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8th April 2020 Changes to Employment Allowance

Employment Allowance can be claimed to reduce the amount of Employer National Insurance payable. The 2020/21 tax year has introduced the following changes to Employment Allowance: The allowance has been increased from £3,000 per year to £4,000 per year You can only claim the Employment Allowance if your total Secondary Class 1 National Insurance liability…

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7th April 2020 Coronavirus Business Support – Local Government Grants to Small Businesses

We have just heard from one of our clients who has already managed to successfully claim the £10,000 small business grant funding being made available to all businesses in receipt of small business rate relief or rural rate relief.  This is one of the measures being administered by local councils, rather than HMRC,  and it…

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7th April 2020 COVID-19 – Furlough for IR35 Workers in the Public Sector

The Government has issued guidance notes to clarify the extent to which the Furloughing arrangements can be offered to all public sector workers including contingent workers being paid under PAYE, through an umbrella or their own personal service company.  This means that the scheme can be offered to those individuals who:   work through a…

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6th April 2020 Update: Coronavirus Job Retention Scheme

Following a meeting with HM Revenue & Customs (HMRC) the Institute of Chartered Accountants in England and Wales (ICAEW) have issued some notes on how they believe the Coronavirus Job Retention Scheme will work.   The notes below provide an update to our original piece published earlier in the week which is copied below for…

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2nd April 2020 Tax Planning for COVID-19 – A Brief Guide

Our Tax Department has written ‘A Brief Guide to Tax Planning for COVID-19’ please click the link below:   Tax planning for COVID-19 Brief Guide  

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2nd April 2020 COVID-19: HMRC Delays MTD ‘Digital links requirement’ until 1 April 2021

In light of the Covid-19 pandemic presenting unprecedented challenges for everyone, HMRC has announced a one year deferment to the requirement to digitally link separate software programmes when preparing your VAT return. The soft landing period of MTD (Making Tax Digital) had originally been in place for businesses to make a manual transfer – this…

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30th March 2020 Coronavirus Related VAT Deferral: Cancel DD with Bank

It is fairly well publicised now that as part of the Government’s financial support package for businesses during this Coronavirus outbreak, these businesses can, if they wish, defer their next VAT payment(s) (those due between 20 March and 30 June 2020). Interest and penalties will not be charged on such a deferral. What was not…

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27th March 2020 COVID-19: Organising your Business Finances

  Whilst the Government have announced a business finance support package, it is unlikely to be accessible for several days (the loans via the banks) or weeks (the grants via HMRC/Local Authorities). Not all businesses will meet the criteria for them anyway.  There is more to come from the Government, but in the meantime business…

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26th March 2020 Help for the Self-Employed

The new Chancellor, Rishi Sunak, has announced this afternoon (26th March 2020) much needed support for the self-employed. This will be known as the Coronavirus Self-Employment Income Support Scheme.   As in any support, there are conditions and the detail will need to be scrutinised.   To be eligible for the scheme there are various…

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23rd March 2020 COVID-19 Pandemic: What help can your business get?

In the recent Budget, and subsequent announcements, the Government have introduced numerous measures to help small businesses cope with the financial impact of the COVID-19 pandemic. Once you have decided how to follow Government advice with regard to your own business continuity, best advice must then be to more actively manage your finances, by preparing…

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