Swansea Office - Tel: 01792 543520 | E: mail@gordondown.co.uk
Cardiff Office - Tel: 02920 786633 | E: info@gordondown.co.uk

News

New cashback scheme proposed

22/10/2020 – The government has announced plans to allow customers to get cashback from shops without needing to make a purchase. At the moment, cashback is only available to those who buy goods. The new proposals have been put in place to help protect the UK’s cash system following a steady decline in the use of cash. This process has accelerated … More...

Closing a limited company

22/10/2020 – There are a number of reasons why you may decide to close your limited company. This could be because a limited company structure no longer suits your needs, your business is no longer active, or the company is insolvent. You will usually need the agreement of all the company’s directors and shareholders to close down the company. The … More...

Brexit countdown importers

22/10/2020 – As we have reported previously, the UK government has confirmed that it will neither accept nor seek any extension to the Brexit transition period which expires on 31 December 2020. The EU has formally accepted this position. This means that the process for importing goods from the EU will change from 1 January 2021. HMRC has published … More...

Brexit countdown exporters

22/10/2020 – The Brexit transition period is due to end on 31 December 2020 and this means that the process for exporting goods to the EU will change from 1 January 2021. Current guidance published by HMRC states that from 1 January 2021, businesses will need to make customs declarations when exporting goods to the EU. This is what you currently have … More...

Clock ticking on the Annual Investment Allowance

22/10/2020 – The Annual Investment Allowance (AIA) allows for a 100% tax deduction on qualifying expenditure on plant and machinery to be deducted from your profits before tax. The relief is normally capped at £200,000 per annum but was temporarily increased to £1 million for a 2-year period from 1 January 2019 to 31 December 2020. This means that … More...

Distributions in anticipation of striking off rules

22/10/2020 – The Extra Statutory Concession (ESC) - C16 was a well-used extra-statutory concession that allowed company directors to treat final distributions as a capital disposal and close down their business in an efficient manner. ESC C16 was withdrawn in March 2012 and replaced by s1030A Corporation Tax Act 2010 (CTA 2010) provisions. This move … More...

Starting rate of Income Tax for savings

22/10/2020 – In the current tax year, anyone with taxable income of less than £17,500 will have no tax to pay on their savings income - interest received. This figure is calculated by adding the £5,000 starting rate limit for savings (where 0% of the interest is taxable) to the current £12,500 personal allowance. However, this £5,000 starting rate … More...

When you can or can’t use the VAT Cash Accounting Scheme

22/10/2020 – Under standard VAT accounting, VAT is payable on sales whether or not the customer has paid and can lead to a claim for Bad Debt Relief. Under the Cash Accounting Scheme, VAT does not need to be paid over until the customer has paid. A business can enter this scheme provided their estimated VAT taxable turnover for the next VAT year is … More...

New financial support measures announced

22/10/2020 – The Chancellor, Rishi Sunak, has delivered his third major statement to the House of Commons in less than a month. This followed the Winter Economy Plan on 24 September and further announcements on 9 October that expanded the scope of the Job Support Scheme and introduced new grants for businesses forced to close because of local or … More...

Gaming behind the wheel?

20/10/2020 – Unbelievably, it has been illegal to make phone calls or text while driving a car, but not illegal to play games or take photos. Clearly, this loophole is begging to be closed and new legislation proposed, 17 October 2020, will aim to do just that. A Government announcement says: People using a hand-held mobile phone in all … More...

Swansea Office

144 Walter Road
Swansea
SA1 5RW

T: 01792 543 520

E: mail@gordondown.co.uk

Cardiff Office

Temple Court
13a Cathedral Road
Cardiff
CF11 9HA

T: 02920 786633

E: info@gordondown.co.uk

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