Latest News from Davies Archytas Accountants Redditch

Stay up to date with accountancy news, events and key insights from within the financial & accounting industry from Davies Archytas, Redditch based Accountants.

Please check out our Facebook news feed below for all our latest accountancy news updates.

Did you know:

You can now apply for the #SME Brexit Support Fund. Smaller #businesses can get up to £2,000 to pay for practical support, including training or professional advice to adjust to new #customs, rules of origin and #VAT rules when #trading with the #EU.

For more information and to see if you are eligible click here:

www.gov.uk/guidance/grants-to-help-small-and-medium-sized-businesses-new-to-importing-or-exporting
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WEBINAR:
Fri, May 7, 2021 1:45 PM - 2:45 PM

This webinar explains your responsibilities as a trader if you choose to use an intermediary from 1 January 2021

Register here: register.gotowebinar.com/rt/6648007254465384974?source=March-HMRC-DCS-Agents-5

#Trade #brexit #accountant #exports #imports
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Timeline PhotosIf your business moves goods between the UK and countries in the EU, they’ll 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.
• Haven’t exchanged money but need to move equipment you use for your business, between the UK and the EU.

We understand this means a lot of changes are needed, and we are here to help.

#customs #EUcustoms #Brexit #exportinggoods #importinggoods #imports #exports
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A bit of Monday trivia for you!

Did you know that ‘Bookkeeping’ is the only English word to contain three sets of double letters back-to-back!

#accounts #accountants #bookkeeping
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If your business moves goods between the UK and countries in the EU, they’ll 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.
• Haven’t exchanged money but need to move equipment you use for your business, between the UK and the EU.

We understand this means a lot of changes are needed, and we are here to help.

#customs #EUcustoms #Brexit #exportinggoods #importinggoods #imports #exports
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WEBINAR:
Fri, Apr 30, 2021 11:45 AM - 12:45 PM

This #webinar explains how to make import declarations to #import goods between the #EU and Great Britain.

Register here: ow.ly/GraV50EveJ5

#imports #exports #exporting #brexit
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WEBINAR on:

Friday 30th April 2021 1:45 PM - 2:45 PM

The webinar explains what actions you need to take to export goods from Great Britain to the EU and move goods between Great Britain and Northern Ireland.

Register here: register.gotowebinar.com/rt/307162178772281358?source=March-HMRC-DCS-Agents-5
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Fourth SEISS grants now open for online applications!

The online service for applications for the self employment income support scheme (SEISS) is now open for online claims, HMRC has confirmed.

#SEISS #Self-employed #grants
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Around 600,000 people missed out on previous #grants because they had recently started working for themselves and had not filed a #tax return to prove their income status.

But those who filed a 2019/20 #taxreturn through self-assessment on or before the extended deadline at midnight on 2 March 2021 will be eligible for the new grants.

Given the volume of people who stand to qualify, HMRC is writing to around 100,000 of those asking them to complete pre-verification checks in a bid to prevent fraud.

#Taxpayers will receive a letter informing them to expect a phone call from HMRC in the next 10 working days, in which they will be asked to confirm their email address and agree to receive a secure Dropbox link.

They then have two days to upload one form of identity and three months of bank statements to show their business activity before the link expires.

Contact us for advice on the SEISS.

#seissgrant #selfemployed #SEISS #Tax #grants
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More help for the self-employed has been announced, with the final two income support grants available until the end of September 2021.

The fourth taxable grant available through the self-employed income support scheme (SEISS) covers a three-month period from 1 February to 30 April 2021.

As with two of the previous SEISS grants, the fourth grant is worth 80% of three months’ average trading profits, paid out in a single instalment of up to £7,500.

The fifth grant covers May to the end of September 2021, but the amount available depends on loss of income.

Workers whose turnover has fallen by at least 30% can still apply for a grant for up to 80% of profits, up to £7,500 in total.

Those whose income has fallen by less than that can apply for a grant of 30% of trading profits, up to a cap of £2,850.

Claims for the fourth grant can be made towards the end of this month, while claims for the fifth grant will open in July.

#seissgrant #selfemployed #grants #selfemployedgrants #accountant #covid
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Accounting is definitely essential when running a business but it’s not necessarily a job that is associated with ‘fun’ or ‘excitement’.

However, there are a few interesting facts that you might be surprised to learn about accountants:

Did you know...

‘Bookkeeping’ is the only English word to contain three sets of double letters back-to-back!

#accounts #accountants #bookkeeping
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Making Tax Digital for VAT started from 1 April 2019, affecting VAT-registered businesses with a taxable turnover above the #VAT threshold of £85,000. Next all #VAT-registered #businesses will need to comply with #MakingTaxDigital for VAT from April 2022.

How many of you are compliant already?
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Getting to grips with #smallbusiness #accounting can be tricky at the best of times, especially when you’re working for yourself and there’s no-one else around to chase you up on your tax dates and deadlines.

We help many small businesses stay on top of their accounts.
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May 7th is this year’s first quarterly VAT return filing deadline.

We can help with filing your #VAT return.

#VATReturn #VAT #Accounts #Accountant
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The Personal Allowance is the amount you can earn before paying any Income Tax. It increases to £12,570 for the 2021/22 tax year (up from £12,500 in 2020/21).

The threshold for paying the Higher Rate of income tax (which is 40%) also increases to £50,270 (from £50,000 in 2020/21).

Both of these thresholds will then be frozen to 2026.

#Tax #accountant #personaltaxallowance #accounts
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HMRC introduced Phase 1 of their ‘Making Tax Digital’ (MTD) initiative in April 2019. The much more demanding Phase II implementation was supposed to come into effect in April 2020, but this was delayed due to Brexit and the Covid-19 pandemic.

However, it was only delayed by a year and therefore 1st April 2021 is deadline day for businesses to comply with the taxing new legislation.

We thought it would be worth giving a quick refresher of what obligations have come into effect this April.

VAT-registered businesses with a taxable turnover above the VAT threshold (£85,000) are now required to follow the Making Tax Digital rules by keeping digital records and using software to submit their VAT returns.

If you are below the VAT threshold you can voluntarily join the Making Tax Digital service now.

VAT-registered businesses with a taxable turnover below £85,000 will be required to follow Making Tax digital rules for their first return starting on or after April 2022.

If you need help with Making Tax Digital, get in touch.
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April 6th - New tax year! The Chancellor’s updates to any tax rates, wage rates and minimum pension contributions (among other things!) will come into effect today. We'll be sharing a few this week. ...

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To all our colleagues, clients and suppliers

We wish you a very Happy Easter Sunday!

From us all at Davies Archytas Accountants

#HappyEaster #Easter2021 #EasterSunday #HappyEaster2021
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The IR35 rules will affect medium and large-sized organisations,
third parties or intermediaries, and contractors operating in the
private sector. Small organisations are exempt.

A company is considered ‘small’ if it satisfies two of the
following criteria:

🔹 Annual turnover of less than £10.2 million.
🔹A balance sheet of less than £5.1m
🔹fewer than 50 staff.

HMRC estimates around 60,000 private-sector businesses in the
UK utilise contractors, plus 20,000 recruitment agencies, which
supply workers who operate through intermediaries like a Public Service Companies (PSC).

📥 Talk to us about IR35 in the private sector
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As many as 170,000 contractors in the private sector who operate through their own Private Service Companies (PSCs) will be affected by IR35, along with some charities and third-sector organisations.

The rules only apply to individuals who are considered to be working like employees under the current employment status tests and do not affect the self-employed.

There are some key employment indicators which should be considered in determining status. To read these see this month's newsletter:

mailchi.mp/b9af2d656785/off-payroll-working-in-the-private-sector
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