Spring Statement 2022

spring statement

The Chancellor recently unveiled his Spring Statement. With a background of increasing wage, fuel and raw material costs and rising inflation, it was hoped the Chancellor would bring some respite for small businesses and sole traders. Thankfully there is some small respite coming for small business owners and sole traders. Before you get too excited, … Read more

Is it time to change the tax rules for Christmas parties?

HMRC rules currently allow employers to spend up to £150 tax-free per employee per tax year, on events such as Christmas or summer parties. This has been the case since 2003. The tax and advisory firm Blick Rothenberg has called on the government to double this amount to £300 as they believe the current limit … Read more

More details on the March 2021 budget

Money pot

The UK budget took place on the 3rd of March 2021. Since then we have been getting more information through regarding the changes announced by the chancellor. Here is what we know so far:  CORPORATION TAX RATES TO INCREASE TO 25% BUT NOT FOR ALL COMPANIES The UK corporation tax rate is currently one of the … Read more

The 2021 Budget

piggy bank

For the last 12 months the chancellor has been pouring money to support the UK economy through the COVID-19 pandemic. The good news from yesterday’s budget is this isn’t stopping yet and support for business and the self-employed carries on for the next 6 months. We also know now how the chancellor is going to … Read more

What is the VAT reverse charge?

VAT reverse charge

From the 1st March, the VAT reverse charge scheme now applies to construction. If you work in the construction industry and are VAT registered, this applies to you, your suppliers and your customers.   If you are not VAT registered or do not work in the construction sector you can ignore this blog but feel free to … Read more

What is working from home relief?

What is working from home relief?

Working from home relief = FREE CASH Due to the current pandemic, many businesses have been working from home this year (ours included). It looks like those who can work from home will be until March 2021 at the earliest. We have also seen a change in attitude towards flexible working. It has become the … Read more

What is the job retention scheme bonus?

Hand with iPhone

Employers will be able to claim a one-off payment of £1,000 for every employee they have previously received a grant for under the Coronavirus Job Retention Scheme (CJRS), and who remains continuously employed through to the end of January 2021. To be eligible, the employee must have received earnings in November, December and January, and … Read more

Is your van actually a car? – The answer may surprise you.

a Van and a car

“Should I buy a car or a van” is a question we frequently get asked at 1 Accounts. Our recommendation is usually van. This is because you can claim back the VAT and the taxable benefit in kind is usually much less than a car (unless electric).   As the benefits of buying a van … Read more