Business Support Articles

Using the Annual Investment Allowance

The Annual Investment Allowance (AIA) is a generous tax relief that was first introduced in 2008. The AIA allows for the total amount of qualifying expenditure on plant and machinery to be deducted from profits before tax. The AIA can be claimed by an individual, partnership or company carrying on a trade, profession or vocation, a UK non-residential property business or a furnished holiday let....

New grant opportunities for farmers

New grant opportunities to help farmers have been announced. The new grants will help farmers boost their businesses and add extra value to their produce. The Adding Value grant opened for applications on 9 June 2022 and will close at midnight on 21 July 2022. The funding will be offered in sums between £25,000 and £300,000. In total, £30 million worth of funding will be provided from the...

Business Start Up Loans

Financing a new Start Up business is one of the most crucial aspects of helping a new venture to succeed. Obtaining finance for a new business can be an arduous process. For example, borrowing money from a mainstream bank may not be an option or only possible with security conditions such as a personal guarantee. There is a government backed scheme known as the Start Up Loan scheme that may be...

Director banned for Bounce Back Loan abuse

A director admitted applying for a larger Bounce Back Loan than the company was entitled to and using some of the money for personal expenditure. This has resulted in the director being banned from acting as a director for 8 years. 

Last year to claim super-deduction

A reminder that the super-deduction, offering 130% first-year tax relief, is available to companies until March 2023. The super-deduction is designed to help companies finance expansion post-COVID and to drive growth.

Agent authorisation re SEISS grants

Self-employed individuals (including partnerships) who have overclaimed the Self-Employed Income Support Scheme (SEISS) must pay back the overpayment to HMRC.

Exchange of joint interests

HMRC’s internal manuals consider the reliefs available where there is an exchange of joint interests in land.

Business tax cuts from April 2022

A number of business tax cuts came into effect from April 2022. This includes an increase in the Employment Allowance from £4,000 to £5,000.

Resolving commercial rent debts

A new law that seeks to resolve certain remaining commercial rent debts accrued during the pandemic received Royal Assent on 24 March 2022. The new law introduces a legally binding arbitration process to resolve certain outstanding commercial rent

Extended loss relief carry-back

A reminder that the temporary extension to the eligible carry back period for trading losses applies for company accounting periods ending between 1 April 2020 and 31 March 2022 and for tax years 2020-21 and 2021-22 for unincorporated businesses.

Check large suppliers payment status

The government has been working for a number of years to combat the problem of large businesses abusing their position by making late payments to small businesses. There is a legal requirement (introduced in April 2017) for large businesses to report

by Alexandra Pasareanu

The effect of COVID-19 on SMEs

In this article, Alexandra Pasareanu, Manager at Ecovis, discusses the impact COVID-19 has had on SMEs and the important lessons that can be learnt from the crisis.

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