GB Accountancy & Finance

GB Accountancy & Finance Our team possesses ACCA qualifications & over 15 years experience working for HMRC, therefore providing you with a wealth of knowledge around all aspects.

At GB Accountancy & Finance we offer a range of accounting and taxation services.
- Self Assessment
- Corporation Tax
- VAT
- General Tax Planning
- Payroll Services
- Business Start ups
- Management Accounts.

All set for the Dentistry Show in Birmingham today and tomorrow. Please visit us at stand B78 if you’re around!
13/05/2022

All set for the Dentistry Show in Birmingham today and tomorrow. Please visit us at stand B78 if you’re around!

01/01/2022

Wishing everyone a very happy new year and all the best for 2022!

Please don't forget that the deadline for self assessment submissions as well as income tax payments is the end of the month, Jan 31st.

01/10/2021

A reminder to all employers that September was the final month to make a furlough claim. Businesses still have until October 14th to submit their claims for September but after this date, the scheme will be closed.

04/03/2021

Coronavirus Job Retention Scheme Extension

Following the budget announcement yesterday, the Government have confirmed that The Coronavirus Job Retention Scheme will continue until the end of September 2021.

Furloughed workers will continue to receive 80% of their salary for hours not worked, up to a maximum of £2,500 per month.
Up to the end of June 2021, the entire 80% will be covered by the Government.
For July 2021, the Government will cover 70% of the furloughed amount, with the employer having to cover the remaining 10%.
For August and September 2021, the Government will cover 60% of the furloughed amount, with the employer having to cover the remaining 20%.

As with the current furlough status, employers must continue to pay the relevant Employer National Insurance and pension contributions from their own funds.
Employers also have the option to top up their employees' wages over the 80% if they wish, but they are not required to do so.

From 1 May 2021, employees who were on PAYE payrolls as of 2 March 2021 will also be eligible for furlough so employers will be able to make a claim for these employees too.

27/02/2021

A reminder to everyone that tomorrow (February 28th) is the deadline for your self assessments following the extension given due to the Coronavirus.

04/01/2021

Wishing everyone a very happy new year!

Please don't forget that the deadline to both submit your self assessment tax return and pay your income tax is January 31st.

Please feel free to get in touch with us if you require any assistance.

03/11/2020

Coronavirus Job Retention Scheme Extension

Following the Prime Minister's lockdown announcement on October 31st, it has also been announced that the Job Retention Scheme will continue until at least the end of November 2020.
Furloughed workers will continue to received 80% of their salary for hours not worked, up to a maximum of £2,500 per month which will be fully covered by the Government.
Flexible furlough continues so employers can ask their employees to work certain hours as and when they are required, and therefore the hours not worked qualify for furlough.
From the start of November employers will continue to pay employer's national insurance contributions and pension contributions in full. Employers also have the choice to top up furloughed employees' wages over the 80% paid by the Government but this is not a requirement.
The Government have also announced that any employee that was on the payroll by 30 October 2020 is eligible for this extended job retention scheme.

28/09/2020

On Thursday September 24th the chancellor announced his "Winter Economy Plan" to protect the economy through the coronavirus pandemic.

Part of the announcement was an extension to the Self Employed Income Support Scheme.

Another grant which will cover the period from the start or November 2020 until the end of January 2021 will be given to individuals and members of partnerships who qualified for the previous grants. This taxable grant will cover 20% of average monthly trading profits and will be paid out in a single lump sum, covering three months worth of profits, capped at £1,875 in total.

Please don't hesitate to contact us, should you have any questions.

17/08/2020

Self-Employment Income Support Scheme (SEISS)

As of today, self-employed individuals who have been adversely affected by coronavirus can claim a second taxable grant the same way they claimed the first grant.
This second and final grant is worth 70% of your average monthly profits which will be paid out in a lump sum covering 3 months and capped at £6,570 in total.
The deadline to make the claim is 19 October 2020.

08/07/2020

A reminder to everyone that July 31st is the normal deadline for your second payment on account in relation to your self assessment (if applicable).
However, please note, due to the financial impact of Covid-19 HMRC have automatically deferred this payment until January 31st 2021. No application is needed for this and you won't be charged any penalties or interest on your July payment for doing this.
One note of caution here is that this July payment will be added to your normal January payment next year if you choose to defer it so you could be left with a sizable payment in January 2021.
So ultimately, you do have the option to defer your July 2020 payment to HMRC but please do so with caution.

08/06/2020

The Chancellor has announced plans to extend the Self-Employment Income Support Scheme (SEISS):

Eligible self-employed individuals will be able to claim a second and final SEISS grant in August.
This will be a taxable grant worth 70% of your average trading profits for three months and will be paid in a single instalment up to a maximum of £6,570 in total.

Claims for the first SEISS grant must be made no later than 13 July.

More information about the second SEISS grant will be released on 12 June.

02/06/2020

On May 29th the Chancellor announced more details regarding the extension of the Job Retention Scheme:

From 1 July 2020, employers will be able to bring previously furloughed employees back part time and still receive the 80% grant from the government on employees’ wages for the time they are not working until the end of August.

In June and July, the scheme continues as it has done with the government paying 80% of wages up to a maximum of £2,500 per month as well as employers National Insurance and pension contributions.

In August, the government will continue to pay 80% of wages up to a maximum of £2,500 per month but employers will start paying the employers National Insurance and pension contributions.

In September, the government will pay 70% of wages up to a maximum of £2,187.50 per month with the employers continuing to pay employers National Insurance and pension but now also paying 10% of wages to ensure the employee continues to receive 80% of their wages.

In October, the government will pay 60% of wages up to a maximum of £1,875 per month with the employers continuing to pay employers National Insurance and pension but now also paying 20% of wages to ensure the employee continues to receive 80% of their wages.

The percentages above relate to pay for hours NOT worked by the employee.

The scheme will no longer accept new entrants from 30 June 2020.

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Friday 9am - 7pm

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