ABM Accountant Update February 2021

This is the latest update from ABM Accountant for February 2021

ABM Account Update February 2021 Self -Employed Health Workers

ABM Accountant Update February 2021, self employed healthworker

If you are self-employed and work for/in the health service. If you are a company supplying front-line services, we are offering a 15% discount on our normal fee.

This discounted offer is for the benefit of individuals engaged in the fight against Covid-19 and covers the production of self-employed accounts and self-assessment tax returns.

Subject to our predetermined terms and conditions.

You can get full details by calling us on 07436 263303.

Our standard fees, before discount, start from £460 + Vat.

ABM Accountant Update, Limited Company Insolvencies

ABM Accountant Update – Limited Company Directors

HMRC have announced new regulations regarding personal liabilities of directors in respect of insolvencies of Limited Companies, with tax liabilities.

This is applied when it is the case that 2 or more companies in similar trades, with connected directors, have become insolvent within a five year period.

If the companies have liabilities to HMRC in excess of £10,000, representing 50% + of the total liabilities of that company, HMRC may issue a Joint Liability Notice.

Furthermore this would result in the directors being held personally liable for those debts.

It is therefore sensible for directors considering liquidation to consult their accountant or a qualified insolvency practitioner.

Bounce Back Loans:

ABM Accountant Update, bounce back loan

HMRC in conjunction with the NCA (National Crime Agency) have launched a task force. They are to investigate and prosecute individual and company directors who have fraudulently applied for a Bounce Back Loan.

This is to include applications for amounts in excess of the 25% of annual turnover rules.

In conclusion, a number of successful prosecutions resulting in prison sentences have taken place.

Furthermore, you may feel that this may applies to you. Even if it were unintentional, you should discuss with an accountant.

You will discover there are various alternatives you could take prior to an investigation that may lead to a prosecution and sentence.

Refer to a recent report by the BBC. Please do get in conact with us if you have any questions or need advice.

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