NIC Threshold Rise With the 2020/21 tax year starting on 6th April 2020 we see the NIC threshold rise to £9,500. The personal allowance is set to stay at £12,500. This will result in a cut of £104 for the average full time worker and a cut of £78 for the average self-employed worker. Hourly … Read more 2020/21 Tax year updates
Under the job retention scheme employers can claim 80% of their furloughed staff wages back, HMRC are still working on the portal but once it is ready the following information will be needed: The PAYE reference number Number of employees being furloughed The start and end date of the claim Amount to be claimed Company … Read more Job Retention Scheme
With the support for Self-employed and the job retention scheme for employees, limited company directors could get caught in a gap between the two schemes. This group contains contractors, consultants and other off payroll workers whose services to an organisation are provided through a limited company or a personal services company. With the norm being … Read more Limited Company Directors Support COVID-19
Self Employed help during COVID-19 The Chancellor has announced a new Self- employment income support scheme for those affected by COVID-19. What self- employed help is available? Self-employed people will be able to apply for a grant of 80% of their monthly profits over the last three years, up to £2,500 a month. There is … Read more Self Employed Help
Financial assistance for Businesses during COVID-19 Since the announcement of financial assistance to businesses which employ staff under PAYE, we await the set-up of the HMRC portal through which it is intended that businesses will claim the 80% rebate. It appears that companies can make a claim having designated which staff are ‘furloughed’ i.e. those … Read more Government financial help to Businesses
Payment dates to HMRC changed due to COVID-19 With the outbreak of COVID-19 gripping the nation HMRC have announced some changes to the payment dates for VAT and Self-assessment. I would like to take this opportunity to clarify that although there has been a change to the payment deadlines the returns still have to be … Read more Payment dates to HMRC
The Chancellor has set out a package of temporary, timely and targeted measures to support public services, people and businesses through this period of disruption caused by the Coronavirus. This includes a package of measures to support businesses including: a Coronavirus Job Retention Scheme deferring VAT and Income Tax payments a Statutory Sick Pay relief … Read more Coronavirus Support
IR35 private sector reforms to be delayed until 2021. The government has announced the one year delay to the off payroll working rules amid concerns of the covid-19 pandemic. Plans were announced at the end of the parliamentary debate on the Budget speech. “The government is postponing the reforms to the off payroll working rules- … Read more IR35 private sector reforms delayed
HMRC have launched a helpline for businesses concerned about paying their tax due to coronavirus (covid-19). A phone helpline has been set up by HMRC to support businesses and self-employed people concerned about not being able to pay their tax due to coronavirus (COVID-19). The helpline allows any business or self-employed individual who is concerned … Read more Coronavirus (COVID-19)
Paper self-assessment returns will no longer be automatically sent out by HMRC. With the aim to encourage online filing and cut paper usage. Why digital? Why now? For the 2018/19 tax year 94% filed their tax return online recent 110% increase in customers registering for digital communication, HMRC feels this is the next step to … Read more Paper Self-assessment Return
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