News

Tax Diary April/May 2020
01/04/2020 - More...
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 - CIS tax deducted for the month ended 5...

Directors – between a rock and a hard place
01/04/2020 - More...
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 March 2020), the following paragraph was...

Coronavirus tax payment helpline
01/04/2020 - More...
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 their tax due to Coronavirus disruption...

Working Tax Credits increased for one year
01/04/2020 - More...
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 month for one year from 6 April 2020. The...

Relaxation of phone contracts during COVID-19 outbreak
01/04/2020 - More...
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, Sky, TalkTalk, O2, Vodafone, Three,...

Further details on Coronavirus Job Retention Scheme
01/04/2020 - More...
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 for at least 3 months, backdated from 1...

Coronavirus – relaxation of insolvency rules
01/04/2020 - More...
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 the pandemic. It will apply...

Coronavirus deferral of VAT payments
01/04/2020 - More...
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 only a deferral and whilst no interest...

Contactless payment limit increased
01/04/2020 - More...
The spending limit for contactless card payments has been increased from £30 to £45 effective 1 April 2020. The change in the limit had been under consideration and has now been expedited as part of the industry’s response to the Covid-19 outbreak. The change will allow more contactless payments to be made reducing the need to enter pin numbers and handling...

Financial support for exporters
01/04/2020 - More...
There is a special financial support targeted specifically at exporters. This is in addition to the package of government-backed and guaranteed loans and other measures designed to support businesses coping with the financial effects of Coronavirus (COVID-19). UK Export Finance (UKEF) is the export credit agency and a ministerial department of the UK government. The UKEF...

Businesses and employers in Northern Ireland
01/04/2020 - More...
The Northern Ireland Office (NIO) is a UK government department responsible for Northern Ireland affairs. The NIO seeks to ensure the smooth working of the devolution settlement in Northern Ireland. A new press release, jointly published by the NIO, HM Treasury, and Prime Minister's Office, 10 Downing Street explains the latest guidance for people in Northern...

Removing your home address from the public register
01/04/2020 - More...
Company directors, company secretaries, people with significant control (PSC) and LLP members can apply to remove their personal addresses from the UK’s official company register at Companies House. Prior to the introduction of this law (in April 2018) it was only possible for a director to ask for their personal address to be "hidden" if they could...

HMRC interest rates
01/04/2020 - More...
Following the recent cut in the Bank of England base rate from 0.25% to 0.1%, HMRC has announced changes to the rates of interest they charge. The new late payment interest rate, applied to the main taxes and duties, took effect from 30 March 2020, when the interest rate was set at 2.75% (reduced from 3.25%). This was the first change since August 2018. The rate of interest...

Converting assets into cash in the bank
01/04/2020 - More...
During and after any period when economic activity is depressed, companies that survive the process are those that manage their cashflow effectively. A number of businesses will be in the fortunate position of heading into the current COVID-19 crisis with adequate cash reserves to see them through, many others will not. In both cases, minimising expenditure and maximising...

Deferring VAT and tax payments
01/04/2020 - More...
As part of the government’s response to assist businesses during the COVID-19 crisis is the offer to defer VAT and self-assessment tax and NIC payments. VAT HMRC will not enforce payment of VAT liabilities that fall due between 20 March 2020 and 30 June 2020. For most VAT registered firms, this will boost cashflow as one quarter's VAT payment will not be...

National Minimum Wage compliance in relation to pay advances and loans
31/03/2020 - More...
The government has issued a bulletin providing advice for employers regarding compliance with the National Minimum Wage (NMW) framework, particularly with regard to the effect under that framework of pay advances and loans to workers, in the context of the coronavirus pandemic. The bulletin sets out how the practice of an employer making such pay advances or loans sits with...

Self-Employed Income Support Scheme
27/03/2020 - More...
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 a cash grant...

Coronavirus: government launches online “isolation notes” service
26/03/2020 - More...
Employees who are unable to work for more than seven days because of coronavirus (COVID-19) can now obtain an “isolation note” through a new online service. The new isolation note, which can be used by employees as evidence of their coronavirus-related absence from work (either because they have symptoms or they live with someone who has symptoms) and so cannot...

Acas publishes updated coronavirus resources
26/03/2020 - More...
Acas has published updated guidance for employers and employees on the coronavirus (COVID-19). The guidance now covers: social distancing and vulnerable people self-isolation and sick pay what to do if the employer needs to close the workplace what to do if an employee needs time off work to look after someone what to do if someone has coronavirus symptoms at work good...

Television licence fees for over-75s
25/03/2020 - More...
In a joint statement from the BBC and the Department for Digital, Culture, Media & Sport it has been announced that the changes introducing television licence charges for the over-75s has been delayed. These changes had been due to come into effect from 1 June 2020 but have now been delayed until at least 1 August 2020 due to COVID-19. Sir David Clementi, Chairman of the...

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Latest News

Tax Diary April/May 2020
01/04/2020 - More...1 April 2020 - Due date for Corporation...
Directors – between a rock and a hard place
01/04/2020 - More...Directors that have drawn remuneration...
Coronavirus tax payment helpline
01/04/2020 - More...The phone number for the COVID-19...