Latest blogs for Services

25th March 2020 Job retention scheme furlough guidance – latest information

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

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12th March 2020 Can’t file because of Coronavirus?

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…

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11th March 2020 Budget 2020: What’s in it for TechCo’s?

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:…

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11th March 2020 2020 Budget For small Businesses

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…

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5th March 2020 Employment Allowance Reform

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…

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3rd March 2020 Increases in National Minimum Wage Rates 2020

From April 2020 the National Minimum Wage will once again be increased, as per the below figures:   Year               25 and over 21 to 24 18 to 20 Under 18 Apprentice April 2019 (current rate) £8.21 £7.70 £6.15 £4.35 £3.90 April 2020 £8.72 £8.20 £6.45 £4.55 £4.15   Apprentices are entitled to the minimum wage…

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24th February 2020 An update for NHS staff on the annual allowance charge for 2019/20

Current Issues The introduction of the tapered pension annual allowance from 6 April 2016 has been a contentious issue for many, in particular senior NHS staff members. The legislation change means that, for high income individuals, the annual pension allowance may be reduced from £40,000 to a minimum of £10,000. Pension inputs in excess of…

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24th February 2020 How taking a pension lump sum could save you money

  If you reached state pension age after 6 April 2016 and deferred taking your pension, you will receive a higher weekly amount when you start receiving it. However, if you reached state pension age before 6 April 2016 there is a second option, which is to receive a state pension lump sum rather than…

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14th February 2020 5th April: Pre Year End Tax Planning

As we approach the end of another personal tax year (5 April 2020), there are a number of tax planning opportunities for individuals to consider to ensure best use is made of currently available allowances, exemptions and favourable tax rates:   Tax year end planning Brief Guide_Feb 2020   With the 2020 Budget also just…

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12th February 2020 Successful tax refund for grain silo treatment

A successful legal case claiming that grain silos should be treated as plant and machinery for corporation tax purposes – rather than land and buildings – has resulted in a successful tax refund claim by Whitings.   The claim was submitted following precedent set in the legal case, and resulted in a substantial tax refund…

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