The Government have issued full details and a guide to the Coronavirus Job Retention Scheme The step by step guide takes claimants through five sections: Step 1: Essential information Step 2: Before you make your claim Step 3: Calculating your claim Step 4: Making a claim Step 5: What to do next The full guide […]
A new CGT reporting and payment on account system was introduced for residential property disposals by UK resident taxpayers from 6 April 2020. The new system as originally announced required the disposal to be reported and any CGT on the disposal to be paid on account within 30 days of completion. HMRC have now announced […]
Date What’s Due 01/05 Corporation tax payment for year to 31/07/19 (unless quarterly instalments apply) 19/05 PAYE & NIC deductions, and CIS return and tax, for month to 5/05/20 (due 22/05 if you pay electronically) 01/06 Corporation tax payment for year to 31/08/19 (unless quarterly instalments apply) 19/06 PAYE & NIC […]
The latest Finance Bill includes important changes to private residence relief that took effect from 6 April 2020. The first change is to limit to just 9 months the period prior to disposal that counts as a period of deemed occupation and thus exempt from CGT even though the owners are not living in the […]
With many employees and the self-employed being furloughed, being made redundant or making lower profits their income for 2020/21 may well fall below the £50,000 limit at which child benefit starts being taxed. The charge is 1% for every £100 that adjusted net income exceeds £50,000 multiplied by the child benefit claimed in respect of […]
Like the CJRS scheme for employers the initial HMRC guidance on the grant scheme to support the self-employed and members in partnerships was also very sketchy. In outline the Self-Employed Income Support Scheme (SEISS) allows the self-employed to claim 80% of their average profits for the period up to 2018/19 limited to £2,500 a month, […]
The Coronavirus Job Retention Scheme (CJRS) claims portal opened on Monday 20 April and early indications are that it seems to be working smoothly but with a few teething problems as you would expect from a brand-new system. In the run up to the start of the system there was limited detail from HMRC on […]
The Government has launched a new ‘support finder’ tool which will help businesses and self-employed people across the UK to quickly and easily determine what financial support is available to them during the coronavirus pandemic. A simple questionnaire takes business owners a few minutes to complete and will signpost them to relevant government financial support. […]
Some businesses are going to need to “mothball” or “cocoon” until the Government considers the Pandemic to be of lower risk and trading conditions improve. There are four principles to follow: Prioritise – Focus attention on the biggest cost items and those critical to the future of the business. These are the ones which need […]
16 April 2020 Thousands more employees will able to receive support through the Coronavirus Job Retention Scheme (CJRS) after the eligibility date was extended to 19 March 2020, the government announced yesterday. eligibility cut-off date for Coronavirus Job Retention Scheme extended to 19 March 2020 the change will mean thousands more workers can be furloughed […]
