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?
With a view to keeping you the right side of an HMRC penalty the deadlines for March 2020 are as follows: 1st March Last date to pay any self-assessment tax owing for 2018/19 before an automatic 5% late payment penalty applies. Tip: If you agree a "time to pay arrangement" before this date HMRC will … Continue reading HMRC March Deadlines
An increase to the NI threshold has been confirmed ahead of the budget on 11 March. How will this affect your clients? Whats changing? From 6th April 2020 taxpayers will enjoy an NI threshold of £9,500 per year. During the next tax year, employees will save £104 as a result of these changes, and the self-employed … Continue reading NI contributions threshold increased to £9,500
In 20 years the UK plans to ban the manufacture of petrol/diesel cars so that this switch is more a choice of when rather than if. There were just 3,500 electric cars registered in the Uk in 2013 and now there are 230,000 so the technology and infrastructure is rapidly developing to make owning an … Continue reading Should I go electric with my next car