Blog | RMT Accountants and Business Advisors Newcastle

January 7, 2021

VAT – Post-Brexit arrangements

The latest guidance on VAT on imports and services to and from the EU is complex and businesses need to account for this in their trading. To help we have provided a brief summary below, but we highly recommend you seek additional advice. Import VAT Goods that move into the UK from the EU from

January 7, 2021

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

January 6, 2021

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

October 23, 2020

Chancellor Increases Financial Support for Businesses Affected by COVID Restrictions

On 22 October Chancellor Rishi Sunak announced an increase to the coronavirus (COVID-19) financial support measures first outlined in the Winter Economy Plan. The Chancellor has made amendments to the Job Support Scheme (JSS), which is set to take effect from 1 November. When originally announced, the JSS saw employers paying a third of their

October 21, 2020

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

July 29, 2020

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

March 27, 2020

(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

March 24, 2020

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

March 20, 2020

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