COVID-19 Update 21-03-2020

Last night the Chancellor stood in 10 Downing Street and announced some new support for small businesses.  They can be summarised as…

Coronavirus Job Retention Scheme

HMRC will reimburse 80% of furloughed (basically another word for redundant) workers wage costs, up to a cap of £2,500 per person per month. HMRC are working urgently to set up a system for reimbursement as currently their systems are not able to facilitate payments to employers.

We haven’t noted any detail in the announcement as to whether this reimbursement will apply to company directors in owner managed businesses. There is an argument that a company with no directors working in the business is no longer a trading business. We should get more detail from HMRC next week, and we will advise further as soon as we can on this. 

While HMRC is working urgently to set up a system for reimbursement, we understand the existing system is not set up to facilitate payments to employers. 

Business that need short-term cash flow support, may benefit from the VAT deferral announced below and may also be eligible to apply for a Coronavirus Business Interruption Loan.

COVID-19 Update 20-03-2020

Chancellor has just finished speaking and...

-Government will pay 80% of wages for company employees who are not working, up to £2,500 a month.

-No VAT payments until after June.

-Payment on account tax payments due on 31 July 2020 deferred until 31 Jan 2021.

Will be reading the full details when published, and be updating our clients with a full overview ASAP.

In the interim if you have any queries or concerns please don't hesitate to drop me a line.

Best wishes,

Steve

Steven Hillman
Chartered Accountant

Coronavirus (COVID-19) - An update for all of our clients

In light of the ever-changing situation around Covid-19 Coronavirus, I wanted to share with you what support and help there is available. Apologies for the general nature of this message but I wanted to get something out ASAP. I am available for you on an individual basis so please don’t hesitate to get in touch.

February 2020 Tax Tips & News

Welcome...

To February's Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.

If you need further assistance just let us know or you can send us a question for our Question and Answer Section.

We are committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.

Please contact us for advice in your own specific circumstances. We're here to help!                        

February 2020

· Loan charge repayments deferred

· CGT on cryptoassets

· Increased NMW rates from April 2020

· VAT and Brexit

· February questions and answers

· February key tax dates

January 2020 Tax Tips & News

Welcome...

To January's Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.

If you need further assistance just let us know or you can send us a question for our Question and Answer Section.

We are committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.

Please contact us for advice in your own specific circumstances. We're here to help!      

               

January 2020

· What does the General election mean for tax?

· HMRC advisory fuel rates from 1 December 2019

· Another IR35 loss for HMRC

· Business mergers and changes of ownership – payroll issues explained

· January questions and answers

December 2019 Tax Tips & News

Welcome...

To December's Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.

If you need further assistance just let us know or you can send us a question for our Question and Answer Section.

We are committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.

Please contact us for advice in your own specific circumstances. We're here to help!                  

 

December 2019

· Tax-free Christmas parties

· Proposals to pay doctors' pension tax bills: update

· Should I register for VAT?

· Should I incorporate my business?

· December questions and answers

PLEASE NOTE:

Our office will be closed for the Christmas and New Year holidays from 5pm on Friday 20th December 2019 until 9am on Thursday 2nd January 2020. 

Wishing you a very Merry Christmas and a Happy New Year!

November 2019 Tax Tips & News

Welcome...

To November's Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.

If you need further assistance just let us know or you can send us a question for our Question and Answer Section.

We are committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.

Please contact us for advice in your own specific circumstances. We're here to help!   

                     

November 2019

· Recognising genuine HMRC contact

· Losses in the first years of trade

· Probate fees changes abandoned

· Salary or bonus?

· November questions and answers