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VAT payment deferral

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

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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;

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HMRC – COVID-19 Update

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

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Coronavirus: What help can freelance workers get?

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.

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COVID-19: support for businesses

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

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Tax payments deferred as Chancellor protects jobs

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

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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

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COVID-19 Update from HMRC

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

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What’s Included in COVID-19 Emergency Funding?

Rishi Sunak has vowed to do “whatever it takes” to help the economy with an “unprecedented package” including Government-backed loans equivalent to 15 per cent of GDP, with the potential to be extended further depending on the demand. What’s Included in COVID-19 Emergency Funding? Government backed loans with attractive terms for payment of rent, salaries,

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Covid-19 – and how it is affecting your business?

Please check the government guidelines and how you may be able to get financial help A new temporary Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, will launch in a matter of weeks to support businesses to access bank lending and overdrafts. The government will provide lenders with a guarantee of 80%

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HMRC – VAT accounting schemes – need to know more?

HMRC’s online guidance will help you decide whether one of the VAT accounting schemes could benefit your business. You can use the on-screen text box to ask your questions during the following live webinars: VAT accounting schemes: We’ll explain the annual accounting scheme, cash accounting scheme and the flat rate scheme to help you make

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Budget 2020: tax rates and allowances

Budget 2020: tax rates and allowances Source – ACCA                                                  2019/20 2020/21     £ £   Income tax rates: England and Wales only (non-dividend income)       0% starting rate for savings only (note 1) Up to 5,000 Up to 5,000   20% basic rate tax 12,501-50,000

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A guide to Budget 2020

A guide to Budget 2020 Source ACCA     A SIMPLE GUIDE TO THE BUDGET 2020 This is a basic guide, prepared by ACCA’s Technical Advisory team, for members and their colleagues or clients. It’s an introduction only and should not be used as a definitive guide, since individual circumstances may vary. Specific advice should

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Bank of England has cut UK Interest Rates

Source – Accountancy Today The Bank of England has cut UK interest rates back down to the lowest level in history to help mitigate the impact of the coronavirus outbreak on the economy. The governor of the Bank of England, Mark Carney, announced the 50 basis point (0.5 percentage point) reduction, from 0.75% to 0.25%, in a

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SUPPORT FROM HMRC

If you have responsibility for reporting employee expenses and benefits in kind, you’ll find all the help you need with HMRC’s online support – including this selection: Expenses and benefits – social functions and parties: Do you provide social events for your employees, such as summer balls, barbecues or Christmas parties? Find out if the

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National Minimum Wage and National Living Wage rates

National Minimum Wage and National Living Wage rates Source:  https://www.gov.uk/national-minimum-wage-rates The hourly rate for the minimum wage depends on your age and whether you’re an apprentice. You must be at least: school leaving age to get the National Minimum Wage aged 25 to get the National Living Wage – the minimum wage will still apply

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IR35: Last minute tweaks to off-payroll working

IR35: Last minute tweaks to off-payroll working Source – Accounting Web A soft-landing has been confirmed for engagers, alongside changes to the law to make it easier for contractors to understand whether their engagers are within the new rules or not. The report into the limited review into the implementation of the off-payroll working rules

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Refund Policy

For online payments taken via the Invoice Payment page, no refunds can be given as payment is only taken after my service has been provided.