Tax Diary April/May 202001/04/2020
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 date is 22 April 2020).
19 April 2020 - Filing deadline for the CIS300 monthly return for the month ended 5 April 2020.
19 April 2020 -...More...
Converting assets into cash in the bank01/04/2020
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 position of heading into the current COVID-19 crisis with adequate cash reserves to see them through, many others will not.
In both cases,...More...
Deferring VAT and tax payments01/04/2020
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.
HMRC will not enforce payment of VAT liabilities that fall due between 20 March 2020 and 30 June 2020. For most VAT registered firms, this will boost cashflow as one...More...
National Minimum Wage compliance in relation to pay advances and loans 31/03/2020
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 pay advances and loans to workers, in the context of the coronavirus pandemic.
The bulletin sets out how the practice of an employer making...More...
Self-Employed Income Support Scheme27/03/2020
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 whose main income source is derived from self-employment.
A list of the scheme features as announced, and published, are as follows:
Coronavirus: government launches online “isolation notes” service26/03/2020
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 can be used by employees as evidence of their coronavirus-related absence from work (either because they have symptoms or they live with...More...
Acas publishes updated coronavirus resources26/03/2020
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 do if the employer needs to close the workplace
what to do if an employee needs time off work to look after someone
what to do if someone...More...
Television licence fees for over-75s25/03/2020
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 delayed. These changes had been due to come into effect from 1 June 2020 but have now been delayed until at least 1 August 2020 due to...More...
Companies House deadlines and Coronavirus25/03/2020
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 non-trading must send their accounts to Companies House.
Companies House is advising businesses to take appropriate measures to file on time. If,...More...
Sick pay if you are unable to work25/03/2020
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 support at this most difficult time.
One of the main measures announced relates to the provision of sick pay. You are entitled to receive...More...
Coronavirus Job Retention Scheme25/03/2020
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 of absence or a type of sabbatical to help cope with the economic turmoil resulting from COVID-19. If you are on furlough, then you should be...More...
COVID-19 and claiming benefits25/03/2020
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 Tax Credits increased by £20 a week (£1,040 per year) for one year from 6 April 2020.
It has earlier been announced as part of...More...
Business rates and grants - regional variations25/03/2020
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 and leisure sectors with a cash grant of up to £25,000 per property as well as a one-off Small Business Grant of up to £10,000 to...More...
The importance of credit control25/03/2020
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 head.
In the current “lock-down” environment there is a temptation to ease back on collecting cash from customers if you offer...More...
Please read our emails and news updates25/03/2020
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 and operational.
Since the 10 March, we have had a formal budget and at least two major “mini-budget” announcements bringing...More...
Further details on Hardship Fund published25/03/2020
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 confirmed the Hardship Fund will provide council tax relief to vulnerable people and households to help those affected most by Coronavirus.
Paper tax returns25/03/2020
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 paper.
Last year, HMRC automatically sent out more than 500,000 blank paper tax returns, while more than 10.4 million taxpayers filed their...More...
Tax-Free Childcare scheme25/03/2020
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 is compatible with school payment agents. This will allow parents of up to 500,000 school-aged children across the UK to access the TFCS...More...
COVID-19 - new ministerial structures25/03/2020
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, public sector preparedness, economy and international response. This new structure is in addition to the regular UK COBR meetings to take...More...
Tax relief for pension contributions25/03/2020
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 tapered annual allowance will increase from £150,000 to £240,000. The annual allowance for tax relief on pensions will remain at...More...
Coronavirus Business Interruption Loan Scheme24/03/2020
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, across the UK.
Since that announcement, the Chancellor has added features and benefits to the scheme including increased loan support and...More...
COVID-19 Business Support Update - 20 March 202021/03/2020
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 and individuals.
The range of measures for UK businesses is significant and now includes the following:
a Coronavirus Job Retention...More...
COVID-19 Business Support Update: Regional Variations Scotland - 20 March 202021/03/2020
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 properties, including businesses, deal with the impact of COVID-19, the Scottish Government has made changes to non-domestic rates (business...More...
COVID-19 Business Support Update: Regional Variations Wales - 20 March 202021/03/2020
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 coronavirus outbreak.
Retail, leisure and hospitality businesses with a rateable value of £51,000 or less will receive 100% business rates....More...