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How to apply for a Business Interruption Loan

The British Business Bank has updated its guidance on how to apply for the recently changed Coronavirus Business Interruption Loan Scheme (CBILS). A summary follows; Who can you apply to? Most of the UK High Street banks can provide a CBILS loan facility. As your present bankers already know you and your business, for most ...

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 but will be covered for their salary ...

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 ...

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 ...

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, ...

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 ...

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 ...

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 ...

COVID-19 BUSINESS SUPPORT UPDATE 2

Deferring your VAT liability payment Following the government’s announcement to defer the payment of VAT liabilities from 20 March to 30 June 2020, we have received a number of enquiries as to how this deferral works in practice. VAT payers on Direct Debits (DDs) must stop them in their Gateway login account or cancel their ...

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 ...

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 ...

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 ...

The Latest Measures to Support Businesses

The Chancellor, Rishi Sunak, outlined a raft of further measures to support the UK’s ailing businesses, those affected by the forbidding COVID-19 outbreak. The list that follows summarises his announcements in the order they were announced:   The Treasury are making available £330bn of loan guarantees. These guarantees will underpin government backed bank loans on ...

Government support for small businesses if affected by the COVID-19 outbreak

There were a number of reliefs in the recent budget to support small business owners during the present Coronavirus outbreak. We have listed below some of the issues covered in a recent government news item. Statutory sick pay (SSP) The government will bring forward legislation to allow small- and medium-sized businesses and employers to reclaim ...

Government support for individuals if affected by the COVID-19 outbreak

The government has published a number of measures to support individuals during the current Coronavirus outbreak. We have summarised below some of the issues covered in a recent post-budget press release. Statutory Sick Pay Statutory Sick Pay (SSP) will now be available for eligible individuals diagnosed with COVID-19 or those who are unable to work ...

Spring Budget 11 March 2020

In the face of Brexit uncertainties and the recent Coronavirus outbreak the new Chancellor, Rishi Sunak, was faced with falling economic indicators, the need to boost NHS services and was consequently limited in his options to spend on plans to improve business confidence and fund infrastructure projects. Interestingly, there were a number of measures that ...

Self-employed v Employed

Many employed persons are drawn to the idea of running their own business. This short article sets out a few of the pros and cons of this change in status. The advantages: One of the major advantages of being self-employed is the opportunity to secure more than one income stream. When employed, we normally work ...

How will the Chancellor address Coronavirus issues?

Most pundits agree that the growing disruption posed by the Coronavirus outbreak combined with continuing Brexit uncertainty – exactly what will our trading relationship with the EU be from January 2021 – are likely to have a dampening effect on demand and supply; a combination that will lead to a slow-down in global economic activity. ...

Tax Diary March/April 2020

1 March 2020 – Due date for Corporation Tax due for the year ended 31 May 2019. 2 March 2020 – Self assessment tax for 2019/19 paid after this date will incur a 5% surcharge. 19 March 2020 – PAYE and NIC deductions due for month ended 5 March 2020. (If you pay your tax ...

Additional rates reduction for pubs

Pubs will benefit from £1,000 business rates discount from April 2020. The cut is on top of previously announced plans to slash the bills of small shops by 50%. In a fresh demonstration of the government’s support for communities up and down the country, a new Pubs Relief will be introduced in April, with £1,000 ...

Changes to minimum wage rates

From April 2020, the National Living Wage (NLW) and National Minimum Wage (NMW) pay rates will increase as set out below. NLW rates for workers aged 25 and over – from £8.21 to £8.72 per hour. NMW rates: workers aged 21–24 — from £7.70 to £8.20 per hour workers aged 18–20 — from £6.15 to ...

Budget predictions 11 March 2020

What can we expect from the budget next week? On the expenditure side, infrastructure and the NHS seem to be the two major areas for investment. HS2 and other rail improvements in the North are likely to be beneficiaries as will carbon capture and other climate related projects, for example, improving the energy efficiency of ...

Last chance to consider tax planning options

In a month’s time, 5 April 2020, the 2019-20 tax year expires. After this date many of the options to utilise allowances and claim reliefs to reduce tax for 2019-20 will disappear. A number of the reliefs to consider are listed below. This is by no means an exhaustive list. Any numbers quoted refer to ...

Mis-selling of leasehold interests

The Competition and Marketing Authority has published information recently that points to evidence of potential mis-selling and unfair contract terms in the leasehold housing market. Their press release is reproduced below: As part of a probe into the industry, the Competition and Markets Authority (CMA) is concerned that leasehold homeowners have been unfairly treated and ...

30 days or else

We have reported earlier this year that from 6 April 2020, residential property sales that are subject to capital gains tax will need to be reported to HMRC within 30 days of the sale. Any CGT due will also need to be paid in this 30 day period. Property sales affected will include: a property ...

Tax Diary February/March 2020

1 February 2020 – Due date for Corporation Tax payable for the year ended 30 April 2019. 19 February 2020 – PAYE and NIC deductions due for month ended 5 February 2020. (If you pay your tax electronically the due date is 22 February 2020) 19 February 2020 – Filing deadline for the CIS300 monthly ...

Current Advisory Fuel Rates

To assist with your calculations, see previous article, we have reproduced below the current, HMRC Advisory Fuel Rates. They are: These rates apply from 1 December 2019. Engine size Petrol – amount per mile LPG – amount per mile 1400cc or less 12 pence 8 pence 1401cc to 2000cc 14 pence 9 pence Over 2000cc ...

Pay-back to save tax

At first sight, company car drivers whose private fuel costs are met by their employers may seem to be onto a good thing, but there is a nasty tax hit… Enter, the Car Fuel Benefit charge. Let’s say the following circumstances apply: list price of your car when new was £30,000 your employer pays for ...

Don\’t fall for this scam

The Insolvency Service has issued a warning that fraudsters have been contacting investors in insolvent schemes claiming to be from the Official Receiver’s office or to have been appointed by the Official Receiver to help recover funds for a fee. These approaches are always fraudulent. Official Receivers or any agent legitimately instructed to act on ...

Loans to directors and staff

If a company makes loans to its employees (including directors) there may be tax consequences. The same may also apply to loans extended to their family members. For example, the employer will have an obligation to report a beneficial loan to HMRC (and pay Class 1A NIC) and the deemed benefit would be a taxable ...

We are on your side

As we approach the end of yet another tax year it is worth reflecting on the role of HMRC in our tax affairs. Without a doubt, HMRC, tax legislation and its application, will continue to ensure that you pay your taxes. You can rely on HMRC to pounce if they feel that you have underpaid ...
How are dividends taxed?

How are dividends taxed?

Create a blog post subtitle that summarizes your post in a few short, punchy sentences and entices your audience to continue reading. Welcome to your blog post. Use this space to connect with your readers and potential customers in a way that’s current and interesting. Think of it as an ongoing conversation where you can ...
Are home to work travel costs ever allowed?

Are home to work travel costs ever allowed?

Create a blog post subtitle that summarizes your post in a few short, punchy sentences and entices your audience to continue reading. Welcome to your blog post. Use this space to connect with your readers and potential customers in a way that’s current and interesting. Think of it as an ongoing conversation where you can ...
What to expect after Brexit

What to expect after Brexit

Create a blog post subtitle that summarizes your post in a few short, punchy sentences and entices your audience to continue reading. Welcome to your blog post. Use this space to connect with your readers and potential customers in a way that’s current and interesting. Think of it as an ongoing conversation where you can ...
What You Need to Know About the New Harmer Slater

What You Need to Know About the New Harmer Slater

Create a blog post subtitle that summarizes your post in a few short, punchy sentences and entices your audience to continue reading. Welcome to your blog post. Use this space to connect with your readers and potential customers in a way that’s current and interesting. Think of it as an ongoing conversation where you can ...
Tax Rates

Tax Rates

We have used the services of Harmer Slater for almost 5 years now. Their service has been so exceptional that I have also taken to using them in both my personal affairs and other business ventures. I have found them particularly useful in helping to oversee funding rounds for the company and the issuing of ...
Budget Autumn 2019

Budget Autumn 2019

We’re an ambitious and forward looking company, always looking for dynamic, enthusiastic people to help us build and develop our team and the services we provide. We offer excellent training opportunities and interesting and challenging work, in a friendly and supportive working environment. If you like the sound of us please register your interest in ...