Source: Alison Walsh, 6 April 2020 – HMRC Changes to the off-payroll working rules will now apply from 6 April 2021 and not 6 April 2020 as previously planned. This is a deferral of the reform and not a cancellation. This blog contains some important information your organisation needs to know as a result of the delay. Please
Source: Rebecca Cave Tax Writer Taxwriter Ltd 2nd Apr 2020 HMRC will pay a taxable grant to self-employed individuals and partners equivalent to 80% of their average trading profits for three months, capped at £2,500 per month. Who gets what? It is difficult for HMRC to determine how much self-employed individuals earn in real time, in
Some of the rates and bands have been frozen, while others have increased. Here are the rates and bands that will come into effect on 6th April: England, Northern Ireland and Wales 2020/21 2019/20 Personal allowance £12,500 £12,500 Employee’s NI becomes due at £9,500 £8,632 Employer’s NI becomes due at £8,788 £8,632 Higher rate tax
At the Budget 2020 the Chancellor announced details about a new coronavirus (COVID-19) Statutory Sick Pay Rebate Scheme. This scheme will allow small and medium sized employers, with fewer than 250 employees, to apply to HMRC to recover the costs of paying Statutory Sick Pay to their employees. Today HMRC has published new online guidance
The chancellor is extending the coronavirus loan scheme for small and medium businesses who have been affected by the disease. The government’s Covid Business Interruption Loan, a funding package, was originally created for firms who were unable to secure regular commercial financing during the economic downturn of the virus. But now Rishi Sunak has extended
The following measures have been introduced to support small businesses. See the full details of who’s eligible and how to access support on the UK Government’s website. (control click will open the links) Coronavirus Job Retention Scheme all UK employers with a PAYE scheme will be able to access support to continue paying part of their employees’
Please be aware there are a lot of scam emails and texts doing the rounds. Please do not click the link. “HMRC have determined that you are eligible to receive a tax refund of 228.37 GBP – Click here to begin – //hm.rc-3verify.com” DO NOT CLICK ON THE LINK
27 Mar 2020 Source – AJC Admin Coronavirus (COVID-19) Self-employment Income Support Scheme – Explained To all my fellow self-employed comrades out there, I totally appreciate that all of this information the government is providing about their new self-employment support scheme is becoming increasingly confusing for many people and so I wanted to just outline
More guidance has been published on the coronavirus job retention scheme (CJRS), although there are still some grey areas. Kate Upcraft summarises what we know so far. 30th Mar 2020 Source Accounting Web Who can claim? All employers can benefit from the scheme, even owner-managed businesses. The government wants the support to be as inclusive as possible.
Source: AAT The Government has launched a ground-breaking scheme to help self-employed people remain solvent through the worst of the coronavirus (Covid-19) crisis. The Self-Employed Income Support scheme will pay a direct cash grant of 80% of their profits, up to £2,500 per month. But payments won’t be made before June. And those who turned self-employed recently
The Coronavirus Job Retention Scheme is a temporary scheme open to all UK employers for at least three months starting from 1 March 2020. It is designed to support employers whose operations have been severely affected by coronavirus (COVID-19). Employers can use a portal to claim for 80% of furloughed employees’ (employees on a leave
Use this scheme if you’re self-employed or a member of a partnership and have lost income due to coronavirus. Published 26 March 2020 From: HM Revenue & Customs Contents 1. Who can apply 2. How much you’ll get 3. How to apply 4. After you’ve applied 5. Other help you can get This scheme will
The Chancellor announced a VAT payments deferral on 20 March to support businesses with cash flow during the COVID-19 pandemic. This means that all businesses with a UK VAT registration have the option to defer VAT payments due between 20 March and 30 June. Businesses have until 31 March 2021 to pay any VAT deferred
Dear All, I appreciate that you are all worried about the financial impact of COVID-19 and I am trying my hardest to reply to all your emails including out of hours replies. I have very little information on the schemes offered as HMRC are slow to release this. But I will summarise what is available;
The Chancellor, this evening, announced a new Self-employment Income Support Scheme to support self-employed people who have been adversely affected by COVID-19. GOV.UK has further details about who is eligible for the scheme and how it will work. Self-employed people do not need to get in touch with HMRC as the scheme isn’t yet open
Source: Sky News A coronavirus bail-out for the self-employed is being unveiled by the chancellor after pressure from MPs, but handouts could go to only one in three of the five million who work for themselves. Rishi Sunak will announce an emergency package at Boris Johnson’s daily Downing Street news conference, promising help for groups
Whether you work through a PSC, other limited company, umbrella company or are self-employed, will affect what sick pay support you are entitled to during the Covid-19 pandemic. There is a lot of confusion around the terminology in the freelance sector and as a result, who is entitled to what or not entitled at all.
Source – https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses The Chancellor has set out a package of temporary, timely and targeted measures to support public services, people and businesses through this period of disruption caused by COVID-19. This includes a package of measures to support businesses including: a Coronavirus Job Retention Scheme deferring VAT and Income Tax payments a Statutory Sick
VAT and self assessment tax payments have been delayed as the government launched a new HMRC-administered coronavirus jobs retention scheme to cushion the economic blow of COVID-19. Source Accountancy Today – Richard Hattersley HM Treasure Chancellor Rishi Sunak joined the Prime Minister again on Friday evening for the latest Downing Street press conference, where he deferred VAT
Dear All, with the latest news from the government that we are now on lockdown, I want to reassure you that Tax Return Online Services is trading as normal as myself, Jackie, Pauline and Judith all work from home, so there will be no disruption to the services you receive from us. The software company
Here is the latest update, if you need to utilise the business loan you will need to contact you bank directly On the evening of Friday 20 March, the Chancellor of the Exchequer Rishi Sunak announced additional measures to help smaller businesses and the self-employed affected by COVID-19. The Government also has said it will announce
In 2008, businesses faced a crisis from the ‘credit crunch’. In 2020, credit is not in short supply – it’s sales that are vanishing. Small businesses have been overcome by the speed with which the health crisis has accelerated in the last week. As social distancing, self-isolation and working from home have become the new
The Chancellor, this evening, announced further measures to support people and businesses through this period of disruption caused by COVID-19. The Chancellor’s statement can be found at GOV.UK. Updated guidance for employers, businesses and employees is available at: COVID-19: support for businesses COVID-19: guidance for employees We will continue to share the most up to date
Source – Accountancy Today 19 March 2020 The new Bank of England boss, Andrew Bailey, has promised a fresh set of measures to help fight the economic “emergency” faced due to the coronavirus outbreak. Bailey, who has only been in the position for three days after taking over from former Bank Of England chief Mark Carney, told Sky
Advice and guidance on reducing the risks of disruption from the COVID-19 virus to you and your business. Source – FSB With the rapidly changing nature of the COVID-19 outbreak, information and advice from Government can change quickly. For all the latest Government information on COVID-19 and the measures the Government, and Devolved Governments, are