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Category Archives: Uncategorised

Dividends excluded from job support scheme calculations

When first announced as a news story, published by government 26 March 2020, information regarding the support scheme for the self-employed included a telling paragraph. It said: Those who pay themselves a salary and dividends through their own company are not covered by the scheme [the self-employed scheme] but will be covered for their salary…
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Statutory Sick Pay (SSP)

Employers have been rightly worried about the cost of funding SSP for employees that are self-isolating or suffering from the COVID-19 virus. Especially as SSP is now due on day one of absences. The Chancellor has now confirmed that he will create a means for employers to recover any SSP paid for the first 14…
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Business rates changes

In England The government will increase the Business Rates retail discount to 100% for one year, expand it to the leisure and hospitality sectors and increase the rates discount for qualifying pubs to £5,000. Taken together with existing small business rate relief (which provides full relief for businesses using a single property with a rateable…
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Protecting cash flow – tax payments

It is unlikely that our businesses will be unaffected by the inevitable slow-down in economic activity as the Coronavirus outbreak starts to bite. Maintaining a strict control over your personal and business cash-flow is going to be a key decider in surviving this process. A major expenditure item is taxation whether that be VAT, PAYE/NIC,…
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Changes to Entrepreneurs Relief

Prior to 11 March 2020, business owners could sell multiple, qualifying businesses during their lifetime, and as long as the total chargeable gains did not exceed £10m, a reduced rate of Capital Gains Tax of just 10% would apply. Since budget day, 11 March 2020, this lifetime allowance has been reduced to £1m. Business owners…
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Tax Diary April/May 2020

1 April 2020 - Due date for Corporation Tax due for the year ended 30 June 2019. 19 April 2020 - PAYE and NIC deductions due for month ended 5 April 2020. (If you pay your tax electronically the due date is 22 April 2020). 19 April 2020 - Filing deadline for the CIS300 monthly…
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Self-Employed Income Support Scheme

The long-awaited statement from the Chancellor, Rishi Sunak regarding COVID-19 support for the self-employed has been announced. The Chancellor said that the scheme will benefit some 95% of people whose main income source is derived from self-employment. A list of the scheme features as announced, and published, are as follows: Those that qualify will receive…
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Support with paying your taxes

Further support to businesses and the self-employed, to delay the payment of various taxes was announced last week. They include: VAT Any VAT that falls due for payment in the period from 20 March 2020 to 30 June 2020 can be deferred until the end of the 2020-21 tax year. This is not a cancellation…
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80 percent of your staff wages paid by government?

As one of the additional measures to support businesses affected by the Coronavirus outbreak, Rishi Sunak announced last week that HMRC is to step in and pay up to 80% of furloughed staff wages up to a monthly maximum of £2,500 per employee. Initially, this sounded as if HMRC was going to underwrite 80% of…
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COVID-19 BUSINESS SUPPORT UPDATE

On Friday, the Chancellor went significantly further than in the history of this great country, with a series of unprecedented announcements in the Government’s support of businesses, employees and individuals. The range of measures for UK businesses is significant and now includes the following: a Coronavirus Job Retention Scheme deferring VAT and Income Tax payments…
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