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Our News & Knowledge Centre

Explore insightful articles, tips, and industry updates from RMT. Stay informed on the latest trends, innovations, and best practices in accounting and business services.

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FSB proposes move to turn Covid emergency debt into shared ownership schemes

The Federation of Small Businesses (FSB) is calling on the Government to introduce new measures to help companies struggling with COVID-related debt, including employee shared ownership. The FSB has said that businesses are facing “unmanageable” levels of Coronavirus debt – with four out of 10 small businesses describing their indebtedness in this way. Already nearly

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The post-Brexit Agreement – what this means for you and your business

There are more than 1,000 pages of the post-Brexit trade agreement under scrutiny at the moment. From an initial review, these are the key points you may wish to consider which may affect you and your business as we start 2021. From 1 January 2021, the process for importing and exporting goods has changed. In

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Forthcoming Changes – Annual Investment Allowances (AIA)

As you are no doubt aware the Annual Investment Allowances (AIA) allows a business to claim 100% tax relief on certain items of plant and equipment.  The maximum allowance is currently set at £1,000,000 however this is set to reduce to £200,000 from 1 January 2021.  Transitional rules will apply to accounting periods which span

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Statutory Residence Test and Covid-19: Important Changes

HMRC Statutory Residence Test and Covid-19: Important Changes

By Jenna Ideson (Personal Tax Senior) at RMT Accountants & Business Advisors Ltd The Statutory Residence Test (SRT) was introduced by HMRC and brought into effect in the Finance Act 2013 on 6 April 2013. The purpose of the test is to help determine the tax residence status of an individual within the UK tax

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(COVID-19) Self-employment Income Support Scheme

This scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next 3 months. This may be extended if needed. For full guidance please visit https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme. Who can apply You can apply if you’re a self-employed individual or a member

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Business Support and Advice – COVID-19

The impact of COVID-19 on both the domestic and international economies is already being felt by UK businesses and companies are naturally concerned not only about the short-term impact on their business, but also the medium to long term consequences of a COVID-19 pandemic. RMT is here to assist and guide you through these challenging

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Companies House to allow coronavirus-related filing extensions

20 March 2020: businesses affected by the COVID-19 pandemic can now apply to Companies House to request an extension to file their accounts, reports and confirmation statements. The maximum extension is three months, but stringent conditions apply, the most important being that any appeal must be lodged before a company’s filing deadline. Updated government advice states that

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Business Rate Reliefs and Grant Funding

On 17 March 2020 the Chancellor set out a further package of targeted measures to support businesses through this period of disruption caused by COVID-19: • increasing the retail discount from one-third to 50 per cent for eligible retail businesses occupying a property with a rateable value less than £51,000; • extending the retail discount

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Statutory Sick Pay (SSP) Claims

Measures to support businesses experiencing increases in costs or financial disruptions Employment costs Legislation will be enacted to allow small-and medium-sized businesses and employers to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. The eligibility criteria for the scheme will be as follows: • The refund will cover up to 2

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