough. Government measures introduced several months ago to support UK businesses have recently been revisited and...

‘Well that was worth every penny’ – that’s what SHE said! Picture the scene: A brand new client, it's their first ever accounts clearance meeting. I tell her that I can half her tax payments over the next 7 years. No tricks, nothing dodgy, just applying the rules as...

Seagrave French is far more than your average Certified Chartered Accountants, we are owner-managed business champions who will help you transform your business. We don’t just prepare accounts and calculate tax, we help our clients grow their companies, improve...

If you were hoping for early retirement, you may have to wait a little longer. Ministers have said they plan to press ahead with raising the minimum pension age from 55 to 57 by 2028. This means that those currently aged 47 or under will have to wait an extra two...

I enjoy the Terminator franchise, in all its versions, but I’ve never been worried that it was a realistic prediction of the future. Even though I love a gadget, so far I’ve been unimpressed by Artificial Intelligence [AI]. I can never get Siri or Alexa to do what I...

It’s really important to know what your gross profit percentage is to make sure you are making enough on each sale. The trouble is accountants and business owners seem to have language issue here and Gross Profit Percentage and Margin [or Mark up] get mixed up. Let’s...

As you know, we've now moved into a new office! Our address is now the following: SEAGRAVE FRENCH LLP 1 POPLARS COURT LENTON LANE NOTTINGHAM NG7 2RR   In celebration of this new move, we've put together a video in the style of MTV's Cribs! You can watch it here...

Many business owners are also keen readers, holding small collections of books, newspapers, periodicals and magazines. If this is you, please read on, there are a few tips to save money on your taxes that you might not know about! Books and Maintaining Libraries...

Most expenditure of an advertising nature incurred for the purposes of the business is deductible. This includes things like: Placing an ad in the Yellow pages or something similar Advertising goods or services in a trade or specialty magazine Advertising for staff...

If you or any of your staff took training recently, here's an important tip your accountant should have told you! Where a company provides training or reimburses employees for the cost training, any VAT incurred is recoverable and the costs are tax-deductible business...

Rishi Sunak, Chauncellor of the Exchequer has made a series of announcements regarding actions the government will soon take to help during the COVID-19 crisis. I’m very supportive of the whole package. Let's look at the key points. Hospitality and Tourism VAT dropped...

Thinking of rewarding your team for their hard work from home over the last few months? Here’s something you should know... Despite the general prohibition on entertainment and gifts, since April 2016, gifts of up to £50 at a time, per employee are deductible to the...

If you’re lucky enough to get to the pub or book a seat at your favourite restaurant, please listen to what I have to say. This is an appeal on behalf of my Pub and Restaurant clients, when you go out on Saturday make sure if you’re taking up vital space that you make...

If you have recently had a new website designed, or perhaps plan to, read on to learn a tax tip you might not be aware of! The Basics Before moving on, let’s remember that Capital Expenditure is any amount of money spent to acquire or improve a long-term asset. Things...

I’ve said it before, and I'll say it again. Running a business is simple. It's not easy, but it's simple. Running a business effectively is just a series of decisions. If you make take the right choices, then you will succeed. If you take too many wrong turns, you...

More and more businesses are going digital. It’s common to see expenses incurred in connection with software licenses needed to work, and with costs on developing websites. Computer software is increasingly sold on a renewable annual contract. As this gives rights to...

If you're a business working in the construction industry, this is important information for you and your team. HMRC have published Brief 7 (2020), which explains that the introduction of the domestic reverse charge for construction services will be delayed from 1...

Nottingham Council have a small business grant available. ACCESS TO THESE GRANTS CLOSES ON MONDAY!     Two support grants are available for businesses: Business Support Grant Who's it for? If you pay rates to Nottingham City Council and currently receive...

So, you've come here for more information on the Bounce Back Loan. The name's pretty cool to have come from a chancellor - so we give them that, and it's not the only thing they deserve praise for. The main thing to draw attention to is that it's 100% backed by the...

Q. If I sell a buy-to-let property in July 2020, when will I have to pay the capital gains tax (CGT) arising on the sale? A. Finance Act 2019 made certain changes regarding payment of CGT, which take effect from April 2020 and broadly align the position of UK...

Q. What items can be excluded from 'taxable turnover' for VAT registration purposes? When the 'taxable turnover' of a business reaches the VAT registration threshold, currently £85,000 per annum, it must register for VAT. Income that is not counted as 'taxable...

Some shocking news to you: Most business owners do not diversify enough. Most of their wealth is tied up in one big asset; their business. It’s an easy position to get into because all you hard work goes into making your business a success, and a successful business...

Gift Aid feels like a win-win doesn’t it? Donating through Gift Aid means that the charity can claim an extra 25p on every £1 you give. It doesn’t cost you anything. It gets better though if you pay a higher rate of tax. If you pay 40% or more on any portion of your...

If you’re moving business premises because you’re expanding the last thing you want is a capital gains tax bill to put a hole in your cash flow. There is a way to defer the tax though using rollover relief. The principal is that the gain on the disposal of one asset...