The Self-Assessment Tax Deadline (31 January 2021) is fast approaching but our team remain fully operational as we work to submit all of our client’s returns in a timely manner. However, you may be unsure what expenses are allowable on your return or whether you need to submit a return at all.
Over the past month as the United Kingdom’s COVID-19 reaction strategy adjusts to tackle the virus once more, how has the support the government are offering businesses changed? In order to help you understand the current support available we have summarised the key information below.
The anticipated support for self-employed individuals was announced by the Chancellor some weeks ago. A further extension has now been announced with a further update promised to be released on 12th June.
To help you we have highlighted the key information below:
On Monday 17th August self-employed individuals will be able to begin submitting their claim for the second payment from the Self Employed Income Support Scheme (SEISS). A claim can be made regardless of whether the first instalment was applied for.
We now know that from the 1st of July 2020, an element of flexibility will be introduced to the Coronavirus Job Retention Scheme. Last week further details on how this will work were released, including all of the new rules. The key points of the new rules are set out below.
In addition to the Government announced help for small and micro businesses, Exeter City Council have now released their discretionary business grant scheme. This is Government funded monies where local discretion has been allowed.
Monday 27th April 2020 saw the Chancellor announce a new measure aimed at supporting small businesses recover from COVID-19. Small businesses will now be given the opportunity to borrow (without giving security)
The advice regarding Directors’ salary for 20/21 has altered, please read the information below direct from our team of accountants. When it comes to tax-efficient salary levels for 20/21 there are now three national insurance thresholds you need to be aware of.
Yesterday saw the launch of the CJRS portal through the government gateway, HMRC have stated that the portal can cope with high levels of traffic and that claims will be paid six to ten days after submission.
On the 7th April 2020 the government announced that it is supporting employers paying sick pay to employees, where the employees have been forced to take sick pay because of Coronavirus. Until now, how that claim could be made has not been announced.
Amongst a range of measures introduced by the Government amid the Coronavirus, recent communication has alluded to the sense that additional measures to assist ratepayers with business rates will be unveiled. The details of these measures are yet to be revealed, however, we have detailed all of the given information to date below.
Whilst the current difficult times are seeing many businesses come together to help support and lift one another, there are unfortunately some who have taken these unprecedented times as a green light to begin pushing their fraudulent schemes.
Amongst a range of introduced measures to help businesses, the Government has also ordered a moratorium (temporary ban) on commercial landlord sanctions for 3 months, this includes forfeiture or CRAR (Commercial rent arrears recovery).
One of the key measures introduced by the Government was the ability for businesses to now defer their Value Added Tax (VAT) payments for 3 months. Furthermore, for the self-employed Income Tax payments due in July 2020 under the Self-Assessment system will be deferred to January 2021.
We are all now aware that we are living in challenging and uncertain times. Whilst we all worry about the possible consequences of COVID-19 on our health and wellbeing, the economy is also taking a massive hit.
From the 6th April 2020, eligibility rules for claiming the Employment Allowance (EA) are changing. This will mean that professional bodies will need to provide updates to their members, whilst tax agents and advisers need to make sure their clients are ready for the change; this is something we will be doing following this update.
Two things in this life are certain in this life: death and taxes. If you manage a small business that operates in the UK, mistakes relating to your taxes could lead to the death of your company. With this in mind, it’s imperative that you avoid the potential pitfalls.
Every business owner can appreciate the importance of smooth payroll systems from the employee’s perspective, but mastering this part of accountancy and cash flow management can have a telling impact on the company too.
If you’re involved in small business or accounting, there’s no way you’ve been able to avoid the juggernaut that is Making Tax Digital. This is one of the biggest contributors to the massive changes made to the way businesses keep their records.
New legislation is changing the way businesses in the construction industry process their VAT liability and it’s important to be aware of how this could impact you. Coming into force on 1st October 2019, the VAT reverse charge policy doesn’t have a transitional period. This means you’ll need to be up-to-date and ready to apply the VAT reverse charge in appropriate circumstances from 1st October onwards.
There is new legislation from HMRC that has come about, and it means that if you have a taxable turnover that hits above the VAT threshold of £85,000, submitting your returns should be via software. VAT records should also be kept digitally for easier access.
Having already given employers and employees an incentive to switch to electric vehicles, the Government has extended its new zero-emission vehicle policy even further. The latest change means that there will be a 0% benefits in kind rate for electric cars throughout 2021/2022.
One of the most significant milestones that a business will run into is hiring its first employee. The growth that your business undergoes to get to this point just shows how successful you have been in getting your startup moving, so congratulations!
The world of self-assessment can be ever-changing and for many, it can seem more complicated than it is. We have outlined some of the most frequent questions we have encountered from clients, to help you understand this process much better.
With limited time available, we understand that running payroll as a small business owner is a task that you seldom have time for. With many of you having to know an increasing amount about all aspects of your business, pressure can soon mount up and time left to do essential work such as payroll is non-existent.