On 24th September the government announced the launching in November of the Job Support Scheme to replace the existing Furlough Scheme that is feted to end on 31st October. The JSS is to run from 1st November through to 30th April, but initial rules may be amended after three months. To qualify for the…
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If you have made contributions to a registered pension scheme of more than £40,000 in the tax year, your scheme administrator should automatically send you a pension savings statement by 6 October 2020. This will detail your total pension input for the 2019/20 tax year as well as your pension input for the 3…
Companies with 31 December 2019 year ends will be due to pay their corporation tax on 1 October 2020. If that company is expecting to suffer a loss during the 2020 financial year, perhaps due to COVID-19 related reasons, it should be possible to carry that loss back one year and claim a refund of…
HMRC have introduced legislation which ensures employee’s statutory rights, including redundancy pay and payment in lieu on notice (PILON), are based on an employee’s normal pay and not their furlough pay. Redundancy pay An employee is entitled to redundancy pay if they have been working for their current employer for 2 years or…
Two self assessment deadlines are approaching: 5th October 2020 For those individuals who have not previously completed a tax return you will need to report to HMRC a liability for 2019/20. 31st October 2020 For those individuals who have previously submitted ‘paper’ self assessment tax returns, the deadline for the 2019/20 return is…
When it comes to knowing what paperwork is required to successfully reclaim VAT on expenditure, there can be some confusion, especially in these times of ever increasing electronic and paperless transactions. HMRC’s VAT guidance says you must have the appropriate documentary evidence in order to support a VAT claim. But what is appropriate? In this…
As UK GDP growth for the first two quarters of 2020 turns negative, COVID-19 has officially tipped us back into recession. As expected. SME’s were already struggling to find growth, mainly due to Brexit, so business owners will now be wondering what their own growth will look like: Source Data The answer is complicated. Some…
From 3 to 31 August 2020 businesses that offer a discount under the The Eat Out to Help Out Scheme are able to claim the discounted amount back from the Government. Whilst on the face of it you might expect VAT only to be payable on the discounted amount, in-fact VAT is payable…
As part of the Government’s measures to try to stimulate the economy, the Chancellor has announced a reduction in the rate of VAT payable by the hospitality and tourism industries. From 15 July 2020 until 12 January 2021, the rate of VAT will be reduced to 5% on any eat-in or hot takeaway food…
As we all slowly unwind from Coronavirus lock-down and the end of furlough support rapidly approaches, Chancellor Rishi Sunak has taken the unusual step of making fiscal announcements in the Summer, to try and head off a recession. New initiatives, of interest to SME’s, include: Job Retention Bonus – £1,000 bonus paid per employee…
