Extended carry back If your business has been adversely affected by the Covid-19 pandemic resulting in a loss, you may be able to benefit from the extended carry-back provisions to generate a tax repayment. For income tax purposes, losses for 2020/21 and 2021/22 can be carried back for up to three […] The post Covid-19 pandemic resulting in a loss appeared first on BFMS Accountants and Business Advisers.

Covid-19 support As lockdowns continue, many businesses remain affected by the Covid-19 pandemic and in need of financial support. There are various support measures available. Speak to your professional adviser to find out what help is available for you. Grants New grants were announced at the start of the third National […] The post COVID-19 Pandemic Support Update appeared first on BFMS Accountants and Business Advisers.

Making Tax Digital (MTD) requires taxpayers to maintain electronic records and ‘communicate’ with HMRC digitally. Now is the time to look ahead and prepare for the next stages of the MTD programme. Making tax digital for VATVAT-registered businesses whose turnover is in excess of the VAT registration threshold of £85,000 are […] The post Making Tax Digital (MTD) appeared first on BFMS Accountants and Business Advisers.

To help those affected by Coronavirus, taxpayers could delay paying their payments. Deferred July 2020 self-assessment payment To help those affected by Coronavirus, taxpayers could delay paying their second self-assessment payment on account for 2019/20, which normally would have been due by 31 July 2020. Under the original proposals, the deferred […] The post Deferred tax payments appeared first on BFMS Accountants and Business Advisers.