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29 April 2020

It was announced at the end of March that VAT registered businesses have the option to defer any VAT payments due between 20 March 2020 and 30 June 2020.

HMRC’s guidance for the deferral of VAT payments has been updated and states that you can only defer the following:

  • quarterly and monthly VAT returns’ payments for the periods ending in February, March and April
  • ...
29 April 2020

The deadline for submitting the 2019-20 forms P11D, P11D(b) and P9D is 6 July 2020. Employees must also be provided with a copy of the information relating to them on these forms by the same date. P11D forms are used to provide information to HMRC on all Benefits in Kind (BiKs), including those under the Optional Remuneration Arrangements (OpRAs) unless the employer has registered to payroll...

29 April 2020

The government has announced the introduction of temporary new measures to protect commercial tenants on UK high streets from aggressive rent collection and closure during the Coronavirus pandemic.

These measures will see statutory demands and winding up petitions issued to commercial tenants to be temporarily voided. There will also be changes made to the use of Commercial Rent Arrears...

29 April 2020

The Coronavirus Job Retention Scheme will now be available until at least 30 June 2020. Payments under the scheme can be backdated to 1 March 2020 for employees who met the eligibility criteria on that date.

The scheme is designed to help employers furlough their employees with significant government support. Employers can claim cash grants of up to 80% for eligible furloughed wages to...

29 April 2020

1 May 2020 - Due date for Corporation Tax due for the year ended 30 July 2019.

19 May 2020 - PAYE and NIC deductions due for month ended 5 May 2020. (If you pay your tax electronically the due date is 22 May 2020).

19 May 2020 - Filing deadline for the CIS300 monthly return for the month ended 5 May 2020. 

19 May 2020 - CIS tax deducted for the month ended 5 May 2020 is...

27 April 2020

The Chancellor, Rishi Sunak has today (27 April 2020) made a statement to the House of Commons on the government’s economic response to the Coronavirus outbreak. The Chancellor confirmed that the Office of Budget Responsibility (OBR) has said that the Coronavirus will (not surprisingly) have significant negative impacts on the UK and global economy.

The most important announcement made...

27 April 2020

An income stream is a fanciful term to describe a source of income. This post examines the value of creating more than one source of income as opposed to relying on just one source.

First, a cliché, placing all your eggs in one basket…

This analogy, that if you drop your basket (lose a sole source of income), then all your fragile eggs are likely to be broken due to this single...

27 April 2020

Aside from the various rate reduction schemes, grants linked to the occupation of business premises, the furlough scheme and the Self-Employed Income Support Scheme, all other sources of government support for SME’s are a bewildering array of government backed loan schemes.

As we said in a post last week, a cash grant (treated as income) is better than a bank loan (treated as a...

22 April 2020

The government has announced a new £1.25bn scheme to help innovative firms survive the coronavirus pandemic.

The package is made up of:

  • £500 million investment fund for high-growth companies impacted by the crisis, made up of funding from government and the private sector, called the Future Fund.
  • £750 million of grants and loans for SMEs focusing on research and...
22 April 2020

The government has announced that more than 1,000 fishing and aquaculture businesses in England will receive direct cash grants through a new fisheries support scheme.

The scheme will make available grants of up to £9 million for eligible fishing and aquaculture businesses. These measures will help support businesses with small to medium-sized boats up to 24 metres in length with...

22 April 2020

The scope of the Coronavirus Large Business Interruption Loan Scheme (CLBILS) was expanded by the Chancellor ahead of the scheme launch on 20 April 2020. The scheme enables banks to make loans to firms with an annual turnover of over £45 million. Businesses with a turnover exceeding £500m were not originally eligible to use the scheme. This will allow more firms to be able to benefit from this...

22 April 2020

The new VAT road fuel scale charges have been published. The changes amend the VAT scale charges for taxing private use of road fuel to reflect changes in fuel prices.

The new fuel scale charges must be used by companies from the start of their next prescribed accounting period beginning on or after 1 May 2020. The fuel scale rates continue to encourage the use of cars with low CO2...

22 April 2020

If you had a student loan and have finished your studies and entered the workforce you must begin to make loan repayments from the April after you have finished your studies or when your income begins to exceed the annual threshold. The annual threshold amounts increased to £19,390 for plan 1 and to £26,575 for plan 2 from 6 April 2020.

The terms of loan repayment for courses of study...

22 April 2020

The Government has launched a raft of grants and loan guarantee arrangements since the COVID-19 lock-down started last month.

In almost all cases the grants are taxable and non-repayable, unless HMRC at some future date consider that the grants were claimed fraudulently.

Grants are treated in your accounts as other income.

Loans are an obligation to repay. Even if the...

22 April 2020

Under normal trading conditions – pre-COVID-19 disruption – every time we sell our goods or services each sale requires that we cover three categories:

  1. The direct costs of the sale (for example, the raw materials purchased to produce the item sold),
  2. A proportion of the fixed costs that facilitated the production of the goods or services sold (for example, rent of office or...

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