Businesses that took out government-backed Bounce Back loans to get through the coronavirus (COVID-19) pandemic will now have greater flexibility to repay their loans, the government has announced. The Pay as You Grow repayment flexibilities now includes the option to delay all repayments for a further six months. This means businesses can choose to make Read more about Borrowers of Bounce Back loans given more flexibility[…]
HMRC has announced that Self Assessment taxpayers will not be charged a 5% late payment penalty if they pay their tax or set up a payment plan by 1 April. The payment deadline for Self Assessment was 31 January and interest is charged from 1 February on any amounts outstanding. Normally, a 5% late payment Read more about Late payment penalties for Self Assessment waived until 1 April[…]
If you deferred your VAT payments due between 20 March and 30 June 2020 and still have payments to make, they should pay by 31 March if you can. If you cannot afford to pay by 31 March this year, you can now join the online VAT deferral new payment scheme to spread the payment. Read more about VAT deferral[…]
It was announced at yesterday’s budget that the Self-Employment Income Support Scheme (SEISS) will continue until September with a fourth and fifth grant. The fourth and fifth grants will take into account submitted 2019-20 tax returns. This means you may be able to claim, even if they were not eligible for previous grants. You must Read more about Self-Employment Income Support Scheme – future grants confirmed[…]
It was announced in yesterdays budget that the Coronavirus Job Retention Scheme has been extended until the end of September 2021. The UK Government will continue to pay 80% of employees’ usual wages for the hours not worked, up to a cap of £2,500 per month, up to the end of June 2021. From July, Read more about Extension to the Coronavirus Job Retention Scheme[…]
Here are some of the key points from the budget of 3 March 2021: Furlough and Self-employed grant extended until September. Universal Credit uplift of £20 to be extended for a further 6 months. Incentive payments of £3,000 for all new hires of any age. Business rates holiday will be extended until June. National insurance, Read more about Main points from the budget (3 March 2021)[…]
If you deferred paying VAT due in the period from 20 March to 30 June 2020, you should pay it by 31 March 2021 if you can. If you can’t afford to pay by 31 March 2021, you can join the VAT deferral new payment scheme and pay your deferred VAT over a longer period. The online service will open Read more about VAT deferral new payment scheme – join from 23 February[…]
If you have a Bounce Back Loan, the Chancellor has announced repayment flexibilities, with the ability to tailor payments according to your individual circumstances. Lenders should begin reaching out to borrowers to provide information on repayment schedules and how to access flexible repayment options. Small and medium-sized businesses can still apply to borrow between £2,000 and Read more about Flexible repayment options announced for Bounce Back Loan borrowers[…]
From January 1st 2021 When the UK left the EU, new rules came into effect that change how goods sold to and received will be treated. Although many overseas sellers joined Making Tax Digital for VAT in October 2019, the change to import VAT rules may affect further businesses selling to UK customers. March 31st Read more about Key upcoming dates Making Tax Digital for VAT[…]
Such a simply question, you would think, however it produces a complicated answer. For this calculation, we have assumed the following: The director wants to preserves their entitlement to state benefits, and The director wants a salary which saves the most tax and national insurance. First of all let us look at preserving your entitlement Read more about As a director, what should I pay myself in 2021/22?[…]