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New redundancy protections for furloughed employees

29/07/2020

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

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£50 bike repair voucher scheme launched

28/07/2020

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

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How elastic is demand for your products?

28/07/2020

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

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Business rates review

27/07/2020

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

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Beware £5,000 company fine

27/07/2020

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

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Customs declarations for exporters of goods from 1 January 2021

27/07/2020

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

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Are you due a tax refund?

27/07/2020

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

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New measures to tackle promotion of tax avoidance

27/07/2020

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

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HMRC to gain new civil information powers

27/07/2020

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

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VAT option-to-tax changes extended

27/07/2020

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

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What are the maximum weekly working hours?

27/07/2020

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

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Why do customers buy from you?

27/07/2020

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

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Tax Diary August/September 2020

25/07/2020

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 -

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HMRC reminder that you can defer tax

21/07/2020

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

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Final reminder to renew tax credit awards

21/07/2020

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

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Theatres can reopen from 1 August 2020

21/07/2020

The Prime Minister, Boris Johnson, has announced the gradual reopening of indoor theatres and other live performance venues from 1 August 2020. The venues will need to follow strict social distancing measures and perform to a limited audience. This

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Eat Out to Help Out scheme

21/07/2020

The Eat Out to Help Out scheme to help encourage the struggling restaurant sector was announced as part of the Chancellor’s Summer Economic Update earlier this month. The scheme is designed to help restaurants recover from the effects of the

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Making Tax Digital next steps

21/07/2020

HM Treasury has confirmed the extension of Making Tax Digital (MTD) to cover businesses with a turnover below the VAT threshold and for certain individuals who file Income Tax Self-Assessment tax returns. This announcement provides much-needed

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