Professional Accountants
At Port Marine Accountancy, our priority is quality of service we provide. We work on each case individually and invest our very best minds in every client we take on. Your business success is our number one priority.
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![Personal Tax]()
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![Payroll]()
Payroll
ButtonWe provide employers with RTI and Autoenrollment services
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![VAT & MTD]()
VAT and MTD
ButtonFully ready for Making Tax Digital, we provide bookkeeping and VAT services using latest systems and software
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![Corporate Tax]()
Corporate
ButtonFrom business registration and Corporation Tax compliance to Management Reporting and Business Consultancy, we support our clients all the way through their joney
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![QuickBooks Cloud Accounting]()
Over 30 years
Combined experience helping clients worldwide
£100 million
Turnover had our largest client
+200 businesses
Trusted us with their affairs
Over 1000
Tax Returns we have filed
News
The deadline for applications for all the government-backed loan schemes including the Bounce Back Loan scheme, Coronavirus Business Interruption Loans and the Future Fund ends on 31 March 2021. The Chancellor did not announce any further extension to these loan schemes but instead announced that a new successor loan guarantee programme would be introduced from 6 April 2021. The Recovery Loan Scheme will allow businesses of any size to access loans and other kinds of finance between £25,000 and £10 million. The new scheme will remain open until 31 December 2021 (subject to review). The scheme will provide further support to businesses to help them recover and grow following the disruption of the pandemic and the end of the transition period. Under the new loan scheme, the government will provide lenders with a guarantee of 80% on eligible loans provided to UK businesses. The scheme will be open to all businesses, including those who have already received support under the existing COVID-19 guaranteed loan schemes. The following finance options will be available: Term loans and overdrafts will be available between £25,001 and £10 million per business. Invoice finance and asset finance will be available between £1,000 and £10 million per business. Finance terms are up to six years for term loans and asset finance facilities. For overdrafts and invoice finance facilities, terms will be up to three years. No personal guarantees will be taken on facilities up to £250,000, and a borrower’s principal private residence cannot be taken as security. Further details on how to apply and details of accredited lenders will be released in due course.
Designed to help offset the increased Corporation Tax main rate and promote investment, the Chancellor announced the introduction of a new ground breaking super-deduction tax relief. The new temporary tax relief applies on qualifying capital asset investments and will apply from 1 April 2021 until 31 March 2023. The new super-deduction is designed to help companies finance expansion in the wake of the coronavirus pandemic and help to drive growth. The measure will apply to qualifying expenditures as follows: a super-deduction providing allowances of 130% of most new plant and machinery investments that ordinarily qualify for 18% main rate writing down allowances a first year allowance of 50% will apply to most new plant and machinery investments that ordinarily qualify for 6% special rate writing down allowances The measure will apply to qualifying expenditure from 1 April 2021 and will exclude expenditures incurred on contracts entered into prior to Budget day, 3 March 2021. Certain expenditures will be excluded. The government had also previously announced that the temporary Annual Investment Allowance (AIA) cap would be extended for a further 12 months. The AIA allows for a 100% tax deduction on qualifying expenditure on plant and equipment. The temporary limit of £1 million will remain in place until 31 December 2021 before reverting to the usual £200,000 limit.
