News

Weekly e-mail to clients - 21 March 2020

31/03/2020

Wow, what a week that was! Covid 19 or corona virus (C19) has had a massive effect on not only the UK but the whole world. This week the UK seems to have decided to shut down and many businesses have started working from home, if possible, or have just shut their doors for a while and stopped doing what they do. This is...

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Weekly e-mail to clients - 28 March 2020

31/03/2020

Hello This is the second weekly update which I hope will be useful for you. If you have any queries with regard to the content then please get in touch with me and I will be happy to discuss your particular situation. As there is a lot that has happened this will be a long e-mail. Things are changing quickly and although there are...

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Tax Diary April/May 2020

31/03/2020

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 return for the month ended 5 April 2020. 19 April 2020 -...

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Directors – between a rock and a hard place

31/03/2020

Directors that have drawn remuneration from their companies as a mix of low salary and higher dividends would seem to be overlooked by the schemes announced in the past two weeks to support the employed and the self-employed. In the first news story published by government announcing the Self-Employed Income Support arrangements (26...

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Coronavirus tax payment helpline

31/03/2020

The phone number for the COVID-19 helpline launched earlier this month has been changed to 0800 024 1222. Calls to the previously published number will be redirected. The launch of the new number will help increase capacity. The helpline will field questions and concerns from any business or self-employed individual worried about paying...

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Working Tax Credits increased for one year

31/03/2020

As part of the package of measures to tackle the Coronavirus outbreak, the government has announced that the basic element Working Tax Credit payments will be increased from an expected £1,995 to £3,040 for the 2020-21 tax year starting on 6 April 2020. This annual increase of £1,045 is equivalent to £86.67 per...

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Relaxation of phone contracts during COVID-19 outbreak

31/03/2020

An interesting joint statement from the Government, Ofcom and the telecommunications industry has been published to help offer support to vulnerable consumers and those who may become vulnerable due to circumstances arising from COVID-19. The UK’s major internet service and mobile providers, namely BT/EE, Openreach, Virgin Media,...

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Further details on Coronavirus Job Retention Scheme

31/03/2020

HMRC has published further details on how the new Coronavirus Job Retention Scheme will work in practice. It had already been announced that the new scheme will see the government cover up to 80% of wage costs, up to a cap of £2,500 per month, for each employee that has been furloughed (on a leave of absence). The scheme will run...

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Coronavirus – relaxation of insolvency rules

31/03/2020

New insolvency measures have been announced to help prevent businesses unable to meet debts, due to the impact of Coronavirus, to continue trading and not be forced to file for bankruptcy. The measures were announced by the Business Secretary, Alok Sharma. These changes will see the temporary suspension of the wrongful trading law during...

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Coronavirus deferral of VAT payments

31/03/2020

In another move to help businesses the government announced that VAT registered businesses can defer any VAT payments due between 20 March 2020 and 30 June 2020. There is no application process required to defer the relevant payment. However, businesses can still choose to pay any VAT due as normal. It is important to note that this is...

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