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March 9, 2021 By Des Ingham Leave a Comment

Business Support Schemes Extended

It is welcome news that two of the business support schemes have now been extended to March 31st 2021. Payments for both the Covid Restrictions Business Support Scheme (CRBSS) and the Large Tourism and Hospitality Business Support Scheme (LTHBSS) will now carry on up to this date.

Protecting Businesses Impacted By The Pandemic

Business Support Schemes In Northern Ireland

The Covid Restrictions Business Support Scheme was introduced in order to protect businesses that were impacted by the increased Health Protection Regulations and is administered by Invest NI on behalf of the Department for the Economy. There is no need to reapply for any additional payments as businesses who are already in the scheme will receive them automatically.

The Large Tourism and Hospitality Business Support Scheme is providing financial support to large businesses in these particular sectors to help them meet fixed costs and overheads associated with the survival of their businesses and the protection of jobs.

Considerable Fixed Cost Outlays

The above sectors have been hit very badly of course by the restrictions, and Economy Minister Diane Dodds was quoted at the time on the Economy NI website as saying:

“Large businesses within the tourism and hospitality sectors have endured considerable fixed cost outlays throughout the pandemic. Furthermore, they have not been able to avail of funding from either the Small Business Support Grant Scheme or the Business Support Grant Scheme for the Retail, Hospitality, Tourism and Leisure Sectors which was made available to smaller firms to assist with unavoidable fixed costs.

“Therefore this scheme will provide support to large businesses within some of our most important sectors to help them meet the fixed costs and overheads that they need to keep their business going and to protect jobs.”

Business Support Grants Protecting Jobs & Businesses

And on the Newsletter website Minister Dodds is quoted saying about the extensions to these schemes:

“I know how much businesses across Northern Ireland need to be supported during the Covid pandemic so I am pleased that we are able to extend the time period covered by these two grant schemes.

“Our business support grants are protecting jobs and businesses now as we plan for the rebuilding and recovery of the economy and the reopening of businesses when it is safe to do so.”

If you want to ensure that your business is receiving all the help and assistance it can get in terms of grants and extra funding get in touch with our offices and we will look into this for you. Give us a call on 028 3752 290

March 8, 2021 By Des Ingham Leave a Comment

Key Points From The Spring Budget

The spring Budget last week was always going to be an interesting one as the Chancellor Rishi Sunak had to strike a balance between continuing to support people, businesses and the overall economy, and also to begin looking at ways of bringing in some revenue to offset the large scale spending spree that has occurred during the last 12 months.

Is It Possible To Balance The Books?

Whether he achieved that balance is for the political commentators to mull over, what we would like to do here is give you a few of the key points that arose from the Budget in relation to tax and business.

Here are those key points as copied from a Which article by Ian Aikman:

Tax thresholds will be frozen from next year

Income tax and National Insurance thresholds, which determine how much of your income is taxed, will increase for the 2021-22 tax year in April but will be frozen after that until 2026. The tax personal allowance will rise from £12,500 to £12,570 next year. Then it will stay at that rate for five years. Similarly, the threshold at which you would pay the higher tax rate will rise from £50,000 to £50,270, where it will also be frozen.

Though this isn’t technically a tax rise, it does mean many will pay tax on more of their income than they would have if the thresholds had continued to rise over the next few years.

Furlough scheme extended

The furlough scheme, previously due to end on 30 April, will now continue until the end of September. Anyone on furlough during that time will continue to receive 80% of their salary from the government, capped at £2,500 a month. However, employers will have to contribute 10% from July and 20% in August and September towards the hours their staff are not working. Millions of people across the country are still benefiting from the furlough scheme, so many will breathe a sigh of relief at this announcement.

More help for the self-employed

The Chancellor announced details of the fourth and fifth payments for the self-employed income support scheme (SEISS). Self-employed workers have been kept in the dark about the fourth SEISS payment, which led MoneySavingExpert founder Martin Lewis to criticise the Treasury for withholding details until the Budget speech. The fourth payment, which covers February, March and April, will cover up to 80% of average monthly profits and is capped at £2,500. The fifth and final payment of the scheme will cover May to September, and its size will depend on how much turnover you have lost over the period.

Corporation tax will rise… eventually

To help balance out the government’s huge spending on coronavirus support, the Chancellor confirmed a much-rumoured corporation tax rise, bringing the rate from its historic low of 19% up to 25%. This would still mean the UK has the lowest corporation tax rate of the G7 nations. The rise will only come into effect from 2023, and the Chancellor says just 10% of companies will have to pay this higher rate. This is because businesses with profits under £50,000 will still pay 19%.

Read more: https://www.which.co.uk/news/2021/03/budget-2021-what-you-need-to-know/ – Which?

If you run a business and you think you may need help with your tax situation, a comprehensive business plan or funding then please give our offices a call for an initial informal chat on 028 3752 2909.

February 23, 2021 By Des Ingham Leave a Comment

Many UK Retailers Warn They May Stop Selling Goods To Northern Ireland

There is worrying news today from a recent survey which suggests that around two thirds of retailers based in Great Britain could stop selling their goods to Northern Ireland unless new trading arrangements can be made in the next few weeks.

The EU Sees The UK As A Third Country

Although Northern Ireland has remained in the EU single market, as well as trading as part of the UK market, the problem stems from the fact that the EU sees the UK as a third country. So they see that goods moving from Great Britain into Northern Ireland may be exported on to the EU, therefore a great deal of these goods face customs charges and other export charges and checks, which is hampering the flow of business between Northern Ireland and the rest of the UK.

A Need To Alleviate The Red Tape

So many retailers are calling for changes to the Northern Ireland Protocol which could alleviate the red tape and cut the extra costs that are being heaped upon businesses when trading.

Below are some comments from various retailers on this issue, as quoted on the Internet Retailing website:

Roxie Axford, co-founder of luxury soft furnishings brand Wicklewood, told the survey: “One of our Northern Irish customers had to pay €225 to get her products through the door. We’re struggling to work out not only how to manage this from a tech perspective but also how to communicate it and market it, or not market it as the case may be.”

Helen White, co-founder of lighting brand house of, said: “Dealing with additional red tape for us is a real challenge at the moment as we’re already experiencing a sixfold increase in the cost of shipping containers from China. To begin adding further complexities to the situation by burdening increased shipping and administrative costs to Northern Ireland may simply not be viable until the Irish sea border situation is resolved”.

Jerome Brustlein, chief operating officer at jeweller Fenton, said: “At Fenton, despite an increase in administrative and cost burdens we’ve remained steadfast in keeping our prices the same, regardless of whether customers are in Northern Ireland or the EU. We are working closely with our shipping partners to keep abreast of the latest developments in order to ensure the price on our website really is the final price for customers. We take care of all taxes and duties to ensure the Fenton customer experiences no friction.”

Northern Ireland Could Have A Competitive Advantage

Kirsty McManus, national director of the Institute of Directors, Northern Ireland, said: “It is clear that Northern Ireland could have a competitive advantage via our dual access to Great Britain and the EU Single Market but this is being overshadowed by elements of the protocol between GB and NI which is causing friction.”

Alistair Clifton of the UK Chamber Of Shipping, said: “The new UK Border Operating Model provides a useful guide to what may be possible. The range of systems, flexible declarations points and locations creates new data sets which can be used to analyse how trade is conducted. Granted, this has caused supply chain challenges in the first few weeks of the new system’s implementation. But this is because there was insufficient preparation time allowed for business, not the design itself.”

February 22, 2021 By Des Ingham Leave a Comment

A Look At VAT Issues Arising After Brexit

Today we thought we would give you some information on some of the rather complex issues that have arisen for some businesses in Northern Ireland now the United Kingdom has left the EU.

Get Practical Advice From Us

This is quite a complicated subject and the following is just a simplistic view of these issues, however if you would like some practical advice on this subject for your own business please don`t hesitate to get in touch with us here at WHR Accountants on 028 3752 2909.

The information below is taken from the Bloomberg Tax website:

The Northern Ireland Protocol to the EU–UK Withdrawal Agreement applies EU law “to and in the UK in respect of Northern Ireland” in respect of certain specified value-added tax (VAT) provisions concerning goods, but not services. Although businesses trading under the Protocol remit their VAT to the U.K. tax authority, HM Revenue & Customs (HMRC), EU VAT rules, rather than U.K. VAT rules, apply to supplies of goods in relation to Northern Ireland (NI).

In effect, so far as VAT on goods is concerned, HMRC must operate as if part of the U.K. remains within the EU. As a result, movements of goods from NI to Great Britain (GB) (that is, England, Scotland and Wales) must be regarded as if they were imports from the EU, and movements in the other direction should be seen as exports to the EU.

The Specific EU Vat Provisions Include:

Directive 2006/112/EC, the principal EU VAT Directive (PVD)
the Directive governing refunds to EU VAT-registered businesses of VAT incurred in other member states;
the 13th Directive, which enables businesses in third countries to obtain refunds of EU VAT;
provisions relating to administrative co-operation in relation to fraud and mutual assistance.
The last point above may make it easier for EU tax authorities to seek information from HMRC about NI VAT-registered businesses and even, where appropriate, to continue to make visits to those businesses. HMRC is relying very heavily on Articles 201 and 211 of the PVD which give member states considerable discretion on how they administer the collection of import VAT.

Which Business Fall Under The Protocol?

The Protocol applies to any VAT-registered business that either:

sells goods that are located in NI at the time of their sale; or
receives goods in NI from VAT registered EU businesses for business – purposes; or
sells or moves goods from NI to an EU member state.
Whenever quoting their VAT number to an EU supplier, a business covered by the Protocol should add the prefix “XI.”

I hope the above gives you an insight into this subject, as we mentioned earlier for more details about your own business get in touch with our offices at the earliest opportunity.

February 16, 2021 By Des Ingham Leave a Comment

5 Benefits To Using An Accountant For Your Business

There are in fact a myriad of benefits to using an accountant to support your business activities, but here are 5 very important ones, as copied from the Boox website:

Saving You Time

`As a business owner, your number one priority is to generate business and fulfill the work you win. Anything else takes away from the task at hand.

If you are spending hours on your accounts, that is valuable time that could be used to make more income. Every hour you spend doing the books, is costing you your hourly rate or eating into your downtime.

Engaging an accountant gives you back that time to do what you do best, while knowing that your financial and tax affairs are in good hands.

Saving You Money

A good accountant can save your business money in a number of ways. They will be able to guide you on the most tax efficient way to operate, including how you take money out of your company, based on your individual circumstances and situation.

Your accountant will be able to explain how and when to pay yourself dividends, what can and can’t be claimed as allowable business expenses, and registering for VAT.

Avoiding Penalties

Filling in forms incorrectly, missing deadlines or failing to understand new legislation could lead to penalties which put an unwelcome dent in your profits.

Companies House and HMRC fines can range from £150 for a day late submission of annual accounts to an eye-watering £1,500 for a six-month delay.

Your accountant will help you keep on top of deadlines, assist you with preparing your annual company accounts and corporation tax returns. They will also be able to assist with VAT returns and your self-assessment tax return with regards to your personal tax.

Helping Your Business Grow

Aside from the number-crunching and paperwork, your accountant is a source of advice and support as you grow your business.

The right accountant will be invested in seeing your business go from strength to strength. Success requires sound financial decisions and an accountant’s objective advice and input can be worth its weight in gold, as they will be able to suggest solutions based on their experience.

Taking Away Worry

Tax and finances can be daunting and complex. The list is pretty exhaustive – preparing your company year-end accounts, preparing abbreviated accounts where appropriate, doing your personal tax return and dealing with corporation tax and VAT. Throw in liaising with HMRC and Companies House and it’s a sizeable burden if you choose to go it alone.`

So hiring an accountant should never be seen as an expense that you can probably do without, we can check and analyse your finances to ensure that you are not wasting or spending money that you have no need to and we also ensure you keep on the right side of the HMRC, which is of course essential. If YOU need an experienced and professional accountant to help you with your business give WHR Accountants a call on 028 3752 2909.

February 15, 2021 By Des Ingham Leave a Comment

£300 Million More To Support People, Businesses & Public Services

The government is to provide an additional £300 million in funding to the Northern Ireland executive, which is going to be vital in supporting all the people, businesses and public services that have been terribly affected by the pandemic, which has been raging for nearly 12 months now.

Flexible Arrangements For The Funding

In more good news, the terms of using this further funding are fairly flexible, meaning that the Northern Ireland Executive will be able to carry over any of the £300 million not spent this year into the 2021/22 financial year on top of their existing tools to transfer funding between years.

Let`s hope that this money is used wisely so that people are kept safe, businesses are provided with the funding to keep trading until conditions become easier and public services are there to support everyone who desperately requires them.

Northern Ireland Executive Has Vital Role To Play

Quoted on the Gov.UK website about this funding, Chief Secretary to the Treasury Steve Barclay said:

“UK Treasury schemes such as furlough, support for the self-employed and business loans have helped to protect jobs and livelihoods across Northern Ireland.

“But we recognise that the Northern Ireland Executive also has a vital role to play, which is why we are continuing to give them the resources and flexibility they need to support people and businesses through this pandemic.

“I would urge the Executive to use this additional £300 million to help those most in need in Northern Ireland.”

Unprecedented Levels Of Funding

And Northern Ireland Secretary Brandon Lewis said:

“The UK Government has stood side by side with people and businesses across Northern Ireland throughout the coronavirus pandemic – shielding them from its worst effects.

“The Northern Ireland Executive has received unprecedented levels of funding from the UK Government this year and this additional money, which can be carried over into the next financial year, will give the Executive the certainty and flexibility to deliver on its priorities for the benefit of all in Northern Ireland.”

No doubt we will find out in the not too distant future how businesses and organisations will be able to claim this further funding and we will certainly keep you updated on these developments here on our blogs so please keep checking them out.

Meanwhile if you need any help with your business, whether that be with tax issues, funding, bookkeeping, business planning or any other accountancy related issue please get in touch with our offices at the earliest opportunity on 028 3752 2909.