Although the temporary increase in the Stamp Duty Land Tax (SDLT) threshold to £500,000 was aimed at those buying their main residence, it also benefits those buying a second or subsequent property where there is a 3% supplementary charge. Thus, the rate of SDLT on a second home costing up to £500,000 is now 3%. […]
VAT – REDUCED RATE OF 5% The government made an announcement on 8 July 2020 allowing VAT registered businesses to apply a temporary 5% reduced rate of VAT to certain supplies relating to: hospitality hotel and holiday accommodation admissions to certain attractions The temporary reduced rate will apply to supplies that are made […]
Onboarding new team members can be difficult and time consuming at the best of times. Now businesses are learning how to onboard remote employees during lockdown and social distancing. The key to successfully integrating new team members who are working remotely is to offer a structured onboarding process. They may feel strange joining a company […]
From 1 July the new CJRS “Flexible furlough” grant scheme starts, which will allow employers to gradually bring their furloughed employees back to work part-time. The new scheme will be in place until the end of October and the Government will gradually reduce the amount of grant towards employees’ furlough pay to 70% in September […]
The Chancellor announced a raft of measures today to help the UK economy through the next phase of the pandemic. Job Retention Bonus Government to pay companies a bonus of £1000 to bring employees back from furlough. (Employees must be paid £520 per month through to January 2021) Kick Start Scheme The Government will […]
You can now tell HMRC about an overclaimed amount as part of your next claim. You will be asked when making your claim whether you need to adjust the amount down to take account of a previous error. Your new claim amount will be reduced to reflect this. You should keep a record of this […]
On 29 May the Chancellor announced that the grant scheme to support the self-employed would also be extended with a further payment based on 70% of average profits for the 3 years ended 2018/19, limited to £6,570 rather than £7,500. The eligibility criteria remain broadly the same as the first grant claim. Self-employed profits in […]
HMRC have recently announced that they may allow limited companies to make claims for loss relief and tax refunds even though the current accounting period has not yet ended and the corporation tax return has not been submitted. This will be available to companies of all sizes but they will be required to provide evidence […]
01/07 Corporation tax for year to 30/9/19 (unless pay quarterly) 05/07 Last date for agreeing PAYE settlement agreements for 2019/20 employee benefits 05/07 Deadline for agents and tenants to submit returns of rent paid to non-resident landlords and tax deducted for 2019/20 06/07 Deadline for forms P11D and P11D(b) for 2019/20 tax year. Also deadline […]
As we emerge from lockdown and return to the workplace, managers will need to ensure that employees feel safe. Over the coming weeks and months, many businesses will return to some form of normal operations. This means that staff will begin to return to offices, factories and other places of work. Managers will need to […]
