Monthly Archives: May 2022

Heat Pump Scheme

Many households are considering their options to reduce their energy costs in light of the recent price hikes in the cost of electricity and gas.

 

Aside from breaking into long sealed chimney breasts and burning the furniture, realistic options have been extended in recent weeks by the introduction of a government grant of £5,000 to replace...

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Commercial risk

Setting up and running your own business is a risky undertaking. What happens if sales reduce or disappear, and you are left with unpaid costs or loans and no cashflow?

 

The experience of recent COVID lockdown challenges – aside from the risk to personal health – has resulted in business closures at an unprecedented rate.

 

So how...

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Landlords switch to holiday lets

Cornwall, and we expect many holiday locations, are seeing an increase in landlords switching from domestic letting to holiday lets. Aside from the increased rents they can obtain, should they be successful in making this transition, there are tax as well as commercial advantages.

 

It all comes down to occupancy.

What are the tax advantages?

There are a...

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Flexible planning

If we lived in a world where the factors that affected trade and other commercial activity were unchanging, then plans drawn up for extended periods, say a year, would be a reliable benchmark to measure actual results against in the same period.

Unfortunately, change is a common occurrence these days. Plans drawn up will become unreliable...

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New Bill protects consumers access to cash

The new Financial Services and Markets Bill, announced during the recent Queen’s Speech at the state opening of parliament, will support consumers by protecting access to cash. It will ensure the continued availability of withdrawal and deposit facilities across the UK, and that the country’s cash infrastructure is sustainable for the long term.

The Bill will...

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Saving for a rainy day

The more draconian government interventions introduced to control the COVID outbreak have challenged all of us, businesses and individuals, to consider the notion that we can no longer rely on our jobs or businesses to effortlessly produce the income we need.

Many businesses in the hospitality and entertainment sectors had their ability to trade quashed. Lockdown...

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Elastic or inelastic?

Would demand for the products or services you sell vary with price increases or decreases? This conundrum is considered by the term elasticity in economic circles – how demand changes when prices change.

If demand for your products is elastic, any change in price will have a corresponding impact in demand. For example, if you increase...

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Investing to increase profits

The UK tax code has numerous reliefs and allowances that reduce tax when businesses invest in qualifying assets.

Some of the reliefs allow up to 100% of the invested cost to be written off against taxable profits and companies can presently write-off 130% of qualifying expenditure.

But aside from these tax incentives to invest, it is worth...

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High energy industries attract increased support

The other side of the recent hikes in consumer energy costs – taking their toll on take-home pay across the UK – are the similar cost increases for industry.

Focussing on high-energy users, the government recently announced the following increased support for Energy Intensive Industries (IEE).

High energy usage businesses, such as steel and paper manufacturers, are...

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Tax Diary May/June 2022

1 May 2022 - Due date for corporation tax due for the year ended 30 July 2021.

19 May 2022 - PAYE and NIC deductions due for month ended 5 May 2022. (If you pay your tax electronically the due date is 22 May 2022).

19 May 2022 - Filing deadline for the CIS300 monthly return for...

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