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Building a future in uncertain times
June 2022 Newsletter

Please get in touch if we can be of assistance with any of the issues raised
e: advice@barringtons.co.uk t. 0800 019 1744
 
HOLIDAY LETS - THE TAX BENEFITS 
There are a number of tax incentives if you own and let a furnished holiday lets property. They include Claiming Capital Gains Tax reliefs and capital allowance deductions for items such as furniture, equipment and fixtures. Profits earned from holiday lets also count as earnings for pension purposes.
Read more here
 

 
INVESTING TO INCREASE PROFITS
The UK tax code has numerous reliefs and allowances that reduce tax when businesses invest in qualifying assets. Some of the reliefs allow up to 100% of the invested cost to be written off against taxable profits and companies can presently write-off 130% of qualifying expenditure.
Read more here

DON'T FORGET TO CLAIM THE EMPLOYMENT ALLOWANCE  
The Employment Allowance (EA) is a £5,000 allowance set against employers National Insurance Contributions (NICs) and has to be claimed each tax year if the employer qualifies. This allowance was increased to £5,000 from 2022/23. Eligible employers can claim the Employment Allowance at any time during a tax year.
Our Payroll Department can assist. Email payroll@barringtons.co.uk

THE RECOVERY LOAN SCHEME ENDS SOON  
The Recovery Loan Scheme supports access to finance for UK businesses as they grow and recover from the disruption of the COVID-19 pandemic. Applications close 30 June.
The government guarantees 80% of the finance to the lender. As the borrower, you are 100% liable for the debt. Visit here for more.

MANAGING COMMERCIAL RISK
Setting up and running your own business is a risky undertaking. What happens if sales reduce or disappear, and you are left with unpaid costs or loans and no cashflow?
See our blog on minimising risk.


 
CASH FLOW MANAGEMENT IS KEY IN A TURBULENT ECONOMY  
In this economy cash is king and managing your cash flow is more important than ever.
Here are some practical steps you can take to minimise potential disruption to your business.
  • Review your Budgets and set realistic and achievable targets for the remainder of 2022.
  • Get your employees involved in a discussion of likely trading conditions and get their input on reducing costs and maintaining revenues. 
  • Review and flow chart the main processes in your business (e.g. Sales processing, order fulfilment
Please talk to us about cash flow planning. We can help with a template so you can do this yourself or work together to produce estimates for a variety of scenarios. Call 0800 019 1744.

SUPPORT FOR HIGH ENERGY USE BUSINESSES  
High energy usage businesses, such as steel and paper manufacturers, are set to receive further support for electricity costs as the UK government has confirmed details of the Energy Intensive Industries (EII) compensation scheme. The scheme will be extended for a further three years. 
See here for more.

EXPORT PACKAGE LAUNCHED TO PROMOTE UK SEAFOOD OVERSEAS  
The government has announced a £1m package to boost seafood exports and promote the industry’s high-quality produce overseas.
Read more here.

BEWARE OF HMRC SCAMS  
Check this list of recent letters from HMRC to help you decide if a letter you've received is bogus. These include:
  • Overpaid Self-Employment Income Support Scheme (SEISS) grants
  • Research about employee experience of the Coronavirus Job Retention Scheme
  • Research about the digitisation of Child Benefit
  • Refund of Income Tax from changes to your Self-Employment Income Support Scheme (SEISS) grant
ADVISORY FUEL RATE FOR COMPANY CARS  
Unbelievably there were very few changes to the HMRC advisory fuel rates from 1 March 2022, which may not have been your experience at the filling station! Now that the increased road fuel prices have fed through into the HMRC calculations there are some significant increases from this month. We can steer you in the right direction. Give your local Barringtons office a call.


OFF-PAYROLL WORKING RULES (IR35)
It has been over one year since the off payroll working rules (IR35) changed in the private and voluntary sectors. Some organisations who engage contractors in those sectors who didn’t need to apply the rules for 2021-22 as they did not meet the size conditions — may now need to apply the rules. This is particularly true if you have become a newly formed business, been bought by another organisation or grown in size over the last few years.
Contact us if you need help in this complicated area. Email our Payroll Department payroll@barringtons.co.uk
 
UK COVID ALERT LEVEL
Covid has wreaked havoc on our business and personal lives - but finally some good news. The UK COVID alert level has moved from level 4 to level 3 based on advice from Chief Medical Officers and the current BA.2 driven Omicron wave is subsiding. See more here.
 
IS YOUR BUSINESS WORTHY OF A ROYAL SEAL OF APPROVAL?  
We know many who are so here’s a reminder about the Queen's Awards for Enterprise recognising achievement in the fields of innovation, international trade and sustainable development.
Businesses of all sizes and from all sectors can apply. Visit here for more. 

AND FINALLY... NEWS FROM THE FIRM 
This month we celebrate the achievements of some real girl power within our ranks!
Marathon effort:
Anne Bailey, a Client Services Manager in our Newport office, took part in a Dawn to Dusk hockey match from 5am to 9pm. An amazing £16,000 was raised, to be split between Alder Hey Children’s Hospital oncology department and the floodlight appeal at Deeside Ramblers Hockey Club where she plays. She said: “A big thank you to my colleagues and all the lovely clients who supported us.”
  
Congratulations Kirsty:
Barringtons loves nurturing fresh talent so we are very proud to announce Kirsty Thompson has passed her final examination in her ACA studies and will soon be a fully qualified member of the Institute of Chartered Accountants in England and Wales. Kirsty, in our Newcastle office, has received tremendous support from our Technical Director Andy Bridge and has recently taken on the role of Xero Champion.



 
HELP & SUPPORT

Contact us:
t. 0800 019 1744
e: advice@barringtons.co.uk

Contact us for Payroll inquiries:
e: payroll@barringtons.co.uk 
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