Regulations have taken effect which amend the Working Time Regulations 1998 to relax the current restriction on carrying forward untaken annual leave. What’s been amended and why? Under the Working Time Regulations 1998 (WTR), workers have a statutory right to 5.6 weeks’ paid annual leave. The WTR require that at least four of these weeks must be taken in … Continue reading Covid 19 – Relaxation of the statutory annual leave rules.
With a view to keeping you the right side of an HMRC penalty the deadlines for April 2020 are as follows: 5th April Last date day of 2019/20 tax year. Tip: Final chance to top up ISAs and pay pension contributions for 2019/20. Last date for sole traders and partnerships to incur capital expenditure on … Continue reading HMRC April Deadlines
The Government have now announced a scheme that assists the self-employed across the country during the COVID-19 pandemic. The Self-Employed Income Support Scheme will provide self-employed individuals a taxable grant worth 80% of trading profits, up to £2,500 a month for the next three months. It will also apply to members of partnerships. The calculations … Continue reading Covid 19 – Self-employed support.
The government has stated that it is committed to doing whatever it takes to support businesses and individuals through the Coronavirus pandemic. On 20 March as part of these efforts the Chancellor announced the Coronavirus Job Retention Scheme. This funding will be open to all employers with a PAYE payroll scheme that was created and … Continue reading Covid 19 – HMRC Update
Businesses will be given an additional 3 months to file accounts with Companies House to help companies avoid penalties as they deal with the impact of COVID-19.Published 25 March 2020 from:Department for Business, Energy & Industrial Strategy, Companies House , and The Rt Hon Alok Sharma MP From today (25 March 2020), businesses will be able to apply … Continue reading Companies to receive 3-month extension period to file accounts during COVID-19
Please find below updated information received from HMRC. Guidance on the closure of all non-essential businesses and premises as part of further social distancing measures. This directive applies to any business providing holiday accommodation including short-term lets such as hotels, hostels, bed and breakfasts, campsites, boarding houses and caravan sites.The Government has issued guidance and advice for those … Continue reading Covid 19 – Recent updates
Staying at home If you have symptoms of coronavirus infection (COVID-19), however mild, stay at home and do not leave your house for 7 days from when your symptoms started. If you live with others and you are the first in the household to have symptoms of coronavirus, then you must stay at home for … Continue reading Covid 19 – Guidance for Employees
The Chancellor has set out a package of temporary, timely and targeted measures to support public services, people and businesses through this period of disruption caused by COVID-19. This includes a package of measures to support businesses including: a Coronavirus Job Retention Schemedeferring VAT and Income Tax paymentsa Statutory Sick Pay relief package for SMEsa 12-month … Continue reading Covid 19 – Support for Businesses
The major features of this budget are: Changes to National Insurance will be introduced with the threshold increased to £9,500 and the Employment Allowance to increase to m£4,000. The rate of Corporation Tax is to be frozen at 19% as previously announced The tax credit for expenditure on research and development is to increase from … Continue reading Budget 2020 a first look
Business entertainment Income tax, corporation tax and VAT legislation each contain a similar rule which blocks a tax deduction for “business entertainment” costs. This includes hospitality of any sort. A common example is where a business provides food and drink for an individual, say a customer. However, not all such supplies are business entertainment. Tip. The exception … Continue reading When is providing food and drink to customers deductible?