Class 2 National Insurance Contributions (NICs) are currently paid at the rate of £3.05 per week by self-employed earners. A person who is liable to Income Tax on the profits arising from the receipt of property rental income will only be a self-employed earner for NICs purposes if the level of activities carried out amounts […]
The calculation of Coronavirus Job Retention Scheme grants has proven to be complex, particularly as HMRC frequently changed the rules and the method of computation. Consequently, many errors have arisen and need to be corrected. The latest Finance Act requires employers to notify HMRC within 90 days where it turns out that they were not […]
We are delighted to announce that Jackie Wilding will be celebrating her 40-year anniversary this year at Bryden Johnson and, in addition to this will be taking on the role of Managing Director from this month. “I feel incredibly proud to have worked at Bryden Johnson for 40 years – a company that celebrates its […]
Date What’s Due 1/08 Corporation tax for year to 31/10/19 (unless pay quarterly) 19/08 PAYE & NIC deductions, and CIS return and tax, for month to 5/8/20 (due 22/08 if you pay electronically) 1/09 Corporation tax for year to 30/11/19 (unless pay quarterly) 19/09 PAYE & NIC […]
The government is introducing a new Job Retention Bonus to provide additional support to employers who keep on their furloughed employees in meaningful employment, after the government’s Coronavirus Job Retention Scheme ends on 31 October 2020. The Job Retention Bonus is a one-off payment to employers of £1,000 for every employee who they previously claimed […]
Bringing your employees back from furlough is not a straightforward process. As furloughed employees begin to return to work, business owners and managers need to consider both the practical and emotional aspects of returning to “normal”. The impact of the Covid-19 pandemic has been unprecedented. After several weeks of lockdown and social distancing, some employees […]
A recent tax tribunal has ruled against HMRC who were seeking to raise tax assessments for the High Income Child Benefit Charge (HICBC) for earlier years that had not been reported to HMRC. HICBC is a special tax charge that applies where one member of a couple in receipt of child benefit receives income in […]
There has been a lot of speculation in the Press that the Chancellor may introduce radical changes to capital gains tax to start to repay the substantial Government borrowings to support businesses and employees affected by the coronavirus pandemic. It has been suggested that the current £12,300 CGT annual exemption will be reduced and the […]
Since 6 April 2020 where UK residential property is disposed of, the resulting capital gain needs to be reported and the capital gains tax paid within 30 days of completion of the disposal. There have been a number of teething problems with the new online reporting system and HMRC stated that there would be no […]
When the Chancellor announced a temporary cut in the rate of VAT for the hospitality sector and attractions in his Summer Statement on 8 July there were a number of areas that needed clarification. The reduction applies to supplies made between 15 July 2020 and 12 January 2021. HMRC have now set out more details […]
