Premier Accounts Blog

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 economic crisis has...

Four main methods for valuing a business. Whether you’re making exit plans or you want to give confidence to investors, knowing the value of your business is a vital step. From the inside, it might be hard to say what that value is. You’ve put long hours of hard work...

The Government has closed a loophole which allowed employers to make furloughed staff redundant on reduced pay under the furlough scheme. The new law kicked in on 31 July 2020 to ensure furloughed workers who are made redundant receive redundancy pay based on their...

Almost two-thirds of small businesses in the UK experienced late or frozen payments as a result of the COVID-19 outbreak, a report has claimed. The Federation of Small Businesses (FSB) polled 4,228 small business owners during lockdown in April 2020 and found the...

Making Tax Digital (MTD) is set to expand to all VAT-registered businesses from April 2022, the Treasury has announced. Since April 2019, VAT-registered traders with annual taxable turnover above £85,000 have been submitting VAT returns through MTD, while other firms...

The Government has called for a comprehensive review of the capital gains tax system. Chancellor Rishi Sunak has commissioned the Office for Tax Simplification (OTS) to review how asset sales are taxed. Capital gains tax applies on the sales of assets such as second...

New measures announced in economic update. Since the Budget in March, businesses have seen a stream of different support schemes and policies announced to help them manage the financial impacts of the coronavirus lockdown. When Chancellor Rishi Sunak stood in the...

Managing and planning during COVID-19. Even among those who follow good tax-planning practice and maintain forecasts running several years forward, it is unlikely that many foresaw the dramatic end to the 2019/20 tax year. With the arrival of COVID-19 and the...

The UK’s economy experienced the largest monthly contraction on record in April 2020, shrinking by 20.4%.  The sharp fall in GDP came as the UK spent its first full month in lockdown to try and halt the spread of COVID-19. The Office for National Statistics (ONS)...

How to pass on wealth to the next generation. There are many ways to reduce or eliminate the inheritance tax payable on your estate without using trusts.  But for some, especially if you are very wealthy, they may not be enough. For others, the control that...