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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.

COVID-19 business interruption insurance – Are you due a payout?

Thousands of small businesses across England and Wales may be about to receive insurance payouts from business interruption insurance policies, following a ruling in the Supreme Court. More than 370,000 small businesses in England and Wales could be due a payout on their business interruption insurance after the Supreme Court ruled in favour of payments

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Self-Assessment: HMRC set to waive fines for late returns due to COVID-19

HM Revenue & Customs (HMRC) is set to waive fines for taxpayers who file their tax returns late, providing that they can prove that the delay was because of COVID-19. HMRC confirmed the news in a statement, with the 31 January filing deadline looming. The decision was taken with England entering a national lockdown and

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Are you making full use of the Government’s COVID-19 financial support package?

As we find ourselves in yet another national lockdown, businesses may be concerned about their ability to survive and succeed in the weeks and months ahead. The level of support on offer from the Government and local authorities is unprecedented via the various grants, loans and payment holidays now available. To help you make sense

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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

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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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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

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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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