Source – AAT VAT could be a bigger minefield than customs after we leave the Single Market. With hopes of a deal receding, businesses now have only months to make major changes to their VAT accounting systems. From 1 January 2020 business that import goods from Europe will have to contend with many country-specific quirks.
So, how do I take money out of the company? You might feel like the money in the company bank account is yours. It isn’t. It belongs to the company until you do something to turn it into your own income. I have a standard spiel that I run through with new limited company owners
Know your position What some people tend to forget is the deadline for filing your tax return is also the same deadline for payment. Filing your tax return earlier will mean that you are aware of the amount of any balancing payment and any payment on account due on January 31st, 2021. Therefore, you can
The current furlough scheme ends on 31 October and will be replaced by the new Job Support Scheme The Job Retention Scheme – or furlough – introduced by the Government is set to end on 31 October. In its place will be the Job Support Scheme, which will take effect from 1 November. How does the Job Support Scheme
With the government set to introduce localised Covid-19 lockdowns of varying severity, the job support scheme (JSS) is to be expanded to support businesses required to close their doors as a result of coronavirus restrictions Reporter, Accountancy Daily, published by Croner-i Ltd Later today, prime minister Boris Johnson is expected to announce a three-tier alert
We’ve rounded up all the latest updates as we continue to maintain services for our customers and protect the welfare of our employees in response to the coronavirus (COVID-19) outbreak. We’ve resumed the strike off process From 10 September 2020, we’ve resumed the voluntary strike off process. From 10 October 2020, we’ve resumed the compulsory
There will be guaranteed changes from 1 January for businesses as we start our new relationship with the EU, and there are many actions you can take today to prepare. Find out what you need to do by visiting gov.uk/transition and using the checker tool. I know these are challenging times, however it is vital
The UK has left the EU and the transition period will end on 31 December 2020. If you are a UK business or organisation in the financial services & accounting sector that receives personal data from the EU or EEA, you may need to take extra steps to ensure that the data can continue to
Kate Upcraft explains the details of the job retention bonus as the law in the form of a Treasury direction has been published alongside HMRC guidance on the income threshold and examples. Source – Accounting Webb The Chancellor visits Emma Bridgewater to promote his plan for jobs. Claims for the £1,000 bonus per eligible employee, agency worker or office holder
HMRC has increased the threshold for paying tax liabilities to £30K for Self-Assessment customers to help ease the financial burden they may be experiencing due to the Covid-19 pandemic. Previously the Time to Pay plan could be used to set up instalment arrangements for paying tax liabilities up to £10K, however, since 1 October it has been officially increased. The increase aims to
Source – Accounting Web Employers need to know whether the Job Support Scheme (JSS) will help them to retain some employees, but there are many unanswered questions. Rebecca Cave summarises what we know and where the knowledge gaps are. The Chancellor Rishi Sunak unveils his Winter Economy Plan to parliament Currently all that has
Source – Tax Calc Chancellor Rishi Sunak has outlined a series of measures to support jobs and the economy over the next six months. Here we provide an overview of the five new initiatives with a brief explanation. Please pass it on to your clients as you see fit. 1. New Job Support Scheme With
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