Dhillon Accountants Limited

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The new reality

05/07/2020

It may be some time before we could state with some certainty that it was back to business as usual; usual being the business environment before the arrival of Coronavirus. What has changed? The major change has been the dampening of demand due to

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What is working capital?

05/07/2020

Accountants would say that working capital is the difference between current assets and current liabilities. It is the capital of a business used in day to day trading operations. Current assets are generally those that can be converted into cash

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Updated HM Treasury instructions re: CJRS

30/06/2020

On 26 June 2020, the Chancellor, Rishi Sunak made a further (third) Treasury Direction under sections 71 and 76 of the Coronavirus Act 2020 concerning the Coronavirus Job Retention Scheme (CJRS). There are a number of important changes to the way

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Government support for pubs, cafes and restaurants

30/06/2020

The government has confirmed a further easing of lockdown as pubs, cafes, restaurants, hotels, hairdressers and cinemas have been given permission to reopen in England from 4 July. The launch date has been dubbed as Super Saturday. These changes will

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Financial help for debt advisers

30/06/2020

The government has announced that an extra £37.8 million will be made available to support debt advice providers during 2020-21. The distribution of the money will be overseen by the Money and Pensions Service (MaPS). MaPS will set out the

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Reporting Capital Gains on residential property

30/06/2020

The Capital Gains Tax (CGT) reporting and payment date for UK residents that sell a residential property changed from 6 April 2020. This change means that any CGT due on the sale of a residential property needs to be reported and a payment on account

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Vehicle MOT dates

30/06/2020

The government has announced that mandatory MOT tests for car, motorcycle and van owners in England, Scotland and Wales are to be reintroduced from 1 August 2020. This means that all drivers whose vehicle is due for an MOT test from 1 August will be

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Trusts and CGT

30/06/2020

A trust is an obligation that binds a trustee, an individual or a company to deal with the assets such as land, money and shares which form part of the trust. The person who places assets into a trust is known as a settlor and the trust benefits one

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IHT exemption for gifts out of income

30/06/2020

It is possible for wealthier taxpayers to take advantage of the IHT exemption for gifts and payments that are paid as normal expenditure out of income. This is a very flexible exemption from IHT as there are no specific requirements, for example,

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Stock valued at net realisable value

30/06/2020

One of the acceptable methods to value stock is at the lower of cost and net realisable value (NRV). NRV is broadly defined as the estimated selling price of an asset less any disposal costs. HMRC provides the following guidance in their Business

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What are debits and credits?

29/06/2020

You may have come across the terms debit and credit and perhaps wondered exactly what do they mean? Certainly, if you are a bookkeeper or accountant you will or should understand their significance. The first book on the subject was written by

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Depreciation

29/06/2020

Literally, the word depreciation means a reduction in the value of an asset over time. It recognises the fact that if you buy assets for your business – cars, plant, computers etc – as time marches on the value of those assets will

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Tax Diary July/August 2020

24/06/2020

1 July 2020 - Due date for Corporation Tax due for the year ended 30 September 2019. 6 July 2020 - Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs. 19 July 2020 - Pay Class 1A NICs (by the 22 July

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SEISS extended to new parents

23/06/2020

The government has announced that the scope of the Self-employment Income Support Scheme (SEISS) will be extended to help new parents. The newly announced measures are designed to help new parents whose trading profits dipped in 2018-19 because they

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Drawings, profits and tax

23/06/2020

If you are self-employed – this article does not apply to the directors and shareholders of limited companies – there is often a mis-match between the amount you draw from your business and your tax bill. When times are good profits may

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Option to defer VAT payments ends 30 June 2020

23/06/2020

The option to defer your VAT payments ends on 30 June 2020. The Coronavirus VAT payment holiday gave businesses the chance to defer the payment of any VAT liabilities between 20 March 2020 and 30 June 2020. Businesses that took advantage of

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Why footfall is important

23/06/2020

All businesses have customers, According to HMRC, even they have customers… Sales are the amount of goods and services that you provide your customers and there are three main features that affect your annual turnover: Number of

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New guidance for shop owners

23/06/2020

The HM Government guidance titled Working safely during COVID-19 in shops and branches has been updated. The updates relate to managing product handling and returns, the test and trace service, safer travel and managing security risks. The guidance

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61-63 Alexandra Road
Walsall
WS1 4DX
 
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01922 746335

 

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