Monthly Archives: June 2021

Business risk is increasing

COVID disruption has added a further layer to the business risk cake. Do you know how many of your customers are at risk of failure? It is estimated that between 20% and 30% of small businesses, and a sprinkling of larger concerns, will cease to trade as we start to emerge from COVID lockdown; if […]

Informed v guesswork

First, let’s define these terms. “informed” – a decision or judgement based on an understanding of the facts of the situation. “guesswork” the process or results of estimating or concluding something without sufficient information to be sure of being correct. And between these two extremes varying degrees of certainty will apply. From a business point […]

Beware bogus contacts from HMRC

None of us are particularly thrilled to receive communications from HMRC, but fraudulent contacts, by email and other means, are becoming commonplace and innocent members of the public are being left out of pocket. According to HMRC, in the 12 months to 30 April 2021, they responded to more than 1,154,300 referrals of suspicious contact […]

VAT Deferral Scheme deadline

The online portal for the new VAT payment scheme closes on 21 June 2021. Over half a million businesses deferred £34 billion in VAT payments due between March and June 2020 under the VAT Payment Deferral Scheme. Businesses had until 31 March 2021 to pay this deferred VAT or, if they could not afford to […]

Outlook for employment

Government continues to be optimistic about the outlook for employment. In a recent press release they said: “Furlough numbers have fallen to their lowest level this year, according to official statistics published 3 June, as the number of people relying on the scheme fell to 3.4 million.” And yet that is still 3.4 million who […]

The 7-year rule

If there is any Inheritance Tax to pay on gifts you make during your lifetime, it is charged at 40% on gifts given in the 3 years before you die. Gifts made 3 to 7 years before your death are taxed on a reducing, sliding scale known as ‘taper relief’. Years between gift and death […]