Blog
Commentary and insight
Our team of experts keeps a close eye on developments in tax law and financial regulation. Our blog is where they interpret the ever-changing statutory landscape in plain English, highlighting what’s important and offering practical advice on what businesses can do to avoid pitfalls or seize the opportunities presented.
Making Tax Digital – an update
Making Tax Digital for VAT (MTD for VAT) has been effective for businesses with turnover above the VAT threshold of £85,000 since April 2019. HMRC recently outlined its next steps, including the introduction of Making Tax Digital for Income Tax...
Tax Tip – Annual Investment Allowance Reduction from January 2021
The Annual Investment Allowance (AIA) provides a tax write-off against profits for expenditure incurred on plant and machinery by businesses and owners of commercial property. The AIA is reduced from £1,000,000 to £200,000 from 1 January 2021 and...
Finance Cost Relief for Residential Lets
Life after mortgage interest relief for landlords Historically, landlords have enjoyed generous income and capital gains tax reliefs which helped make residential property an attractive investment for those looking to add to their monthly incomes...
Coronavirus Local Lockdown Restrictions Support Grant (LRSG)
Published on 24 September 2020, the Local Restrictions Support Grant (LRSG) helps businesses that have been required to close due to temporary COVID-19 local lockdown restrictions imposed by the government. The LRSG supports businesses that were...
Exam Congratulations
The Horsfield & Smith team would like to congratulate Ashley Stephenson who has recently passed his Strategic Business Management exam for ACA. The team would also like to congratulate Ryan Denner who has recently passed his Strategic Business...
Self-Employed Income Support Scheme – Updated
The existing self-employed grant (SEISS) will also be extended on the same basis as the job support scheme. An initial taxable grant will be provided to those who are currently eligible for SEISS and are continuing to actively trade but face...
Bounce Back Loans – Pay As You Grow Flexible Repayment System
More than a million businesses who took out a Bounce Back Loan will get more repayment time through a new Pay as You Grow flexible repayment system. This includes extending the length of the loan from six years to ten, which will cut monthly...
NHS Test and Trace Service In the Workplace
The NHS Test and Trace service: • provides testing for anyone who has symptoms of coronavirus to find out if they have the virus; • gets in touch with anyone who has had a positive test result to help them share information about any close recent...
New Job Support Scheme Announced
Today Chancellor Rishi Sunak announced a new Job Support Scheme starting 1 November 2020 to replace the current Job Retention (“furlough”) Scheme which ends 31 October 2020. All small and medium-sized businesses are eligible, larger businesses must...
Getting On Top of Self-Assessment
Why 2019/20 is the year to get it done early. With everything that’s happened so far this year, it might be easy to forget your obligations to file a Tax Return for 2019/20 by midnight on 31 January 2021. The Coronavirus pandemic and subsequent...
Business Recovery Grants Update
In July, the Minister for Regional Growth and Local Government announced £20 million new government grants to help smaller and medium sized businesses recover from the effects of the coronavirus pandemic. Thousands of smaller businesses in England...
Why Cash Flow Forecasting is Vital Post Lockdown
Now that businesses are starting to re-open, long-term cash flow forecasting is crucial to your business going forward to ensure you thrive and can weather any storm – cash flow is a powerful decision tool and is what will see you through the new...
What we can do for you
Find out more about the full range of business and tax advisory services Horsfield & Smith offers to businesses and individuals across Greater Manchester and the North West of England and see how we can help you achieve your goals for growth.
