Following Chancellor Rishi Sunak’s announcement yesterday, we present a summary of the significant new supportive measures being instituted. Coronavirus Job Retention Scheme – what it means for employers The UK government has committed to cover up to 80% of salary (up to a maximum of £2,500 per employee, per month) payable to employees that are...

Few businesses could ever have imagined, let alone made plans for, the potential impact of a massive epidemic such as the current coronavirus crisis. As accountants, we want to provide you with some practical steps that you can take. Keep in touch Keep in touch with your accountant. The sooner that they are made aware...

Whilst we deal with the uncertainty of the rapidly changing coronavirus (COVID-19), we wanted to update you on the precautions we are taking at JRW to ensure a safe environment for all of our clients and staff. We want you to know that we are taking all possible measures to ensure that the current Government...

Following yesterday’s announcements we have attached our Budget Summary Document which is downloadable in pdf format JRW Budget 2020. If you would prefer a printed copy please just let us know and we will send it to you directly. We will, of course, be happy to discuss with you any of the points covered in...

Are you and your staff handling tips correctly? If you operate a café or restaurant, your employees will receive tips from the majority of customers. But as a business owner, what do need to do regarding income tax on these tips? Head of our Payroll Team Joanne Gibson explains. The starting point is to confirm...

Your company is about to support a local charity. This will include donating the use of company equipment and employees’ time, as these resources will partly be used for non-business activity, will the related costs be tax deductible? Usually, if your business incurs costs in connection with making a gift, it won’t be entitled to...

Q. Within my building supplies store, we account for VAT by using a point of sale retail scheme based on our daily gross takings figures. We have quite a lot of account customers who buy goods from the shop but don’t pay until 30 or 60 days later. We include the sale in the till...

Q. I’m the only director of my company and I own all its shares. I bought a van in my name but I intend to use it in the company’s trade. Can the company reclaim the VAT included in the purchase price? A. If the van was purchased and used privately or for a different...

Q. A friend has told you that he and his wife are taking a tax-free luxury weekend away on the company. Apparently, because the business has been running a long time HMRC allows this. Is this something you can take advantage of? A. Tax rules include a surprisingly long list of benefits in kind which...

Q. I’m a director and co-owner of a company. I use my own car for business journeys for which the company pays me a mileage allowance at HMRC’s official rates. Last month my car was off the road for over three weeks for repair and the insurance company provided me with a courtesy car. Apart...