Premier Accounts Blog

Meeting your obligations amid COVID-19 disruption. It’s not often that HMRC makes exceptions to its tax deadlines or late-filing penalties, but the past year has, as in so many ways, been different.  Between optional deadline deferrals, new payment schemes and...

A temporary increase to the annual investment allowance has been extended until 1 January 2022, the Treasury confirmed. The allowance enables firms to fully offset the cost of qualifying capital items of plant and machinery against taxable profits. Since 1 January...

One of the key factors that determine the tax on a business’s right to occupy commercial property in England has been frozen for 2021/22, the Chancellor has confirmed. Buried in the supporting documents of Spending Review 2020 was a freeze on the business rates...

The effects on supply chains from 1 March 2021. Those working in the UK’s construction industry will have to handle and pay VAT differently from 1 March 2021, unless there’s another last-minute Government U-turn. This is when the VAT domestic reverse charge for...

Reaching international markets in 2021 and beyond. The UK has left the EU, and for British exporters, that presents both opportunity and uncertainty. There’s potential for businesses to branch out to new markets outside of the EU, but that comes with a new set of...

HMRC has issued a last call to around 250,000 traders, highlighting urgent actions to take if they wish to continue trading with the EU from 1 January 2021.  The UK will leave the EU single market and customs union when the Brexit transition period comes to an...

Planning ahead to boost your business’s resilience. During what would normally be the busiest period of the year for businesses in retail, hospitality and other sectors, many will now be keeping a close eye on their cashflow as they deal with the impacts of COVID-19....

Reporting and paying within 30 days.  Earlier this year, a new rule requiring capital gains tax on UK residential property to be reported and paid to HMRC within 30 days kicked in.  This ushered in another change to tax rules affecting residential property...

Chancellor declares “economic emergency”. Had everything gone to plan this year, the Chancellor would have been delivering his Autumn Budget speech. Instead, Rishi Sunak declared an “economic emergency” alongside a slimmed down spending plan to see him through until...

Entrepreneurs’ relief is no more (in name at least). Last March, one of the headline-grabbing measures announced in what will be the only Budget speech of 2020 surrounded what we knew as entrepreneurs’ relief. The relief was designed to be an incentive for...