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25 March 2020

The decision of the Chancellor, Rishi Sunak to increase the tapered annual allowance thresholds in the Budget earlier this month will have been welcomed by many high earners. From 6 April 2020, the tapered annual allowance will increase from £150,000 to £240,000. The annual allowance for tax relief on pensions will remain at £40,000 for 2020-21.

This means that anyone with income below...

25 March 2020

The government has announced a number of funding and support measures to help those affected by the COVID-19 virus outbreak. A significant number of the measures are designed to help provide financial support at this most difficult time.

One of the main measures announced relates to the provision of sick pay. You are entitled to receive £94.25 per week Statutory Sick Pay (SSP) if you’re...

25 March 2020

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 BBC, said...

25 March 2020

The government has announced that certain benefits will be increased as part of the package of measures to help households affected by COVID-19. This will see the standard rate of Universal Credit and Tax Credits increased by £20 a week (£1,040 per year) for one year from 6 April 2020.

It has earlier been announced as part of the Budget measures that the self-employed are to be provided...

25 March 2020

The launch of a new £500 million Hardship Fund in England was announced at Spring Budget 2020 by the Chancellor. On 24 March 2020, the Local Government Secretary Rt Hon Robert Jenrick MP confirmed the Hardship Fund will provide council tax relief to vulnerable people and households to help those affected most by Coronavirus.

This means that the money will go to local authorities in...

25 March 2020

Most business owners are rightly focussed on sales. If sales dry up business costs will quickly result in losses; and losses will eventually burn through your assets until insolvency rears its ugly head.

In the current “lock-down” environment there is a temptation to ease back on collecting cash from customers if you offer credit in order to maintain sales.

And, of course, your...

25 March 2020

HMRC has announced that taxpayers still using paper returns will no longer routinely do so. This is part of the efforts to encourage the use of online services and reduce the unnecessary use of paper.

Last year, HMRC automatically sent out more than 500,000 blank paper tax returns, while more than 10.4 million taxpayers filed their returns online. This means that approximately 6% of...

25 March 2020

The Prime Minister, Boris Johnson has set up four new ministerial structures to coordinate, prioritise and respond to the Coronavirus pandemic.

The new implementation committees will focus on health, public sector preparedness, economy and international response. This new structure is in addition to the regular UK COBR meetings to take strategic decisions and review overall progress in...

25 March 2020

There are automatic late filing penalties which are designed to encourage companies to file their accounts and reports on time. All companies, private and public, large or small, trading or non-trading must send their accounts to Companies House.

Companies House is advising businesses to take appropriate measures to file on time. If, immediately before the filing deadline, it becomes...

25 March 2020

The Tax-Free Childcare Scheme (TFCS) is open to all eligible families with children under 12. It was announced as part of the Budget measures that a service improvement will be made to ensure the TFCS is compatible with school payment agents. This will allow parents of up to 500,000 school-aged children across the UK to access the TFCS and use it towards the cost of their wraparound childcare...

25 March 2020

The current “lock-down” to slow down the Coronavirus epidemic is a sensible medical response, but a potential disaster for small businesses desperately trying to keep their businesses open and operational.

Since the 10 March, we have had a formal budget and at least two major “mini-budget” announcements bringing forward schemes to assist individuals and firms to cope with this...

25 March 2020

If you have been 'furloughed' then the new Coronavirus Job Retention Scheme may be able to help. If you are furloughed it essentially means that your employer has given you a temporary leave of absence or a type of sabbatical to help cope with the economic turmoil resulting from COVID-19. If you are on furlough, then you should be at home and not working. However, you remain technically...

24 March 2020

The Chancellor announced at Spring Budget 2020 that a new Coronavirus Business Interruption Loan Scheme (CBILS) would be launched to help support smaller businesses, with turnover of up to £45m, across the UK.

Since that announcement, the Chancellor has added features and benefits to the scheme including increased loan support and interest free periods. It has also been confirmed by...

21 March 2020

The following guidance is reproduced from the mygov.scot website

Help with non-domestic rates in Scotland during coronavirus (COVID-19)
Last updated: 20 March 2020

To help owners of non-domestic properties, including businesses, deal with the impact of COVID-19, the...

21 March 2020

The following guidance is reproduced from the businesswales.gov website

The Welsh Government has announced a package of support worth £1.4bn for small businesses to help them during the coronavirus outbreak.

Retail, leisure and hospitality businesses with a rateable value of £51,000 or less will receive 100% business rates...

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