The grant extension is for self-employed individuals who are currently eligible for the Self-Employment Income Support Scheme and are actively continuing to trade but are facing reduced demand due to coronavirus (COVID-19). The extension will provide two grants and will last for six months, from November 2020 to April 2021. Grants will be paid in […]
The job support scheme (JSS) will open on 1 November 2020 and run for 6 months. As part of the scheme a company will continue to pay its employee for time worked, but the cost of hours not worked will be split between the employer, the Government (through wage support) and the employee (through a […]
Employers using the Job Support Scheme will also be able to claim the Job Retention Bonus if they meet the eligibility criteria. See: https://www.gov.uk/government/publications/job-support-scheme If your business is eligible for the Job Retention Bonus (JRB) You will be able to claim it between 15 February 2021 and 31 March 2021.
The United Kingdom leaves the European Union at 11pm on 31 December 2020 when the transitional period ends. It is still unclear whether a trade deal will have been agreed with the EU by that date, and such an agreement is looking increasingly unlikely. HMRC have started writing to businesses alerting them to important changes […]
These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 September 2020. Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel LPG 1400cc or less 10p 7p (6p) 1600cc or less 8p 1401cc to 2000cc 12p 8p (9p) 1601 to 2000cc […]
There is currently a zero P11d benefit for the drivers of electric cars in 2020/21. The legislation for this change is included in Finance Act 2020 which also states that the benefit will be 1% of list price in 2021/22 and then 2% in 2022/23. The zero taxable benefit also applies to hybrid cars emitting […]
Date What’s Due 1/10 Corporation tax for year to 31/12/19, unless quarterly instalments apply 5/10 Deadline for notifying HMRC of chargeability for 2019/20 if not within Self-Assessment and receive income or gains on which tax is due 19/10 PAYE & NIC deductions, and CIS return and tax, for month to 5/10/20 (due 22/10 if you […]
More than a million businesses who took out a Bounce Back Loan will get more repayment time through a new Pay as You Grow flexible repayment system. This includes extending the length of the loan from six years to ten, which will cut monthly repayments by nearly half. Interest-only periods of up to six months […]
Approximately 11 million self-assessment taxpayers will be able to benefit from a separate additional 12-month extension from HMRC on the “Time to Pay” self-service facility, meaning payments deferred from July 2020, and those due in January 2021, will now not need to be paid until January 2022.
Up to half a million businesses who deferred their VAT bills will be given more breathing space through the New Payment Scheme, which gives them the option to pay back in smaller instalments. Rather than paying a lump sum in full at the end March next year, they will be able to make 11 smaller […]
