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.
Personal Tax Planning in 2021/22
What’s changing for the new tax year? If there’s one thing to take away from Spring Budget 2021, taking charge of your personal finances is going to be increasingly important over the next five years. With the financial fallout from COVID-19 over...
The Future of UK Corporation Tax
What’s ahead for companies, from rate rises to Making Tax Digital. For the past 40 years or so, corporate tax rates have decreased steadily around the world. In 1980, the global average stood at around 40%, but by the end of 2020 it was closer to...
Covid-19: How Do I Join the VAT Deferral New Payment Scheme?
The HMRC VAT Deferral New Payment Scheme is now open which enables VAT payments deferred between 20 March 2020 and 30 June 2020 to be paid in equal instalments – all instalments must be paid by the end of January 2022. You must ensure you have...
Just One Click? Your Business Tax Account
Think of it as the portal to HMRC’s online services. Many businesses will already have made use of their Business Tax Account (BTA), for example in connection with Making Tax Digital for VAT (MTD for VAT). But they may not have explored all the...
Why Supply Chain Mapping is Important for Business Resilience
Do you know where every item you need to bring your product to market comes from? From raw material to finished goods? Every step of the journey, from A to B, and ultimately to you? Which roads, whose waggons, which warehouse? Supply chain mapping...
Self-Employment Income Support Scheme Fourth Grant (SEISS)
In the recent Budget, the Chancellor has set out further support for the self-employed. In addition to the upcoming fourth grant, there will also be a fifth SEISS grant covering the 5 months to 30 September 2021. The Chancellor has extended the...
Changes to the Coronavirus Job Retention Scheme from July 2021
The Coronavirus Job Retention Scheme has been extended until 30 September 2021 and the level of grant available to employers under the scheme will stay the same until 30 June 2021. The current version of the furlough scheme that started on 1...
Making Tax Digital – Corporation Tax
Making Tax Digital. It’s at the heart of the government’s vision of a modern, transformed tax administration. With a consultation now running, Making Tax Digital (MTD) for corporation tax is on its way. MTD: at a glance For the government, MTD for...
How to Plan for Your Retirement
Get on track for a comfortable retirement. If you have a defined contribution pension scheme – whether private or through your employer – your retirement savings have probably been hit quite hard by the COVID-19 pandemic over the past 12 months....
Tax Tip – Making Use of NIC Saving Strategies
When extracting profits from your business, the tax-efficient use of benefits can save income tax and may also reduce your National Insurance Contribution (NIC) liability. Some strategies which could help to save NICs include: • increasing employer...
How Does Xero Automatically Manage the Construction Domestic Reverse Charge?
The Construction Domestic Reverse Charge comes into force on 1 March 2021. It is, therefore, important that your construction business is ready for the changes. Get Your Construction Business Ready with Xero Whether you are a subcontractor or a...
Covid-19 – Government Support Update
Coronavirus Job Retention Scheme (CJRS) The CJRS has been extended until 30 April 2021. Claims for furlough days in January 2021 must be made by 15 February 2021. You can no longer submit claims for claim periods ending on or before 31 October...
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.
