PJL Accounts Ltd - Blog Update #2

Hi everyone!

I hope you all had a lovely Christmas and are now ready to have an incredible 2021.

In what was a crazy year, I like to remind myself of the positives that have come out of it, the main one for me being the start of my business which I am already incredibly proud of.

I wanted this update to start with me sharing my personal experience of 2020, I will then move onto accounting updates to keep you in the loop of any relevant changes.

1. Eat, Sleep, Work, Repeat

Many of us had a lot of spare time on our hands last year.

For me, not being able to watch sports or go to music gigs/festivals was very frustrating and difficult to get my head around.

However, I personally used a lot of the time to think about whether I was on the path that I wanted to be on career wise.

I spent hours researching accounting topics to strengthen and refresh my knowledge, researching what I would need to set up a business and wondering whether the leap into working for myself was a good idea during a global pandemic.

It was a big decision but one that was made easier by the support of the people I'm very lucky to have around me.

I've now spent years working on businesses accounts and thinking how brave they were to make that step, I can now totally relate to it, and I love it.

It's important that you chose a career/trade that you are passionate about. I have that with Accountancy, I enjoy meeting incredible people and being part of their business journey. There is something satisfying when you can tell that you have helped a client understand something complex or cleared up a query.

I have seen many others make similar moves and it's been amazing to see the local community coming together and supporting each other, long may it continue.

#Startups #SupportLocal #newbusiness #accountant #Torquay

2. The Budget 2021

Rishi Sunak has announced that the government's next budget will be announced on 3rd March 2021.

This will be very interesting to follow as we expect to hear more information on the governments post-Brexit & Covid-19 recovery plans.

There will also be updates on future tax rates and allowances.

Stay tuned on our social media channels as I will summarise the key elements of the announcement.

#Chancellor #Budget21 #Taxation #Accountant #Torquay #Covidrecovery

3. Are you affected by the new Brexit rules?

If any of the following topics are relevant to your business, please ensure you understand the changes that have been made and the new procedures that need to be followed:

🔵Import from the UK

🔵Export to the UK

🔵Pay taxes and tariffs

🔵Provide services to the UK

🔵Work in the UK

🔵Data protection and copyright

There is a Brexit checker tool on the government website which can help you identify whether any of the changes affect you.

You can find all of this information by clicking on the link below:


#brexitready #accountant #Torquay

4. 2019/20 Tax Returns

The deadline to file Self Assessments for the tax year 6th April 2019 - 5th April 2020 is 31st January 2021.

If you are required to submit a return for this period, please ensure you do this by the deadline to avoid the dreaded late filing penalties.

We can help if you need any assistance on this.

I realise I have already posted this but I will continue to reiterate until the deadline passes to ensure it reaches any many people as possible.

#TaxReturns #Accountant #SelfAssessment #HMRC

That's it for my latest update. If you would like anything explained further or have any queries, do not hesitate to get in touch.

This weeks music mood:

WSTR - Identity Crisis

Thank you for taking the time to read this, stay safe & continue to support local!

Kind regards,

Pete 😊

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