Ellaleigh Book-keeping Services Limited

01/01/2025

Happy new year to all of my clients. May 2025 bring you success, health and happiness x

03/03/2023

Hi everyone - just something that may be worth a read

HMRC has introduced a new penalty system for all VAT return periods starting on or after 1 January 2023 and payments due from 7 March 2023. It replaces the existing VAT default surcharge.
A snapshot of the changes

A quick summary is outlined below :

Late submission penalties - These work on a points-based system. For each VAT return submitted late, customers will receive a penalty point until they reach the penalty point threshold – at which stage they will receive a £200 penalty. A further £200 penalty will also apply for each subsequent late submission while at the threshold, which varies to take account of monthly, quarterly and annual accounting periods.

Late payment penalties - If a VAT payment is more than 15 days overdue, businesses will pay a first late payment penalty. If the VAT payment is more than 30 days overdue, the first late payment penalty increases and a second late payment penalty will also apply.

To help customers get used to the changes HMRC will not charge a first late payment penalty on VAT payments due on or before 31 December 2023, if businesses either pay in full or a payment plan is agreed within 30 days of the payment due date.

Payment plans - After 31 December 2023, if a customer proposes a payment plan within 15 days of payment being due and HMRC agrees it, they would not be charged a late payment penalty, provided that they keep to the conditions of the payment plan. Late payment penalties can apply where proposals are made after the first 15 days, but the agreement of the payment plan can prevent them increasing.

Interest calculations - HMRC has introduced both late payment and repayment interest, which will replace previous VAT interest rules. This brings the new regime in line with other taxes.

read more on the blow link if you wish too:

Changes to VAT penalties and interest charges if you submit a VAT Return for an accounting period starting on or after 1 January 2023.

25/11/2022

I'm just wondering if this is worth a read for vat registered guys out there! HMRC are changing the way they are dealing with penalties etc around late payments of vat... Best to be pre-armed with knowledge...

https://www.gov.uk/guidance/prepare-for-upcoming-changes-to-vat-penalties-and-vat-interest-charges?_ga=2.195797996.1761835939.1669382079-1318587626.1648458518&_gl=1*1tn2uep*_ga*MTMxODU4NzYyNi4xNjQ4NDU4NTE4*_ga_Y4LWMWY6WS*MTY2OTM4MjA3OC43MC4xLjE2NjkzODczMjYuMC4wLjA.

12/02/2021

This may be of interest to a few of my clients. It is making a massive impact right now on several of you.
It is up to the end contractor to make the decision on if your limited company is caught or not by this new IR35 rule but here is a checker that may help you.

Find out how to prepare for changes to the off-payroll working rules if you engage contractors working through their own limited company.

20/07/2020

Hi all. Can I just remind all my clients with a payment on account due for 31/7/20 to make their payment. If your struggling you can of course defer this one but don’t forget if you do that the next one is just after the Christmas and new year expense and it will be to add to the January payment so it may be a large. My advise if you have it then pay it !

08/07/2020

Bits and bobs:

Aplications for the firs-t Covid-19 Self Employed Income Support grant must be made by 13th July.

Applications for the second grant will start on 17th August 2020, probably on a staged basis as with the first grant.

Capital Gains tax - For property that you do not live in and sell after 6th April 2020, there has been a change!!! you will need to report online and pay any capital gains tax within 30 days of the sale. Its not long so its a rule best remembered.

Also dont forget if you have the 18-19 2nd payment on account to make for self assessment - income taxes by 31/7/20 that this can be deferred until the Jan 2021 payment. However NOTE This in come cases could end up making that payment (just after christmas and new year celebrations) a very big payment as you will have the normal balancing payment and first payment on account to pay for 19-20 tax year on top of the deferred 2nd payment for 18-19.... so If you have it it could be advisable to pay it on time.

08/07/2020

A re-cap for the self employed:
the second stage of the self employed support scheme will start in August 2020 but your business needs to have been adversely affected after 14th July 2020 to claim.
You will receive 70% of average profits for 3 months, capped at £6,570 and you don't need to have claimed anything in the first stage of grants.

08/07/2020

Its been a busy day - jam packed with lots of info.... no firstly a recap of the changes for the furlough scheme moving forward:

1st July 2020 - From this date you can bring staff back to work part time for any time and work pattern. As an employer you can continue to claim 80% of the gross, NI and pension for the hours not worked.

1st August 2020 - It will no longer be possible to reclaim NI and pension costs.

1st September 2020 - Employers will only be able to claim 70% of gross pay and must contribute 10% themselves so that staff are paid at least 80% of their pay.

1st October 2020 - Only 60% of gross pay may be claimed with employers contributing 20% themselves.

31st October 2020 - The Job Retention Scheme is due to end.

05/06/2020

This is direct from hmrc site but reads easily so take a read if you have any furloughed employees. I know it’s a long read but it’s important.

Important dates – what you need to know now

The scheme will close to anyone who hasn’t been furloughed for 3 weeks by 30 June, so you will only be able to claim for employees after that if they have been furloughed for a full three-week period at any time before the end of June.

So, if you intend to furlough an employee who hasn’t been furloughed before, you will need to agree that with them and start their period of furlough on or before 10 J‌un‌e – this is the last day on which someone who has never been furloughed before can start a period of furlough and qualify for the scheme – this ensures the minimum three-week period is complete by 30 J‌un‌e.

You will then have until 31 J‌ul‌y to make a claim for any periods of furlough up until 30 J‌un‌e – this applies to both employees furloughed for the first time and those you have previously furloughed and claimed for.

The future of the scheme...

The rules of the scheme are changing from 1 J‌ul‌y.

On 12 J‌un‌e, we’ll publish full guidance on all the scheme changes on GOV.UK – search for 'Coronavirus Job Retention Scheme' to find this – webinars offering more support on the changes will also be available to book online from 12 June – everything you need to know about the scheme changes will be published online on GOV‌.UK.

From 1 July, you’ll have the flexibility to bring previously furloughed employees back to work part time, you can decide the hours and shift patterns they work to suit the needs of your business – you’ll pay their wages for the time they’re in work and can apply for a scheme grant to cover any of their normal hours they are still furloughed for.

Also, for periods starting on or after the 1 J‌ul‌y, the maximum number of employees you can claim for in any period cannot be higher than the maximum number you have claimed for in a previous period. For example, if your highest single claim for periods up to 30 J‌un‌e was for 100 people, you can’t claim for more than this number in later periods.

From 1 Au‌gu‌st, you will need to contribute towards the wage costs of your furloughed employees until the scheme ends on 31 Oc‌to‌be‌r.

02/06/2020

Self-employed? Register for a free webinar on 2, 3 or 4 June to find out the support available to you during the coronavirus crisis.

The webinar will give you an overview of the Self-Employed Income Support Scheme - who can apply, how to apply, the amount you can claim and other support available.

02/06/2020

Durham County Council have opened applications for their discretionary grant fund which is for organisations who were not eligible for the £10k small business grant. This includes charities with property, B&Bs who pay council tax and small businesses in shared workspaces.

Follow us on Facebook or Twitter or see Changes to services throughout the coronavirus outbreak to see the latest updates and how we're working to restore our services safely.