Business Blog 14 October

by | Oct 14, 2020 | 0 comments

The Teignmouth Office has successfully moved to the old NatWest Bank building in Teignmouth. The new address is:

5 Den Road, Teignmouth, Devon, TQ14 8AR

Some Limited company clients, who use our Teignmouth address as their Registered Office, will need to change their Registered Office address on communications, etc. We will advise such clients separately before we make the change of address with Companies House.

It has been a successful move and we are slowly getting through the unpacking! We can even find things again! Many will have noticed that the signage and posters are not yet up, that is because we are currently reviewing our branding and will share our new designs soon.

The news continues to be full of all things Coronavirus. We even delayed this blog, thinking that there may be things that we needed to update clients on from Monday’s announcements. The South West area is still seen at the lowest tier and therefore there are no real changes from the Chancellor’s statement at the end of September. Please refer to our blog of the 25 September 2020, as there were some useful items within his announcement. As ever, should there be any developments that you need to know about, we will bring them to you via blogs, Facebook, etc.

Our own policies around Coronavirus have not changed. We still are not doing face to face meetings and any clients visiting the office will be greeted at the door. We have strengthened internal procedures to protect clients and staff alike. I think we all have a feeling that this could be a very long winter!

Here are some bullet point news items that you may find interesting:

  • Self Employment Income Support Grant
    • The deadline for claiming the second tranche grant is the 19 October.
  • Self-Assessment Tax Returns
    • No extension to the 31 January 2021 deadline has been announced and therefore we are still working towards this deadline. If you have not yet got your records into us, please pull them together as soon as you can and get them into us
    • In the last blog we mentioned that the Chancellor had announced that anyone with tax to pay in January 2021 of less than £30,000 would be able to secure a 12-month time to pay arrangement (via telephone or a government gateway account unfortunately). We have since heard that such arrangements will incur late payment interest, at the HMRC rate of 2.6%
  • Building and Construction Reverse Charge VAT Scheme
    • This one has been bubbling around for some time now but has been delayed due to Coronavirus. As things stand, the scheme will come into play from 1 March 2021. We will provide more detailed guidance nearer the time but thought we ought to make our construction clients aware of the change. Under this scheme if you are subcontracting to anyone but the end user client (and the contractor is VAT registered) you will have to check various things but will no longer charge VAT. This may well simplify things, but we can see that it will create cashflow implications. Do not worry you will still be able to reclaim input VAT. We will provide more detailed guidance nearer the time.
  • Cars / Trucks / Vans – Couple of changes here:
    • A recent tax tribunal case has found that a van with 2 rows of seats is now classified as a car. This is contrary to previous guidance and could have an impact on existing and future purchases. If you are in doubt, please call us for advice
    • Electric cars are becoming more popular and the Government has sought to make them more beneficial from a tax perspective. Cars purchased through a limited company and involving private use are generally taxed heavily and there is deliberate policy to increase such taxes each year. Such tax on electric cars is actually reducing, to provide more of an incentive. If you’re considering an electric car then call us for advice

If you are looking for a mortgage, pension, or other financial advice, please call us and we can put you in contact with a great team of mortgage and financial advisers. Call us if you have requirements and we will put you in contact with the right people.

The Smarter Accounting Offices continue to be staffed, but not currently open for face to face meetings. We can always make other arrangements for video conferencing, telephone calls and at times garden meetings if required. If you are dropping off or collecting records via the office, please notify us in advance.

Please be aware that we are reviewing our policy regards COVID 19 on, at least, a weekly basis.

We provide more regular updates via Facebook. Therefore, if you want the latest news then like our Facebook page.

Best wishes and stay safe!



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