Blog

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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IR35 gets soft landing in the private sector

The Chancellor has confirmed HMRC will not be ‘heavy-handed’ in the first year of the new off-payroll rules in the private sector. However, IR35 critics fear this announcement means the soon to be released IR35 review is going to result in no changes at all. 25th Feb 2020 Chancellor Rishi Sunak spoke at an event in

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HMRC – Accurate reporting, trivial benefits and toolkits

Sending accurate employee information and reporting expenses and benefits correctly can make life much simpler. Whether you’re new to payroll or more experienced and fancy a refresher, our online support will keep you updated. This short video on payroll software and sending reports to HMRC is one of several available on HMRC’s YouTube channel. Or join

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Loan Charge – does it affect you ??

1. The tax return deadline Taxpayers can file their 2018/19 tax return and pay the loan charge and any other tax due (or arrange a payment plan) by 30 September 2020 (rather than by 31 January 2020), without penalty. This also applies to those settling or not paying the charge but with ‘loan charge’ issues,

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HMRC – How payrolling expenses can benefit you

Payrolling employees’ expenses and benefits and sending timely reports can make life simpler. Our online support will keep you updated and includes the following live webinar and videos. Ask your questions throughout this live webinar using the on-screen text box. Payrolling – tax employees’ benefits through your payroll: The deadline to register for payrolling in

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HMRC – Reporting expenses and benefits

It’s almost time to submit your clients P11Ds and P11D(b) if they have paid any benefits in kind during the 2019-20 tax year. HMRC must receive these forms no later than 6 July 2020 or your client may get a penalty. We recommend your clients’ submissions are made online or by payrolling any expenses and

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HMRC – New National Minimum Wage rates announced

Nearly three million workers are set to see an increase in their pay when the new National Minimum and National Living Wage rates come into effect this April.   Employers across the country should ensure they are ready by taking the appropriate payroll action for anybody who is eligible and continue to pay their workers on

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HMRC – PAYE code changes

Changes to the coding-out of debt via Self-Assessment HMRC currently code-out outstanding debts relating to Self Assessment where customers have not settled their debt and failed to engage with us. Currently, HMRC begin to collect the outstanding debt via a restriction in a customers tax code from the 6 April following the notification letter. From

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HMRC – Student Loans

Student and Postgraduate Loans Student Loan and Postgraduate Loan Thresholds The thresholds for Plan 1 and Plan 2 Student Loans are increasing from 6 April 2020. The Department for Education has confirmed that the thresholds will increase to: • Plan 1 – £19,390 • Plan 2 – £26,575.  Student Loan deductions are calculated at 9%

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HMRC – Company Cars

Diesel Supplement Company Car Tax Exemption changes In Agent update 71 we informed you of the Diesel Supplement Company Car Tax changes and how cars that meet the Euro 6D standard will now be exempt from the entire Diesel Supplement charge. How to report a diesel company car on your P11d submission When completing Section

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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.