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CJRS Compliance Checks

NOVEMBER 2020 We are aware that HMRC are now sending out letters to individuals and small businesses to commence checks into claims made under the Coronavirus Job Retention Scheme. The letter reads: The Coronavirus Job Retention Scheme (CJRS) was set up to help employers pay their employees’ wages during the Coronavirus (COVID-19) pandemic. Our records…Read More

Furlough Scheme Extended

A government announcement on Saturday 31st October declared a national lockdown starting from midnight Wednesday 4th November and initially due to last until 2nd December. The government have confirmed an extension to the existing furlough scheme during this period and we have listed some of the main points below that have been published so far…Read More

Chancellor’s Summer Statement

Reaction from Ian Kelly, Tax Partner, 8th July 2020 So now we know, the Chancellor’s Summer Statement wasn’t a Budget. In fairness, Rishi Sunak had been at pains to quash rumours of a Summer Budget but many pundits were still holding out for, and expecting, one. Mr Sunak had a difficult act to follow, recent…Read More

Time to give attention to accounts and tax returns

An article by Ian Kelly, Tax Partner – June 2020 As I write this column, the Prime Minister has just announced further relaxations of the lockdown. So there are signs that life is going to start to return to what we hope to be some form of normality. With stability now, hopefully, replacing the recent…Read More

Self Employed Income Support Scheme (SEISS)

The Government has announced that the SEISS has now gone live. Financial support is available to self employed individuals who meet certain criteria. To see if you are eligible please click on the link below. You will need your Unique Tax Reference (UTR) and National Insurance Number. Check if you can claim a grant through…Read More

HMRC Enquiries, Investigations, Reviews and Checks

We are expecting HMRC to step up their activity in these areas once the emergency measures are eased and especially in areas such as employer compliance and VAT where the greatest help has been given. Attention can also be expected on the accountancy side to reflect the accountancy aspects of the financial assistance received and…Read More

Budget – 2 months on

It is easy to forget that there was a Budget, the first for some 18 months, in early March and at some point there will be one or more follow-ups to start the process of repaying the Exchequer for the financial assistance currently being provided. Tax rates will undoubtedly have to rise and this needs…Read More

Coronavirus Update, April

Client Update, 28th April 2020 For the self employed and partnerships, there is an immediate deferral of the 31 July 2020 payment on account to 31 January 2021. This means that the liability for the year ended 5 April 2020 minus the payment on account made on 31 January 2020 becomes payable at the end…Read More

Tax time

It’s that time of year when we write to our personal tax clients with their questionnaires setting out the information that we will need to prepare and complete their Self Assessment Return for the year ended 5 April 2020. We are currently in uncertain and difficult times but the need to comply with our tax…Read More

The Coronavirus Job Retention Scheme

Government grants relating to Coronavirus (COVID-19) It is important to note that all grants received from the government to provide support in respect of COVID-19 are taxable. For companies, the funds received will be added to income in the annual accounts. For the self employed the grant will be added to your profits and reported…Read More

Coronavirus Event – now live

26th March 2020 Here at Davies Tracey we always aim to ensure that our clients receive the best possible advice, and so last week we teamed up with Avensure to host a free event relevant to businesses at risk due to the Coronavirus outbreak. The demand for places was high, and as such we are pleased to…Read More

Coronavirus Update – contacting us

24/3/20 Further to the latest government announcement, all Davies Tracey staff will be working from home as of tomorrow (25th March). We have prepared for this eventuality and are confident that we can continue to provide an excellent service to our clients. Until we resume our normal office working arrangements, you can contact us in the following…Read More

Coronavirus Update, March

Throughout the Coronavirus outbreak, our main priority is the health and safety of our staff and clients, closely followed by continuing to provide an excellent service to our clients. As such, we ask that you choose alternatives to face-to-face meetings whenever possible. Telephone and video calls can be arranged, and documents can be brought into…Read More

Reflections on the 2020 Budget

by Ian Kelly, Tax Partner, March 2020 Well, his first Budget is over and Rishi Sunak spent an awful amount of time talking about ‘getting it done’. After only 27 days in his new job as Chancellor of the Exchequer, Mr Sunak had to wrestle with a United Kingdom and its economy that, in a…Read More

What is IR35, and why does the private sector need to know?

Ian Kelly’s ‘Taxing Thoughts’ – November 2019 With the expansion of off-payroll working (IR35) from the public sector into the private sector from April 2020, a recent case found in favour of HMRC in respect of three BBC presenters is a timely reminder of when things can go wrong. It’s maybe a good idea to…Read More

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