Please find below updated information on the following points: - VAT deferral payment schemes - The new National Minimum Wage rates - Self Assessment Tax Payments.
Updates that HMRC have now issued in respect of the Job Retention Scheme.
Topics include: Deferring self-assessment payments on account due in July 2020 Coronavirus Business Interruption Loan (CBIL) Scheme update 1/4/20
Topics include: Self-employment Income Support Scheme The conditions for eligibility
Topics include: Furloughed workers COVID-19 Briefing - Gordons Solicitors
Topics include Coronavirus Jobs Retention Scheme What is a "Furloughed" employee? Deferral of VAT and Income Tax Nursery businesses - Rates holiday Coronavirus Business Interruption Loan Scheme
Topics include: Coronavirus Business Interruption Loan Scheme Grants Tax - Time to Pay arrangements
The current Covid19 outbreak is bringing many financial challenges to UK businesses and as such the government is announcing various support packages which seem to be changing on a daily basis. Below is a summary of the announcements as we understand them today and some practical issues to consider. We will endeavour to keep you up to date as we are made aware of further details.
The maximum Employment Allowance (EA) will increase from £3,000 to £4,000. Employers will only be eligible for EA if their total qualifying employers’ secondary Class 1 NIC liability in the tax year ending 5 April 2020 is under £100,000.
The government has confirmed that the National Living Wage (NLW) will rise from its current level of £8.21 per hour to £8.72 per hour from 1 April 2020.
The new SRA Accounts Rules will be effective from 25 November 2019. The new rules are more outcome focussed and with the number of rules being reduced from 52 down to only 13, they are also much shorter!
The VAT Reverse charge on Construction Services is being introduced by HMRC from 1st October 2019 in response to organised criminal attacks on the VAT system in the construction sector. If you deal in Construction, you will need to be aware of the changes being brought in by HMRC and it is important you plan ahead for them as they could impact on your cashflow.
From the first quarter starting on or after 1 April 2019, most VAT registered businesses, with a taxable turnover above £85,000, must keep their records digitally and use MTD compliant software to submit their VAT Returns to HMRC.
Dividend allowance cut from £5,000 to £2,000 per annum from April 2018.
April 2016 sees significant changes to the rules on the taxation of dividends, which could have a significant impact on the amount of tax you pay. This factsheet provides an overview of the new system, together with information and advice to help keep your tax bill to a minimum
From April 2016, the government will introduce a new mandatory National Living Wage (NLW) for workers aged 25 and above, initially set at £7.20 â€“ a rise of 50p relative to the current National Minimum Wage (NMW) rate. That's a £910 per annum increase in earnings for a full-time worker on
The government had concluded that companies will not be required to have an audit for the financial years commencing on or after 1 January 2016 if at their balance sheet date, they satisfy at least two out three criteria, in general for two consecutive financial years.