This was a quiet budget for tax, but we set out below the main points arising, including confirmation of tax rises announced in the Spring.
INCREASE IN CORPORATION TAX RATES REAFFIRMED
The intention to increase the corporation tax rate from 19% to 25% announced in the Spring budget was reaffirmed, despite unexpected improvements to the economy. […]
The Restart Grant scheme supports businesses in the non-essential retail, hospitality, leisure, personal care and accommodation sectors with a one-off grant, to reopen safely as COVID-19 restrictions are lifted.
How much can you get?
Eligible businesses in the non-essential retail sector may be entitled to a one-off cash grant of up to £6,000 from their local […]
If you deferred VAT payments due between 20 March and 30 June 2020 and still have payments to make, you can:
pay the deferred VAT in full, on or before 31 March 2021
join the VAT deferral new payment scheme and pay the deferred VAT in up to 11 instalments
contact HMRC on Telephone: […]
This was delayed but now comes into force from 1 March 2021
What does it mean?
The measure will, for supplies of construction services (within the Construction Industry Scheme), mean that the customer will be liable to pay the VAT to HMRC rather than pay it to the supplier. The supplier will therefore just receive the […]
Happy new year everyone. It is likely to be a difficult first quarter and then let us hope that the effects of the vaccination programme will enable us to gradually return to normal.
In view of the national lockdown, yesterday the Chancellor announced –
One-off top up grants for retail, hospitality and leisure businesses worth […]
The government has extended the Coronavirus Job Support Scheme that was due to end on 31 October. The scheme will remain open until 31 March 2021.
SAME PERCENTAGE AS THE ORIGINAL SCHEME
For claim periods running to January 2021, employees will receive 80% of their usual salary for hours not worked, up to a maximum of […]
In the week commencing the 9th November we will be upgrading our client portal, otherwise known as CCH OneClick, to utilise Multi-Factor Authentication (MFA). This provides additional security when you log in.
The upgrade will allow you to choose either email, text or an authentication app to receive a code to use in addition to […]
In recognition of the challenging times ahead, the Chancellor said he would be increasing support through the existing Job Support and self-employed schemes, and expanding business grants to support companies in high-alert level areas.
Job Support Scheme (JSS) – updated
The original furlough scheme ends 31 October and a new one starts, which will run for […]
The Chancellor has announced the following measures to assist businesses throughout the winter period, given the continuing and growing Coronavirus pandemic.
New Job Support Scheme
To support viable UK employers who face lower demand due to COVID-19, and to keep their employees attached to the workforce, the government will be introducing a new Job Support Scheme […]
The period of lockdown and beyond has meant that many staff have not taken much in the way of holiday this year, either because they cannot travel or they are on furlough. We thought it would be useful to share what the government have released on the subject. This should not be construed to […]
The following measures were announced by the Chancellor yesterday.
Job retention bonus
The government will introduce a one-off payment of £1,000 to UK employers for every furloughed employee who remains continuously employed through to the end of January 2021. Employees must earn above the Lower Earnings Limit (£520 per month) on average between the end of […]
Coronavirus Job Retention Scheme (Furlough)
The scheme is changing:
Flexible furloughing
From 1 July 2020, you’ll have the flexibility to bring previously furloughed employees back to work part-time – with the government continuing to pay 80% of wages for any of their normal hours they do not work up until the end of August. This flexibility comes a […]
As we mentioned in yesterday’s newsletter, inexplicably, HMRC have announced that the self-employed cannot ask their Accountant to make the claim on their behalf.
To make the claim you have to have your own government gateway account. Most of you will not have one, as we normally access your affairs for you via our government […]
Reminder of the basics
This has been reported to be available from today. It is designed to plug the gap due to loss of income until lockdown is ended and/or business returns to normal.
The Bounce Back Loan scheme helps small and medium-sized businesses to borrow between £2,000 and £50,000. (Subject to a limit of 25% […]
Top-up to local business grant funds scheme
A discretionary fund has been set up to accommodate certain small businesses previously outside the scope of the business grant funds scheme. This is an addition to the premises based grants previously announced of £10,000 where full business rates relief applied or £25,000 for specific industries in retail, […]
Details of the recently reported new loan scheme have been released as follows.
Basic details
The Bounce Back Loan scheme will help small and medium-sized businesses to borrow between £2,000 and £50,000.
The government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.
Loan terms will […]
Just to be clear-
1 – The grant you will claim will comprise of three parts –
80% of appropriate GROSS pay
Employers National Insurance on furloughed pay
Auto enrolment pension contributions on furloughed pay
2 – The furloughed pay is subject to PAYE and NIC, like normal pay and you will pay your furloughed staff […]
Scheme extended
The government have just announced that the scheme originally intended to be in place for 3 months March to May has been extended to 30 June.
Claim portal now open
This is now available from today and we have started to make the claims for furlough grants on behalf of the clients that we operate […]
Here are some updates and reminders on the above scheme.
Getting ready to make your first furlough grant claim
The online service we will all use to claim is not available yet. HMRC expect it to be available by 20th April.
If Bayliss Ware operate your payroll, rest assured we are gearing up to make the first […]
Many small companies are run by just one or two directors and have no other employees. What government financial support is available to director/shareholders during the coronavirus crisis?
A director or company officer is an employee for PAYE purposes, so a director cannot claim the COVID-19 Grant for the self-employed by virtue of holding […]
Sole directors and the Coronavirus Job Retention Scheme
There are over a million sole director/shareholder owner-managed limited companies in the UK who don’t qualify as self-employed individuals (although they will complete an income tax self assessment return). Typically, they take some remuneration through PAYE by way of salary, usually at a level just above the […]
The awaited detail of how the scheme will work has been released by the government. We set out the further appropriate detail to update our earlier newsletter on the subject.
When will the grants be available?
We expect the scheme to be up and running by the end of April. Hopefully this will coincide with the […]
Self-employment Income Support Scheme
The Self-employment Income Support Scheme (SEISS) will support self-employed individuals (including members of partnerships) who have lost income due to coronavirus (COVID-19).
This scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next 3 months. This […]
We set out current known facts concerning the potential furloughing of staff during the outbreak, with some practical advice
Here is what the government are currently saying:
Support for businesses through the Coronavirus Job Retention Scheme
Under the Coronavirus Job Retention Scheme, all UK employers will be able to access support to continue paying part of their […]
This is an important note for any VAT registered businesses that wish to take advantage of the government offer not to pay their VAT falling due in the period 20 March 2020 to 30 June 2020.
If you choose to do that but pay by direct debit, HMRC have said that you need to cancel […]
We set out the current and updated package of measures introduced by the government to support businesses through the crisis.
A summary of these is as follows.
a Coronavirus Job Retention Scheme
deferring VAT and Income Tax payments
a Statutory Sick Pay relief package for SMEs
a 12-month business rates holiday for all retail, hospitality, […]
LATEST PACKAGE OF SUPPORT FROM THE GOVERNMENT FOR BUSINESSES
The government has unveiled a £350 billion package of financial measures to shore up the economy against the coronavirus impact.
The Chancellor said –
“That means any business who needs access to cash to pay their rent, their salaries, suppliers or purchase stock will be able to access […]
In line with government advice regarding the Coronavirus outbreak, we have taken the decision to work from home from Wednesday 18 March until further notice. Therefore, from then we will not be available in the office for visitors.
Beyond that it will be business as usual. We would like to reassure you that we have […]
BUDGET SUMMARY – MARCH 2020
Here are the points arising in the budget that we would like to draw to your attention. Our full budget report will be available in the coming days.
Entrepreneurs Relief
It was widely reported that this valuable relief might be abolished. It was claimable on appropriate lifetime gains up to £10 million. […]
Government Announcement
The government announced a package of measures in the budget to support businesses through the coronavirus crisis. The Chancellor recognised that many businesses will be affected by an interruption in trading and loss of staff due to illness or self-isolation. We would summarise the measures as follows –
Statutory Sick Pay
This is currently paid […]