With the next VAT deadline date of 7 May fast approaching, we wanted to send a reminder of the process for those who wish to utilise the VAT payment deferral announced by the Chancellor in March. There’s no need to apply for a deferral BUT: You are still required to file a return through the Read more about VAT Payment deferal[…]
HMRC has today opened the portal to Claim for 80% of your employee’s wages plus any employer National Insurance and pension contributions, if you have put them on furlough because of coronavirus (COVID-19). Before you start You’ll need to: check that both you and your furloughed employee can use the scheme work out how much Read more about Claim for wages through the Coronavirus Job Retention Scheme[…]
HMRC have updated their guidance for the Job Retention Scheme. How much you can claim You’ll need to claim for: 80% of your employees’ wages (even for employee’s on National Minimum Wage) – up to a maximum of £2,500. Do not claim for the worker’s previous salary. minimum automatic enrolment employer pension contributions on the Read more about Update – Job Retention Scheme – How you can claim and how much[…]
Payments received by a business under the scheme are made to offset these deductible revenue costs. They must therefore be included as income in the business’s calculation of its taxable profits for Income Tax and Corporation Tax purposes, in accordance with normal principles. Businesses can deduct employment costs as normal when calculating taxable profits for Read more about Tax treatment of the Job Retention Scheme[…]
HMRC have updated their guidance for the Job Retention Scheme Who can claim All UK companies are eligible: limited companies, sole traders who employee people, LLPs, partnerships, charities. You must have: created and started a PAYE payroll scheme on or before 28 February 2020 enrolled for PAYE online – this can take up to 10 days a UK bank account Read more about Update – Job Retention Scheme – Who Can Claim[…]
The thresholds and rates from 6 April 2020 are: • Student Loan Plan 1 – £19390 • Student Loan Plan 2 – £26,575. Plan 1 and Plan 2 repayments are calculated at 9% of the income above the threshold. • Postgraduate Loan – £21,000. Postgraduate Loan repayments are calculated at 6% of the income above Read more about Student Loan & Postgraduate Loan (PGL) thresholds and rates from 6 April 2020[…]
HMRC has deferred by one year the deadline for businesses reporting under Making Tax Digital (MTD) for VAT Businesses will now be able to continue using their current ad hoc systems based on in-house Excel exports until the new tax year on 1 April 2021. The original MTD for VAT guidance defined a digital link Read more about MTD for VAT deadline deferred[…]
This scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next 3 months. This may be extended if needed. Who can apply You can apply if you’re a self-employed individual or a member of a partnership and you: have Read more about Self-Employment Pay Scheme[…]
As you know, it was announced by the Government that small businesses who are in receipt of small business rate relief and rural relief will receive a £10,000 grant. What is Available £10,000 for businesses in receipt of Small Business Rates Relief (SBRR) or Rural Rates Relief £10,000 for retail, hospitality or leisure businesses with a Read more about Grants for small businesses Update[…]
The Chancellor has tonight announced the self employed scheme. Self-employed workers will be able to apply for a grant of 80% of their net monthly earnings up to £2,500 a month to help them cope with the financial impact of coronavirus. The grants would be available to people across the UK for at least three Read more about Statutory self-employment pay update[…]