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 coronavirus (COVID-19). Become a better director There’s still time to register for our bite-sized webinars. Join us as we collaborate with the Intellectual Property Office and the Business Support
Source – Accountancy Daily Millions of workers in all parts of the UK will receive a pay increase = as minimum pay rates rise, with the age threshold reduced to 23 year olds Around two million of the UK’s lowest-paid workers will benefit from an increase in National Living Wage and National Minimum Wage. The
If your client deferred VAT payments due between 20 March and 30 June 2020 and still has payments to make, they can now join the online VAT deferral new payment scheme. The new scheme lets your client pay their deferred VAT in equal instalments, interest free. Your client can spread their payments across 2 to
As April 2021 approaches, employers are reminded of some of the statutory changes that are upcoming, along with some crucial details that should be kept in mind — especially when it comes to the minimum wage, contracting, and the furlough scheme. National wage rates The Chancellor, Rishi Sunak, announced on 25 November 2020 that the
Individuals who started their business in 2019/20 need to provide additional evidence to HMRC in order to claim the self-employed income support (SEISS) grant, but complying won’t be easy for all. HMRC is writing to up to 100,000 self-employed traders asking them to confirm their identity and prove they have been trading before they can
A new loan scheme to support access to finance for UK business as they grow and recover from the disruption of the Covid-19 pandemic was announced at the Budget Editor, Accountancy Daily, published by Croner-i The Recovery Loan Scheme ensures businesses of any size can continue to access loans and other kinds of finance up to
A new loan scheme to support access to finance for UK business as they grow and recover from the disruption of the Covid-19 pandemic was announced at the Budget Editor, Accountancy Daily, published by Croner-i The Recovery Loan Scheme ensures businesses of any size can continue to access loans and other kinds of finance up to
The Chancellor has set aside a further £65bn to support businesses, employees and the self employed to deal with the coronavirus pandemic as lockdown eases Source: Editor, Accountancy Daily, published by Croner-i As part of the recovery plan, the Chancellor set out a three-point plan to protect jobs and strengthen public finances, setting aside billions to
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Here are some key takeouts from Chancellor Rishi Sunak’s economic plan to help the UK’s recovery from the COVID pandemic: Source: TaxCalc For businesses and employers An extension of the Coronavirus Job Retention Support Scheme (CJRS) to September 2021 across the UK. The scheme will remain unchanged until July when the government will ask businesses
Self assessment taxpayers will not be charged a 5% late payment penalty if they pay their tax or set up a payment plan by 1 April, HMRC has announced Editor, Accountancy Daily, published by Croner-i The payment deadline for self assessment is 31 January and interest is charged from 1 February on any amounts outstanding. Normally,
Over half a million businesses who deferred VAT payments last year can now join the new online VAT Deferral New Payment Scheme to pay in smaller monthly instalments, HMRC has announced Editor, Accountancy Daily, published by Croner-i In order to take advantage of the new payment scheme businesses will need to have deferred VAT payments between
Pras Patel, tax advice consultant at Croner Taxwise, provides an at a glance guide to current and upcoming changes to the furlough rules Croner Taxwise Got kids? If your employee is unable to work because they are ‘caring for children who are at home as a result of school and childcare facilities closing’ then they
Over half a million businesses who deferred VAT payments last year can now join the new online VAT Deferral New Payment Scheme to pay in smaller monthly instalments, HMRC has announced published by Croner-i In order to take advantage of the new payment scheme businesses will need to have deferred VAT payments between March and June
Prime Minister Boris Johnson today unveiled his exit plan for the England lockdown. But businesses will have to wait until the 3 March Budget for news on the economic support package and the Covid support scheme extensions. Source – AccountingWeb Johnson’s “crucial but irreversible” roadmap for re-opening the country starts with schools returning on 8
Source – HMRC HMRC has announced that Self-Assessment customers will not be charged the initial 5% late payment penalty if they pay their tax or make a Time to Pay arrangement by 1 April. The payment deadline for Self-Assessment is 31 January and interest is charged from 1 February on any amounts outstanding. The deadline
Self Assessment clients who need to claim a contributory benefit soon after 31 January 2021, must make sure Class 2 National Insurance contributions payments are paid. This is to make sure their claims are unaffected, which could happen if: · they can’t pay all of their 2019 to 2020 Self Assessment (SA) liabilities by 31
Plan 1 – £19,895, earnings above this threshold will continue to be calculated at 9%. Plan 2 – £27,295, earnings above this threshold will continue to be calculated at 9%. Plan 4 (new plan type, Scottish Student Loans (SSL) – £25,000, earnings above this threshold will be calculated at 9%. Postgraduate loan – £21,000, earnings
We have been busy bolstering the support available to small and medium-sized businesses to help you navigate the new ways of doing business with the EU and to ensure you’re able to trade smoothly. Last week the Government announced a £20 million SME Brexit Support Fund to help small and medium-sized businesses adjust to new
Source: HMRC To support the government’s commitment to improving air quality in towns and cities; we are improving the car and car fuel benefit calculation. On 6 April 2020, we introduced 11 new bands for ultra-low emission vehicles (ULEVs) including a separate zero emissions band. If a car has a CO2 emission figure of 1-50g/km
Source: HMRC If your clients are contractors or engage or supply contractors, they may be affected by the off-payroll working rules (IR35). These come into effect on 6 April 2021 so your clients need to take action and prepare now. Our education and support is helping agents to understand the changes, so please share this information with
Source: HMRC Employers who have not reported and paid the loan charge. We are aware of a number of employers who have not reported and paid the loan charge on relevant disguised remuneration loans. We are writing to these employers to remind them of their responsibilities, and let them know what will happen next
Source: HMRC The DAC 6 reporting regime requires taxpayers and their advisers to disclose information on certain types of cross-border arrangements to HMRC. Following the end of the EU transition period the UK will move to global tax standards rather than EU ones (like DAC 6). As part of that move to global tax standards,
Source: HMRC If businesses deferred VAT due from 20 March to 30 June 2020 and still have payments to make, they can opt into the VAT deferral new payment scheme to pay their deferred VAT over a longer period. The payment scheme is expected to open on 23 February 2021 and close at the end of June 2021. If your client
Source – Croner-i The IR35 rule was introduced in 2000 to equalise the tax position between employees and individuals that provide their services, usually using a company (often called a Personal Services Company — PSC). The IR35 legislation aims to ensure a person acting as a contractor pays the same tax and national insurance as