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Industry News

Tax Diary April/May 2020

Tax Diary April/May 2020

1 April 2020 - Due date for Corporation Tax due for the year ended 30 June 2019. 19 April 2020 - PAYE and NIC deductions due for month ended 5 April 2020. (If you pay your tax

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Directors – between a rock and a hard place

Directors – between a rock and a hard place

Directors that have drawn remuneration from their companies as a mix of low salary and higher dividends would seem to be overlooked by the schemes announced in the past two weeks to support

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Coronavirus tax payment helpline

Coronavirus tax payment helpline

The phone number for the COVID-19 helpline launched earlier this month has been changed to 0800 024 1222. Calls to the previously published number will be redirected. The launch of the new

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Working Tax Credits increased for one year

Working Tax Credits increased for one year

As part of the package of measures to tackle the Coronavirus outbreak, the government has announced that the basic element Working Tax Credit payments will be increased from an expected

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Relaxation of phone contracts during COVID-19 outbreak

Relaxation of phone contracts during COVID-19 outbreak

An interesting joint statement from the Government, Ofcom and the telecommunications industry has been published to help offer support to vulnerable consumers and those who may become

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Further details on Coronavirus Job Retention Scheme

Further details on Coronavirus Job Retention Scheme

HMRC has published further details on how the new Coronavirus Job Retention Scheme will work in practice. It had already been announced that the new scheme will see the government cover up

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Coronavirus – relaxation of insolvency rules

Coronavirus – relaxation of insolvency rules

New insolvency measures have been announced to help prevent businesses unable to meet debts, due to the impact of Coronavirus, to continue trading and not be forced to file for bankruptcy.

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Coronavirus deferral of VAT payments

Coronavirus deferral of VAT payments

In another move to help businesses the government announced that VAT registered businesses can defer any VAT payments due between 20 March 2020 and 30 June 2020. There is no application

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Contactless payment limit increased

Contactless payment limit increased

The spending limit for contactless card payments has been increased from £30 to £45 effective 1 April 2020. The change in the limit had been under consideration and has now been

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Financial support for exporters

Financial support for exporters

There is a special financial support targeted specifically at exporters. This is in addition to the package of government-backed and guaranteed loans and other measures designed to support

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Businesses and employers in Northern Ireland

Businesses and employers in Northern Ireland

The Northern Ireland Office (NIO) is a UK government department responsible for Northern Ireland affairs. The NIO seeks to ensure the smooth working of the devolution settlement in Northern

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Removing your home address from the public register

Removing your home address from the public register

Company directors, company secretaries, people with significant control (PSC) and LLP members can apply to remove their personal addresses from the UK’s official company register at

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HMRC interest rates

HMRC interest rates

Following the recent cut in the Bank of England base rate from 0.25% to 0.1%, HMRC has announced changes to the rates of interest they charge. The new late payment interest rate, applied

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Converting assets into cash in the bank

Converting assets into cash in the bank

During and after any period when economic activity is depressed, companies that survive the process are those that manage their cashflow effectively. A number of businesses will be in the

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Deferring VAT and tax payments

Deferring VAT and tax payments

As part of the government’s response to assist businesses during the COVID-19 crisis is the offer to defer VAT and self-assessment tax and NIC payments. VAT HMRC will not enforce

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National Minimum Wage compliance in relation to pay advances and loans

National Minimum Wage compliance in relation to pay advances and loans

The government has issued a bulletin providing advice for employers regarding compliance with the National Minimum Wage (NMW) framework, particularly with regard to the effect under that

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Self-Employed Income Support Scheme

Self-Employed Income Support Scheme

The long-awaited statement from the Chancellor, Rishi Sunak regarding COVID-19 support for the self-employed has been announced. The Chancellor said that the scheme will benefit some 95% of

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Coronavirus: government launches online “isolation notes” service

Coronavirus: government launches online “isolation notes” service

Employees who are unable to work for more than seven days because of coronavirus (COVID-19) can now obtain an “isolation note” through a new online service. The new isolation

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Acas publishes updated coronavirus resources

Acas publishes updated coronavirus resources

Acas has published updated guidance for employers and employees on the coronavirus (COVID-19). The guidance now covers: social distancing and vulnerable people self-isolation and sick

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Television licence fees for over-75s

Television licence fees for over-75s

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

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Companies House deadlines and Coronavirus

Companies House deadlines and Coronavirus

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

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Sick pay if you are unable to work

Sick pay if you are unable to work

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

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Coronavirus Job Retention Scheme

Coronavirus Job Retention Scheme

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

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COVID-19 and claiming benefits

COVID-19 and claiming benefits

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

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