NEWSLETTER ARTICLES

 

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01-04-2020
Tax Diary April/May 2020

Tax Diary April/May 2020

1 April 2020 - Due date for Corporation Tax due for the year ended 30 June 2019. 19 April 2020 - PAYE and NIC deductions due for month ended 5 April 2020. (If you pay your tax electronically the due ... read more

01-04-2020
Converting assets into cash in the bank

Converting assets into cash in the bank

During and after any period when economic activity is depressed, companies that survive the process are those that manage their cashflow effectively. A number of businesses will be in the fortunate ... read more

01-04-2020
Deferring VAT and tax payments

Deferring VAT and tax payments

As part of the government’s response to assist businesses during the COVID-19 crisis is the offer to defer VAT and self-assessment tax and NIC payments. VAT HMRC will not enforce payment of ... read more

31-03-2020
National Minimum Wage compliance in relation to pay advances and loans

National Minimum Wage compliance in relation to pay advances and loans

The government has issued a bulletin providing advice for employers regarding compliance with the National Minimum Wage (NMW) framework, particularly with regard to the effect under that framework of ... read more

27-03-2020
Self-Employed Income Support Scheme

Self-Employed Income Support Scheme

The long-awaited statement from the Chancellor, Rishi Sunak regarding COVID-19 support for the self-employed has been announced. The Chancellor said that the scheme will benefit some 95% of people ... read more

26-03-2020
Coronavirus: government launches online “isolation notes” service

Coronavirus: government launches online “isolation notes” service

Employees who are unable to work for more than seven days because of coronavirus (COVID-19) can now obtain an “isolation note” through a new online service. The new isolation note, which ... read more

26-03-2020
Acas publishes updated coronavirus resources

Acas publishes updated coronavirus resources

Acas has published updated guidance for employers and employees on the coronavirus (COVID-19). The guidance now covers: social distancing and vulnerable people self-isolation and sick pay what to ... read more

25-03-2020
Television licence fees for over-75s

Television licence fees for over-75s

In a joint statement from the BBC and the Department for Digital, Culture, Media & Sport it has been announced that the changes introducing television licence charges for the over-75s has been ... read more

25-03-2020
Companies House deadlines and Coronavirus

Companies House deadlines and Coronavirus

There are automatic late filing penalties which are designed to encourage companies to file their accounts and reports on time. All companies, private and public, large or small, trading or ... read more

25-03-2020
Sick pay if you are unable to work

Sick pay if you are unable to work

The government has announced a number of funding and support measures to help those affected by the COVID-19 virus outbreak. A significant number of the measures are designed to help provide financial ... read more

25-03-2020
Coronavirus Job Retention Scheme

Coronavirus Job Retention Scheme

If you have been 'furloughed' then the new Coronavirus Job Retention Scheme may be able to help. If you are furloughed it essentially means that your employer has given you a temporary leave ... read more

25-03-2020
COVID-19 and claiming benefits

COVID-19 and claiming benefits

The government has announced that certain benefits will be increased as part of the package of measures to help households affected by COVID-19. This will see the standard rate of Universal Credit and ... read more

25-03-2020
Business rates and grants - regional variations

Business rates and grants - regional variations

We have written about the changes to business rates for businesses in England due to COVID-19. There is also a Retail and Hospitality Grant Scheme that provides businesses in the retail, hospitality ... read more

25-03-2020
The importance of credit control

The importance of credit control

Most business owners are rightly focussed on sales. If sales dry up business costs will quickly result in losses; and losses will eventually burn through your assets until insolvency rears its ugly ... read more

25-03-2020
Please read our emails and news updates

Please read our emails and news updates

The current “lock-down” to slow down the Coronavirus epidemic is a sensible medical response, but a potential disaster for small businesses desperately trying to keep their businesses open ... read more

25-03-2020
Further details on Hardship Fund published

Further details on Hardship Fund published

The launch of a new £500 million Hardship Fund in England was announced at Spring Budget 2020 by the Chancellor. On 24 March 2020, the Local Government Secretary Rt Hon Robert Jenrick MP ... read more

25-03-2020
Paper tax returns

Paper tax returns

HMRC has announced that taxpayers still using paper returns will no longer routinely do so. This is part of the efforts to encourage the use of online services and reduce the unnecessary use of ... read more

25-03-2020
Tax-Free Childcare scheme

Tax-Free Childcare scheme

The Tax-Free Childcare Scheme (TFCS) is open to all eligible families with children under 12. It was announced as part of the Budget measures that a service improvement will be made to ensure the TFCS ... read more

25-03-2020
COVID-19 - new ministerial structures

COVID-19 - new ministerial structures

The Prime Minister, Boris Johnson has set up four new ministerial structures to coordinate, prioritise and respond to the Coronavirus pandemic. The new implementation committees will focus on health, ... read more

25-03-2020
Tax relief for pension contributions

Tax relief for pension contributions

The decision of the Chancellor, Rishi Sunak to increase the tapered annual allowance thresholds in the Budget earlier this month will have been welcomed by many high earners. From 6 April 2020, the ... read more

24-03-2020
Coronavirus Business Interruption Loan Scheme

Coronavirus Business Interruption Loan Scheme

The Chancellor announced at Spring Budget 2020 that a new Coronavirus Business Interruption Loan Scheme (CBILS) would be launched to help support smaller businesses, with turnover of up to £45m, ... read more

21-03-2020
COVID-19 Business Support Update - 20 March 2020

COVID-19 Business Support Update - 20 March 2020

On Friday, the Chancellor went significantly further than in the history of this great county, with a series of unprecedented announcements in the Government’s support of businesses, employees ... read more

21-03-2020
COVID-19 Business Support Update: Regional Variations Scotland - 20 March 2020

COVID-19 Business Support Update: Regional Variations Scotland - 20 March 2020

The following guidance is reproduced from the mygov.scot website Help with non-domestic rates in Scotland during coronavirus (COVID-19) Last updated: 20 March 2020 To help owners of non-domestic ... read more

21-03-2020
COVID-19 Business Support Update: Regional Variations Wales - 20 March 2020

COVID-19 Business Support Update: Regional Variations Wales - 20 March 2020

The following guidance is reproduced from the businesswales.gov website The Welsh Government has announced a package of support worth £1.4bn for small businesses to help them during the ... read more

21-03-2020
COVID-19 Business Support Update: Regional Variations Northern Ireland - 20 March 2020

COVID-19 Business Support Update: Regional Variations Northern Ireland - 20 March 2020

The following guidance is reproduced from the GOV.UK website General guidance for employers The UK Government has published extensive guidance for employers, including details on how to prevent the ... read more

18-03-2020
Covid-19

Covid-19 As a practice we want to keep our clients and business partners up to date on the actions we are taking to protect our staff and clients during this Covid-19 pandemic. Most importantly, at ... read more

18-03-2020
Business rates relief and grant funding update

Business rates relief and grant funding update

It seems from the latest guidance published by Public Health England and Department for Business, Energy & Industrial Strategy that local authorities will be responsible for administering the ... read more

18-03-2020
The Latest Measures to Support SME’s

The Latest Measures to Support SME’s

The Chancellor, Rishi Sunak, outlined a raft of further measures last night to support the UK’s ailing businesses, those affected by the forbidding COVID-19 outbreak. The list that follows ... read more

18-03-2020
Sick benefit support for the self-employed

Sick benefit support for the self-employed

In the Budget, the Chancellor set out a package of temporary, timely and targeted measures to support public services, individuals and businesses through the economic disruption caused by ... read more

18-03-2020
Hardship Fund

Hardship Fund

The huge monetary and fiscal stimulus measures announced by the government and the Bank of England has seen amongst other measures interest rates lowered by 0.5% and a significant package of targeted ... read more

18-03-2020
Reclaiming Statutory Sick Pay

Reclaiming Statutory Sick Pay

Concerns continue to grow regarding absences from work during the Coronavirus pandemic. Virus counter-measures requires a significant number of employees having to self-isolate if they are feeling ... read more

18-03-2020
Business Interruption Loan Scheme

Business Interruption Loan Scheme

The government announced as part of the Spring Budget 2020, that a new Coronavirus Business Interruption Loan Scheme will be launched. Since the Budget changes have been made to the scheme increasing ... read more

18-03-2020
Time to pay your tax

Time to pay your tax

HMRC has launched new emergency measures to help those businesses and self-employed people affected by COVID-19 through the Time to Pay service. These arrangements are agreed on a case-by-case basis ... read more

18-03-2020
IR35 rules change delayed

IR35 rules change delayed

The Chief Secretary of the Treasury, Steve Barclay, made an unexpected announcement to parliament on the night of 17 March 2020. The announcement confirmed that the government are postponing the ... read more

18-03-2020
Enterprise zones capital allowances

Enterprise zones capital allowances

Enterprise zones were first launched in 2011 and are specific geographic areas that provide various tax breaks and government support. Businesses that set-up in enterprise zones can benefit from up to ... read more

18-03-2020
Junior ISAs

Junior ISAs

Junior ISAs were introduced to encourage parents to save money for their children and to provide an alternative to the Child Trust Funds (CTF) that were only available to children born after 31 August ... read more

12-03-2020
Spring 2020 Budget Summary

Spring 2020 Budget Summary

In the face of Brexit uncertainties and the recent Coronavirus outbreak the new Chancellor, Rishi Sunak, was faced with falling economic indicators, the need to boost NHS services and was consequently ... read more

12-03-2020
Spring Budget 2020 - Entrepreneurs' Relief

Spring Budget 2020 - Entrepreneurs

The Chancellor confirmed that a review into the effectiveness of Entrepreneurs' Relief has now been completed. Where this relief is available Capital Gains Tax of 10% is payable in place of the ... read more

12-03-2020
Spring Budget 2020 - VAT

Spring Budget 2020 - VAT

It has been confirmed that the taxable turnover threshold, that determines whether businesses should be registered for VAT, will be frozen at £85,000 until 31 March 2022. The taxable turnover ... read more

12-03-2020
Spring Budget 2020 – Corporation Tax

Spring Budget 2020 – Corporation Tax

The Corporation Tax main rate will remain at 19% from 1 April 2020. The main rate had been expected to reduce to 17%. However, this reduction was always in doubt after the Conservative election ... read more

12-03-2020
Spring Budget 2020 – Capital Gains Tax

Spring Budget 2020 – Capital Gains Tax

The annual exemption for individuals is currently £12,000. From 6 April 2020, this will increase to £12,300. A husband and wife each have a separate exemption. Same-sex couples who acquire ... read more

12-03-2020
Spring Budget 2020 – Employment Allowance

Spring Budget 2020 – Employment Allowance

In the Budget speech, the Chancellor confirmed that the government would honour its promise to increase the Employment Allowance by a third to £4,000 from April. This represents a tax boost for ... read more

12-03-2020
Spring Budget 2020 – National Insurance

Spring Budget 2020 – National Insurance

The new Chancellor, Rishi Sunak, has confirmed a Conservative manifesto promise to increase the National Insurance contributions (NIC) thresholds to £9,500. Plans to meet the manifesto pledge ... read more

12-03-2020
Spring Budget 2020 – Income Tax Rates & Allowances

Spring Budget 2020 – Income Tax Rates & Allowances

As expected, it has been confirmed that the 2020-21 personal allowance will be maintained at £12,500 and the basic rate limit at £37,500. As a result, the higher rate threshold will also ... read more

12-03-2020
Spring Budget 2020 - Research and Development Expenditure Credit

Spring Budget 2020 - Research and Development Expenditure Credit

It has been confirmed by the Chancellor that the Research and Development Expenditure Credit (RDEC) is to be increased from 12% to 13% on 1 April 2020. The RDEC allows companies to claim an enhanced ... read more

12-03-2020
Spring Budget 2020 - Structures and Buildings Allowances

Spring Budget 2020 - Structures and Buildings Allowances

The Structures and Buildings Allowances (SBA) facilitates tax relief on qualifying capital expenditure on new non-residential structures and buildings. The relief applies to the qualifying costs of ... read more

12-03-2020
Spring Budget 2020 - First year allowances for business cars

Spring Budget 2020 - First year allowances for business cars

The government has confirmed that the period for which the 100% first year allowances (FYAs) are available is to be extended from April 2021 to April 2025. In tandem with this announcement, there is ... read more

12-03-2020
Spring Budget 2020 - Non-UK resident property companies

Spring Budget 2020 - Non-UK resident property companies

Following an announcement at Autumn Statement 2016, and subsequent consultations, the government moved forward with plans to charge Corporation Tax to non-UK resident companies with property income. ... read more

12-03-2020
Spring Budget 2020 - Company cars and vans

Spring Budget 2020 - Company cars and vans

Where employees are provided with fuel for their own private use by their employers, the car fuel benefit charge is applied. The fuel benefit charge is determined by reference to the CO2 rating of the ... read more

05-03-2020
Off-payroll working rules

Off-payroll working rules

The government has now published its response to the review into the implementation of changes to the off-payroll working rules (IR35) for the private sector. Following the conclusion of this review, ... read more