Source – Accountancy Web The VAT rate for the hospitality sector will remain at 5% until 31 March 2021, and from that date, traders can apply for an 11 month interest-free payment window for their deferred VAT. The reduced 5% VAT rate for the hospitality industry was due to apply for the period between 15
Welcome to our latest issue. As the world continues to work out how to live with the coronavirus (COVID!19) pandemic, many will agree that the new normal needs new thinking. We hope you enjoy this issue, and if you require any further help or guidance, please do not hesitate to contact us – we’re here
A host of new support measures includes the introduction of ‘Pay As You Grow’ loans, as well as an extension to the 5% VAT rate for hospitality and tourism ACCOUNTING WEB Thursday, 24 September 2020, 12:35 The chancellor has today announced a new Jobs Support Scheme that will see the government “directly support” the
HMRC has written to all VAT-registered businesses in Great Britain trading with the EU and/or the rest of the world, highlighting what they need to do to prepare for the UK’s exit from the EU at the end of this year The letters point out that the actions required to ensure they can continue trading
From 10 September 2020, we’ve resumed the voluntary strike off process. From 10 October 2020, we’ll also resume the compulsory strike off process for companies we believe are no longer carrying on business or in operation. Take action to prepare for 1 January 2021 While the government continues to negotiate a free trade agreement with
As a reminder, the temporary Stamp Duty tax relief put in place by the Chancellor to keep the property market buoyant post-lockdown applies until 31st March 2021. It’s straightforward for people buying residential homes – before July 2020, Stamp Duty was paid on any house purchases of £125,000 or over. The recent changes have now
Sarah Bradford provides an overview of the payments that may be made on the termination of an employment contract and how they should be treated for tax and NI purposes. As the coronavirus job retention scheme starts to wind down, employers are faced with the difficult decision as to which employees they can bring back
We’ve been keeping an eye on pensions throughout the crisis, making sure we support employers and savers during this difficult time. Our recently launched advertising campaign reminds employers that while their business might have changed due to COVID-19, their responsibilities towards their staff haven’t. Your clients must continue to assess and put eligible staff into
The government, in consultation with industry, has produced guidance to help make sure workplaces are as safe as possible. The Department for Business, Energy and Industrial Strategy (BEIS) has also hosted webinars on working safely during coronavirus. You can also visit the Coronavirus Business Support blog to read examples of how businesses such as Surrey
18 Aug 2020 As the next phase of SEISS kicks in, how well-placed are the self-employed cope with the downturn? When the Self Employed Income Support Scheme (SEISS) was announced back in May, it was welcomed with open arms by self-employed workers across the country. At the time, the country was still under extensive lockdown,
Source – Companies House From 10 September 2020, we’ll restart the process for companies that have applied for voluntary strike off. From 10 October 2020, we’ll also resume the compulsory strike off process for companies we believe are no longer carrying on business or in operation. Read more about how Companies House will resume the
Source – Companies House While the government continues to negotiate a free trade agreement with the European Union, there are actions your business can take now to prepare for the end of the transition period after Brexit. You can use the straightforward checker tool at gov.uk/transition to identify the specific steps you need to take to be
These fines can range between 20%-100% of the amount of tax due, for those who have given inaccurate information on their tax returns. https://bit.ly/2EgTTW4
On average 29% of #SMEs have kept calm and carried on with no action needed, according to survey from@PG_Insurance Services showing how SMEs are coping well with the #pandemic Read more here: https://bit.ly/3aAkDwA
If you are self-employed (not a limited co) you can now claim the second part of the Government’s grant; To be eligible Who can claim You can claim a grant if you’re a self-employed individual or a member of a partnership and your business has been adversely affected due to coronavirus. To make a claim for
11 Aug 2020 As businesses look to recover under the looming shadow of a potential second wave of coronavirus (Covid-19), Businesses find themselves at an uncertain crossroads. While the lockdown is easing and business is gradually picking up, there is also the possibility of a second wave of COVID-19, which could potentially force them to
HMRC introduced a new service on 6 April 2020 to allow people to report and pay Capital Gains Tax. You can find out more on GOV.UK. Deadlines for UK residents disposing of UK residential property (not an owner’s main private residence) and non-UK residents disposing of both UK residential and non-residential property changed from 6
To provide government support during the early stages and peak of the COVID-19 pandemic, HMRC gave businesses the option to defer VAT payments if they were unable to pay on time. They could do this without incurring late payment interest or penalties. Under the scheme, payment of VAT due between 20 March and 30 June
To ALL self-employed clients wishing to make a further claim on the SEISS Scheme A quick reminder that the opening date for applications is Monday 17th August 2020.
3 Aug 2020 source AAT HMRC has published additional information on the new Job Retention Bonus, which provides a bonus to employers who keep on their furloughed employees at least until the end of January 2021. The scheme allows employers to receive a one-off payment of £1,000 for every employee, previously claimed for under Coronavirus job
Since the early weeks of the coronavirus lockdown, many employers have been aware of the likelihood they will need to make people redundant. This article addresses the key issues they are going to have to consider. 4th Aug 2020 Since the early weeks of the coronavirus lockdown, companies and their advisers have been aware of the
From 1 July, employers can bring furloughed employees back to work for any amount of time and any shift pattern, while still being able to claim CJRS grant for the hours not worked. From 1 August 2020, the level of grant will be reduced each month.To be eligible for the grant employers must pay furloughed
29 Jul 2020 HMRC is providing new help to businesses who have claimed too much under the Coronavirus Jobs Retention Scheme (CJRS) or the Self-Employment Income Support Scheme (SEISS). HMRC has announced an online process to correct mistakes and avoid penalties, provided the money is repaid on time. That means the latest of the following:
Here are the latest updates from HMRC for week commencing 20 July 2020. Key dates for the Coronavirus Job Retention Scheme (CJRS) We’re reminding customers about key dates for the Coronavirus Job Retention Scheme (CJRS) and actions they might need to take, to help your business. Key dates Submit your CJRS claim for periods ending
Please note the software I use for your returns – Tax Calc is already compliant in MTD and I will be able to file your new quarterly returns based on the information you give me, I am hoping there will not be too much change in the way we have been working, but HMRC do