Posted 04/11/2020 From 6 April 2020 Entrepreneurs’ Relief has been renamed to Business Asset Disposal Relief, though the change in name doesn’t affect the operation of the relief. One significant change to Entrepreneurs’ relief is that the lifetime limit on gains relieved has been reduced from £10 million to £1 million. An alternative relief, Investors’…Read More
New threshold rates for calculating the pension annual allowance Posted 29/10/2020 From April 2021 the threshold and adjusted income for your pension annual allowance will be increased from £110k to £200k and from £150k to £240k respectively. If your threshold and adjusted incomes both exceed their respective thresholds your annual allowance will be reduced; the…Read More
Posted 22/10/2020 The Chancellor has made his statement setting out additional support to protect jobs and businesses in the coming months. A new grants scheme for businesses impacted by tier 2 restrictions, even if they are not legally closed. A grant to be provided to businesses in hospitality, leisure & accommodation which will be worth…Read More
Posted 19/10/2020 HMRC have launched an online portal to process the tax relief on additional expenses for employed workers who have been told to work from home by their employer to help stop the spread of coronavirus (COVID-19). From 6 April 2020, employers have been able to pay employees up to £6 a week tax-free…Read More
Posted 13/10/2020 If you are a landlord and you have undisclosed income, under the Let Property Campaign you have the opportunity to get up to date with your tax affairs and take advantage of the best possible terms. You will then have 90 days to work out and pay what you owe. It is worth…Read More
Posted 12 October 2020 £25 million has been made available in grants for productivity boosting farming equipment. Farmers can apply for grants of between £3,000 and £12,000 to buy innovative equipment. Equipment that benefits the environment has been added to the list of items available under the grant. Eligible equipment includes that designed to minimise…Read More
The Chancellor has announced today, that the Job Support Scheme (JSS) will be expanded to protect jobs and support businesses required to close their doors as a result of coronavirus restrictions, government will pay two thirds of employees’ salaries to protect jobs over the coming months cash grants for businesses required to close in local…Read More
Posted 06/10/2020 The Job Retention Bonus is a £1,000 one-off taxable payment to the employer for each eligible employee that have been furloughed and kept continuously employed until 31 January 2021. You will be able to claim the bonus between 15 February 2021 and 31 March 2021. You do not have to pay this money…Read More
Posted 06/10/2020 Businesses who deferred VAT due from 20 March to 30 June 2020 will now have the option to pay in smaller payments over a longer period. Instead of paying the full amount by the end of March 2021, HMRC have confirmed businesses can make smaller payments up to the end of March 2022,…Read More
Posted 06/10/2020 What is it? The Job Support Scheme is designed to protect viable jobs in businesses who are facing lower demand over the winter months due to Covid-19, to help keep their employees attached to the workforce. The company will continue to pay its employee for time worked, but the Government will pay a…Read More
Posted 06/10/2020 The grant will be limited to self-employed individuals who are currently eligible for the SEISS and are actively continuing to trade but are facing reduced demand due to COVID-19. The extension will provide two grants and will last for six months from November 2020 to April 2021. Grants will be paid in two…Read More
Posted 06/10/2020 Self-Assessment customers can now apply online to help spread the cost of their tax bill into monthly payments, up to a maximum of 12 months from 1 February 2021, without the need to call HM Revenue and Customs (HMRC). If you cannot afford to pay your latest tax bill in full, you can…Read More
Posted 05/10/2020 The LRSG is a grant paid to businesses that provide in-person services and have been required to close because of lockdown. A business is eligible if it pays business rates on its property, has been required to close because of formal restrictions on or after 9 September for a period of at least…Read More
Posted 24/09/2020 New job support scheme A new Job Support Scheme will be introduced from 1 November for a duration of 6 months. Employers will still pay the wages of staff for the hours they work, however for the hours not worked the government and the employer will each pay one third of the equivalent…Read More
Posted 21/09/2020 Last week, The High Court handed down its judgment in the Financial Conduct Authority’s (FCA)’s business interruption insurance test case. The Court found in favour of the arguments advanced for policyholders by the FCA on the majority of the key issues. Many policyholders whose businesses were affected by the Covid-19 pandemic suffered significant…Read More
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