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 […]

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 […]

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 […]

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, […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]