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27 May 2020

Advisory fuel rates are intended to reflect actual average fuel costs and are updated quarterly. The rates can be used by employers who reimburse employees for business travel in their company cars or where employees are required to repay the cost of fuel used for private travel. HMRC accepts there is no taxable profit and no Class 1A National Insurance on reimbursed travel expenses where...

27 May 2020

It has been revealed by HM Treasury that the VAT collected on donated personal protective equipment (PPE) will be given to charities supporting the NHS and care workers. This measure will apply to all the VAT collected on donations made from 1 March until 30 April - the period between PPE donations starting and when the temporary zero VAT rate on PPE became effective on 1 May 2020.

The...

26 May 2020

Many retailers and manufacturing businesses have stock on their shelves gathering dust.

There are compelling reasons for tackling this issue as we cautiously emerge from lock-down.

For example, freeing up storage space will enable you increase the volume of goods that are selling.

Stock that is not selling is rather like withdrawing money from your bank dropping it into a...

26 May 2020

Without a doubt, the furlough scheme has provided small businesses with the means to retain staff that would otherwise have been laid-off.
The government is paying 80% of furloughed employees’ wages (subject to a £2,500 maximum). From 1 August 2020, this level of support is expected to drop to say 60%.

From the same date, 1 August, the rules that effectively ban employees from...

25 May 2020

1 June 2020 - Due date for Corporation Tax due for the year ended 31 August 2019.

10 June 2020 - The final date that employers can furlough staff for the first time

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

19 June 2020 - Filing deadline for the CIS300 monthly return for the...

21 May 2020

Last month, the Chancellor, Rishi Sunak, announced a number of measures to help innovative firms survive the Coronavirus pandemic. One of these measures was the launch of a special investment fund for high-growth companies impacted by the crisis, made up of funding from government and the private sector, called the Future Fund. The government has committed to an initial £250 million in funding...

21 May 2020

The scope of the Coronavirus Large Business Interruption Loan Scheme (CLBILS) is to be extended from 26 May 2020. The maximum loan size will be increased from £50 million to £200 million. Larger businesses will be able to benefit from loans up to the lower of 25% of turnover or £200m. The changes are expected to go live on 26 May and full details are expected to be made available on that date...

20 May 2020

The Self-employment Income Support Scheme (SEISS) opened for applications on 13 May 2020. HMRC has confirmed that by midnight on 17 May there had been a total of 2 million claims with over £6.1 billion claimed. The scheme will provide grants of up to £2,500 per month based on 80% of average profits to qualifying applicants.

The initial grant is for the three months, from 1 March through...

20 May 2020

Company directors and other eligible people such as company secretaries, people with significant control (PSC) and LLP members can apply to remove their personal addresses from the UK’s official company register on Companies House.

Company directors and others are still required to provide an alternative correspondence address if they are appointed to a live company. If they are no...

20 May 2020

A reminder that MOT expiry dates are being extended by 6 months for all MOTs due on or after 30 March 2020. This includes vehicles that are due their first ever MOT test and applies to cars, motorcycles, light vans and other light vehicles.

The MOT expiry date will be automatically extended approximately 7 days before it’s due to expire. Your vehicle tax remains due as normal. You...

20 May 2020

The Information Commissioner’s Office (ICO) has published guidance for employers on workplace testing during the coronavirus pandemic. It covers the extent to which employers can carry out tests on staff on their return to work to see if they have either coronavirus or symptoms of it.

The guidance makes clear that any testing needs to comply with the GDPR and the Data Protection Act...

20 May 2020

Employees who need to buy substantial equipment to use as part of their employment may be able to claim tax relief based on the initial cost. In most cases you can claim tax relief on the full cost of this type of equipment as it usually qualifies for a type of capital allowance called annual investment allowance. Any tax relief would be reduced if the employer provides a contribution towards...

20 May 2020

Trade credit insurance is a contract acquired by suppliers to make sure they get paid even if their customers default. This gives businesses the confidence to trade with one another and is especially important as the COVID-19 pandemic continues to decimate many businesses. The risk of COVID-19 meant that insurers could withdraw insurance or increase premiums to unaffordable levels.

HM...

20 May 2020

Under the Coronavirus Statutory Sick Pay Rebate Scheme small-and medium-sized businesses and employers will be able to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. It has now been confirmed that the online service to reclaim SSP will launch on 26 May 2020.

In order to claim, you will need the Government Gateway user ID you acquired when...

20 May 2020

The government has produced guidance to help employers, employees and the self-employed in England understand how to work safely on their return to work during the coronavirus pandemic. The so-called “COVID-19 Secure” guidance currently comprises eight separate guides covering the following workplace settings: 

  • construction and other outdoor work
  • factories, plants and...

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