After many months of navigating through very uncertain times, we are now starting to see a gradual return to ‘normal’ life. COVID-19 has, no doubt, impacted your businesses activities and it remains to be seen how long lasting those effects will be.

Both UK businesses and overseas businesses should be aware of the postponed accounting for import VAT which is being introduced with effect from 1 January 2021. Currently, when a UK VAT registered business imports goods into the UK from outside of the EU, import VAT is due at the border. This import VAT is then […]

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Internal audit is the organisation’s third line of defence and provides independent assurance to senior leadership and board that the organisation’s risk management, governance and internal control processes are operating effectively. The new status quo has led to modified working practices and direct impact on the first and second line of defence, which could now […]

Reduced rate of VAT for hospitality The temporary reduction in the rate of VAT applying to certain supplies in the hospitality sector was due to come to an end on 12 January 2021. The rate cut is now being extended until 31 March 2021. Deferral of VAT payments The VAT due on returns covering the […]

Whilst the Coronavirus Job Retention Scheme (the Scheme) has provided employers with a much needed ‘lifeline’, HM Revenue & Customs (HMRC) are now taking the first steps to recover grant payments which have either been: Made in error, for example, through a misunderstanding of the Coronavirus Direction, or mis-calculated as to the level of grant which could […]

We find ourselves in unprecedented times following the emergence of COVID-19 and subsequent government lockdown restrictions earlier this year. Whilst the restrictions have now been lifted and schools have re-opened to pupils at the start of the new academic year, we face a period of uncertainty over the coming months as it is still unclear what the long term implications of COVID-19 will be on the economy and the independent school sector. Effective communication will therefore be key in preparing your 2020 statutory accounts and we have provided some of the areas to consider below.

From the outset of the COVID-19 pandemic the Government has provided businesses with a wide range of financial support packages, in particular the Coronavirus Job Retention Scheme which is due to end on 31 October 2020. However, everyday we hear on the news details of many household names announcing store closures, redundancies and re-structuring of their business model.