News

Breaking even

05/08/2020

There are businesses that have benefitted from the current COVID disruption. Particularly, those that can deliver goods and services online. There are far more that have not benefitted. Before COVID-19 reared its disruptive head businesses were exhorted to make profits. This was the way most firms created surplus cash-flow and value in...

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Beyond furlough

03/08/2020

Unless the Chancellor comes up with replacement funding for the furlough scheme, and there is no sign that this will happen, those businesses that have maintained their workforce by furloughing staff will face difficult choices when the present Coronavirus Job Retention Scheme closes down at the end of October. Do we keep staff on in the...

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New redundancy protections for furloughed employees

30/07/2020

The government has unveiled an important new law that will protect furloughed workers who are made redundant. This will ensure that any employee who was furloughed under the Coronavirus Job Retention Scheme (CJRS) will receive their full basic statutory redundancy entitlement. This amount will be based on their normal wages, rather than...

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Changes to tax treatment of termination payments

30/07/2020

The government has published draft clauses for insertion into a new Finance Bill 2020-21, to be introduced into Parliament in the Autumn. These include changes which will affect employers who make termination payments. The part of a termination payment which is treated as being a payment in respect of the employee’s notice period...

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£50 bike repair voucher scheme launched

29/07/2020

The government has launched a new scheme - open to anyone in England - with a bike in need of repair. The Fix your Bike Voucher Scheme is a new initiative that has been championed by the Prime Minister, Boris Johnson, to help fix old bikes by offering a £50 bike repair voucher towards the total cost of repairs needed. The scheme...

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How elastic is demand for your products?

29/07/2020

Many will remember the empty shelves in supermarkets when lock-down commenced March 2020. In particular, the absence of toilet rolls… Compare this with supplies of TVs and other luxury goods where there was no noticeable absence of supply. These examples point to a basic economic theory; that a product with few substitutes...

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Business rates review

28/07/2020

The government has confirmed that the next business rates revaluation in England will be postponed until April 2023. The government has previously announced that the revaluation that was due in 2021 would be delayed due to the coronavirus pandemic but no date had been announced. The revaluation in April 2023 will be based on property...

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Beware £5,000 company fine

28/07/2020

As well as filing accounts with Companies House, there is an important requirement to check that the information Companies House has about your company is correct every year. This is facilitated by the filing of an annual company confirmation statement. The confirmation statement was introduced in June 2016 and replaced the annual return....

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Customs declarations for exporters of goods from 1 January 2021

28/07/2020

The Brexit transition period is due to end 31 December 2020. The UK and EU have agreed there will not be any further extensions, although with the COVID-19 outbreak nothing appears certain. As things currently stand, no formal trade deal has been reached with the EU. Consequently, it seems likely that the process for exporting goods to...

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Are you due a tax refund?

28/07/2020

HMRC’s annual reconciliation of PAYE for the tax year 2019-20 is well under way. HMRC uses salary and pension information to calculate if you have paid the correct amount of tax. The calculation is usually generated automatically by HMRC’s computer systems on what is known as a P800 form. P800 forms are sent out from the end...

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New measures to tackle promotion of tax avoidance

28/07/2020

HMRC has published a series of a consultations together with details of proposed legislative changes to existing anti-avoidance regimes to strengthen HMRC’s ability to further clamp down on the market for tax avoidance. The proposals include: ensuring HMRC can effectively issue stop notices to promoters, under the Promoters of...

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HMRC to gain new civil information powers

28/07/2020

A new measure that will provide HMRC with additional civil information powers is expected to take effect when the Finance Bill 2020-21 receives Royal Assent. The new measure known as a Financial Institution Notice (FIN) will be used to require financial institutions to provide information to HMRC, when requested, about a specific taxpayer...

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VAT option-to-tax changes extended

28/07/2020

To accommodate coronavirus disruption HMRC temporarily changed the time limit from 30 to 90 days for notifying a VAT option-to-tax for land and buildings. This extension was set to expire on 30 June 2020 but has been extended to 31 October 2020. The option to tax rules allows businesses to make an election to standard rate the supply of...

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What are the maximum weekly working hours?

28/07/2020

There are working time limits that state the legal maximum weekly working hours that a person has to work. They should not exceed 48 hours a week on average. The maximum hours for under 18’s is fixed at no more than 8 hours a day or 40 hours a week. The average working hours are calculated over a 17-week period and includes...

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Why do customers buy from you?

28/07/2020

This may seem to be an odd question. They buy because you offer what they want at the right price? But is that the only consideration? For faceless organisations like the larger online retailers, customers benefit from the huge range of goods on offer, easy payment options and reviews from previous buyers. Competing on these terms is...

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Tax Diary August/September 2020

26/07/2020

1 August 2020 - Due date for Corporation Tax due for the year ended 31 October 2019. 19 August 2020 - PAYE and NIC deductions due for month ended 5 August 2020. (If you pay your tax electronically the due date is 22 August 2020) 19 August 2020 - Filing deadline for the CIS300 monthly return for the month ended 5 August 2020. 19 August...

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HMRC reminder that you can defer tax

22/07/2020

HMRC has issued a press release to remind Self-Assessment taxpayers of the opportunity to defer Income Tax payments due on 31 July 2020. This opportunity is available to taxpayers due to make their second payment on account for the 2019-20 tax year that is ordinarily due at the end of this month. Taxpayers who take up this offer will see...

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Final reminder to renew tax credit awards

22/07/2020

Friday 31 July 2020 is the deadline day for families and individuals that receive tax credits to tell HMRC about any changes to their financial circumstances. As in previous years, there is likely to be a huge last-minute rush and it may be difficult to contact HMRC by phone. Claims can be renewed by post, phone or online. Once the...

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