The marriage allowance allows you to transfer £1,250 of your unused personal allowance to your husband, wife or civil partner in a given tax year. In order to qualify the one receiving the transfer must not be a higher rate tax payer and the lower earner must have income below their personal tax free…
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With an increasing pressure on the government to provide financial support to UK taxpayers during the COVID-19 pandemic, amongst other proposals, the government announced a deferral of the due date of the second payment on account for 2019/20. Initially it was unclear whether this would apply only to self-employed individuals. Clarification has now been…
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…
Please find below the latest payroll information regarding the current COVID-19 situation: COVID-19 Payroll Newsletter
As the Covid-19 outbreak begins to tangibly affect personal finances, there may be some good news, as a short HMRC form could potentially result in you receiving a £1,150 cheque. The Marriage Allowance was introduced in 2015, but recent figures reveal that only a small percentage of eligible couples have claimed. With only weeks…
Many questions have been raised about how the scheme will operate. Based on the information published so far, here is ICAEW’s understanding of how the policy will work. https://www.icaew.com/insights/viewpoints-on-the-news/2020/mar-2020/coronavirus-job-retention-scheme-furlough-guidance
All companies must file their accounts with Companies House every year, and there is an automatic penalty applied if they are filed late. Companies House have today released guidance regarding coronavirus. If you are unable to file your company accounts due to the virus, you must make an application to extend the filing deadline…
As Chancellor Rishi Sunak sits down after presenting his first Budget to the Commons, the headlines will all relate to tackling Coronavirus and increased spending on our public services. Reading the small print, however, which is released by HMRC straight after the Budget, announcements that will be of interest to clients running technology companies include:…
What does today mean for small businesses, some of the highlights: National insurance threshold increased to £9,516 Corporation tax stays at 19% Increase in the recently introduced Structural Buildings allowance to 3% per year Increase in the employer’s national insurance allowance from £3k to £4k per year (although the criteria to claim this, changes from…
The Employer Allowance was first introduced in April 2014, giving employers a reduction of £2,000 against their Employer’s NIC bill. This was further increased in value from April 2016 to £3,000 and in addition the scheme was reformed to exclude single-director companies. It has remained at £3,000 ever since and is claimed via…
